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Whether you are a powerboat expert
or a first time boat owner, B.I.Q. can help
you classify your boat and provide the right coverage. Power
boat insurance Coverage will differ depending on the type and
size of craft you own.
Boats that are powered by an engine such as a cruiser, fishing
boat,
pontoon boat, houseboat, jet boat
are all considered
“power boats”. Below is important information you
should read before purchasing powerboat insurance. |
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| Physical Damage: |
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Physical damage and liability are usually covered under boat insurance Physical
damage coverage will pay to repair or replace your boat if it were damaged or
destroyed by fire, theft, lightning, vandalism or windstorm The boat itself is
covered, outboard motors, boats trailer, and personal property theft of items
located on the boat.
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| Liability coverage: |
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Liability coverage will protect in the event in which
you are the cause of damage to property or an injury
to someone other than you or a family member. Liability
coverage is usually purchased in increments of $100,000 up to $1 million. Liability
is very important and can cause just as much financial harm as physical damage.
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| Do you have ample coverage?: |
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The problem with insuring your powerboat under a homeowner's insurance policy is the coverage is generally limited. With a homeowners policy only $1000 or 10 percent of your property will be covered. This just isn't enough for the expensive equipment a boat carries. You want to make sure your policy can covers injuries, theft, and damages to your craft. Also, if you're covered through a homeowner policyholder, it may not extend to all of your boating activities depending on the equipment. If your boat is a high performance powerboat and the insurance company thinks it's a fishing boat it will not be covered in case of an accident! |
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| Power boat Premium Factors |
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As with auto insurance, your powerboat quote can vary
due to certain details:
Your experience on the water, Previous insurance claims, Location
of where you will be using your boat Navigational equipment, Value,
style, and age of the boat. Your driving record on the road will be considered.
If you are an informed buyer, chances
are you'll save. Don't be afraid to ask the insurance
company questions about a specific policy. They can be
confusing sometimes.
If you would like to be a good risk for the insurance
company you may want to take a safe-boating course
or a charter certification from a learn to sail program.
A boat company likes a client who has taken courses such
as these and has shown they are responsible. A well-experienced
operator and well-equipped boat will affect the
amount of the premium.
The condition of the boat is important
to the premium also. If the boat is more than eight years
old the boat will need to be surveyed to receive insurance.
Sailboat insurance is basically like another piece of
equipment on your boat. Meaning you shouldn't leave the
dock or mooring without it!
Location
also determines how much your premium will be. If your
boat is in a secure location, away from hurricanes, tornado's,
floods, and other natural disasters, the premium may be
lower. If the area is known for vandalism or theft, it
will also be a factor. The decision to dock your boat
or have a mooring can affect the price of the premium
too. It is generally safer to keep your boat on a dock;
the marina will help protect against thieves and vandalism. |
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| What If My Sailboat is Antique,
Classic, or Wooden? |
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Antique and classic boats are boats that aren't ordinarily
used as a pleasure boat. Normally standard boat and yacht
insurers aren't interested in insuring a wooden-hull boat,
custom built boat, or any other boat that is extraordinary.
An antique or classic boat is a boat that was built over
25 years ago. Most of the wooden boats would fall under
this category. In order to be covered for all risk, the
boat must be safe to operate in the water. These policies
usually are written for an agreed value on the hull, and
include liability, uninsured boater, medical payments,
and trailer coverage. Please contact B.I.Q. so they can provide you with additional information
on coverage of antique and wooden boats.
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| High Performance Powerboats |
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A high performance boat is a boat that can go over 50 mph and up to 100 mph. Many boaters use them for water-skiing or just to cruise around. A standard part of a performance insurance package is hull and liability coverage, and this includes medical payments, personal effects, and uninsured boaters. Optional coverage's may include extended land transit coverage, transit and storage only, and machinery damage coverage. The hulls limits can extend up to $500,000 and $1 million for the liability. Policies are generally issued by an agreed upon policy. You will agree on what your boat is worth and in case of total loss, they will pay you the agreed value.
Operators names are usually written down because if a name is not listed in the
policy and there is an incident, they may not be covered. Performance boats have
many different coverage options. To learn more about these coverage's contact
B.I.Q.. |
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| What is not normally covered: |
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Hydrocycles, jet skis, kit boats, ski boats, and other personal watercraft
(PWC) High-performance boats with a design speed which is in excess of
50 Mph Outboard motors which are not listed in your policy may not be covered. Fishing
and Scuba gear, Personal items- clothing, jewelry, watches etc., Cell
phones, TV's, Ropes for wake boarding and water skiing, Food
or
beverages, Cameras, Video equipment, Wear and tear, Deterioration, Dents,
scratches Manufacturing defects, and Electrolysis.
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| Items Excluded from Hull Coverage
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Marring, denting
Ice and freezing
Manufacturers defects
Insects, mold Marine
life, and animals
Blistering, osmosis
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| Additional Items Which May Not
Be Covered |
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Racing
Water sport liability
Theft without visible signs of breaking and entering
Mysterious
disappearance of gear and items on the boat
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| Additional Information |
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Please contact B.I.Q. for additional
information on coverage's and plans.
Ask if you are
covered
for:
Bodily injury to yourself or another person Physical damage to your boat, another
boat, trailer, personal belongings Theft of your boat, motor, or equipment Medical
expenses Towing services
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