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If you own a sailboat and plan on purchasing
marine insurance, the chances are you're wondering what affects
the premium. B.I.Q. has provided all the
necessary
information
to get you started with marine insurance including items that
may not be covered. |
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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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| Sailboat Premium Factors |
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As with auto insurance, your sailboat 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, 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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| 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
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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