Commercial boat business have a lot responsibility and have vulnerabilities such as exposure to the elements and possibility of fire, sinking and collision with other boats.
Because of the exposure to natural disasters and the dangers of things that could go wrong, the commercial boat business requires commercial boat insurance coverage.
With commercial boat insurance coverage, if any injury or damage happens to the boat no matter if it was caused by and accident or a third party. If your boat were to sink or catch fire, these actions are considered as emergencies and commercial boat insurance should cover for towing the boat. Keep your receipts for the expenses to show your insurance company to be reimbursed.
Not only do you need to check your coverage for natural disaster, fire, collision etc, be sure to check for coverage for repair of the motor or other minor repairs and also coverage for the transporting trailer that is used to transport the boat.
A few tips to consider when looking for the cheapest quote:
Having a clean history without any past accidents on the water.
Do you have any training certificates to show, safety, navigation, etc.
Safety equipment on your boat and keeping your boat updated can help to get a lower premium.
Boating for fun or for your business, be sure you are covered today.
If you love the water and like to travel there are popular spots to dock your home while you enjoy a new exciting place and people. House boats are bulky and move at a slower pace then most boats and learning to navigate these homes is essential as accidents can happen, causing damage to both property and individuals.
Whether you are looking to buy or already own a houseboat, just like owning a home on land, home insurance is required and necessary. You are making an investment on your houseboat and you want to be sure that your covered for any possibility of damage, sinking and your personal finances.
Check to see what your houseboat is classified under. Many insurance companies have them under the same classification as pleasure boats, ski boats, sail boats, cabin cruisers and more. When your houseboat is taken under consideration for a policy, the insurance company may look at the size, age of houseboat, type and how much horsepower it has. Houseboats used in rivers of lakes may have different coverage then those used in the ocean or hurricane prone areas.
Insurance coverage can also be taken out for vandalism, storm damage, fire, theft, capsizing, living expenses for under repair and more. Another important option would be pollution coverage if case your boat leaks oil or fuel. Cleaning up after an accident or leak from a houseboat can be quite costly.
Houseboats can be enjoyed for many years with the proper upkeep and if the owner has the assurance of knowing that problems, if they arise, are covered.
Photo Courtesy of Pixabay.com
If you choose to own and operate a speedboat, sailboat, yacht or personal watercraft without insurance you may run into some marinas and yacht clubs who won’t let you dock your craft unless you have insurance coverage. If you keep your boat on your own property, a homeowner’s insurance policy may have some coverage for your watercraft but it can be very minimal. A typical homeowners policy may pay up to $1,000 or $1500 to repair damage to your boat.
Often, during winter or stormy weather, owners must leave boats docked in the water. It is difficult sometimes to leave behind something that is so valuable, especially a sail boat that can cost up to several hundred thousand dollars. Standard policies for boats can cover damage to the craft, including damage caused by fire, lightning, theft, vandalism, collisions, and windstorms, the cost of repair and medical needs
Some policies also provide coverage for injuries caused by uninsured boaters or by boaters who don’t have enough insurance. If this sounds like uninsured motorist coverage in an auto insurance policy, it basically serves the same purpose.
It is very crucial to understand what the policies provide in order to choose the best and most appropriate coverage. Owners need to be sure and get all terms and requirements upfront before applying.
Have questions? Contact us today.