Insure your boat for less
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Dont pay too much for your insurance. |
The run down:
Unless you’re moving to the middle of the desert, boat owners should understand how marine insurance differs from that of your car. Though one goes by land and the other by sea, there are variations beyond the basic coverages common to both. In fact, boat and yacht policies can even vary between companies that specialize in marine insurance.
Liability and physical damage coverage form the core of any marine policy. The difference? Liability Coverage. This covers legal obligations to third parties due to injury, loss of life or property damage.
Physical Damage Coverage. This reimburses for damage to the boat and its machinery. The best physical damage policy is an all risk which covers any cause of loss not specifically excluded in the policy, like wind storms, vandalism and collisions with the dock. Experts recommend selecting a policy that continues to cover your vessel even when it is stored or being transported by trailer.
Unless you’re moving to the middle of the desert, boat owners should understand how marine insurance differs from that of your car. Though one goes by land and the other by sea, there are variations beyond the basic coverages common to both. In fact, boat and yacht policies can even vary between companies that specialize in marine insurance.
Liability and physical damage coverage form the core of any marine policy. The difference? Liability Coverage. This covers legal obligations to third parties due to injury, loss of life or property damage.
Physical Damage Coverage. This reimburses for damage to the boat and its machinery. The best physical damage policy is an all risk which covers any cause of loss not specifically excluded in the policy, like wind storms, vandalism and collisions with the dock. Experts recommend selecting a policy that continues to cover your vessel even when it is stored or being transported by trailer.