Boat Insurance Tips and Suggestions
Only the foolhardy boat owner doesn t have insurance, particularly some third party cover in case of personal injury or property damage through accident or collision. The standard insurance form varies little from one company to the other. You ll be asked questions about the design, registered number if there is one, construction, type of motor, the rig, what equipment and accessories are on board, the sails, mast, standing and running rigging and so on.
With motor boats you ll be asked details of the engine, whether it is turbo charged, what fuel it uses, and very importantly, what sort of extinguishers are on board and when they were last serviced. The insurer naturally wants to be certain their risk is as little as it can possibly be.
When it comes to accessories it pays to be very careful indeed to list all that you have on board. List the serial number and sums insured on as many of the items as can be insured - items such as personal effects, fishing gear, cameras, binoculars and transistor radios are not insurable. The equipment and accessories cover actually applies mainly to safety equipment required by statute and other equipment intended for safety use on the boat. The sort of items you can insure are life- rafts, radios, radars, radio direction finders, autopilots, depth sounders, compasses, and even the dinghy, the propeller, and auxiliaries if you have them. But if you intend to go more than 200 km (124 miles) off the coast you ll have to fill out a blue water cruising or racing extension. This normally adds about 20% to the premium.
In the case of races it is straightforward. You say where you are going, how long the race is, and when you expect to finish. If you are going on an extended cruise the insuring company or broker will want to know much more about the vessel in terms of its internal and external ballast, whether it has a centerboard or lifting keel, what sort of self-steering it has, the type of construction, and particularly the thickness of the topsides, deck, and cabin top. There will be a number of items covering radio call signs, the color of various parts, the sort of radio sets and the frequencies on board, what radio watch schedule is proposed and more details about the engines. These items are needed in case a search has to be initiated.
The insurer will also want to know when the vessel was last surveyed and have a copy of that survey attached to the questionnaire. Very importantly, for extended cruising you will have to advice your itinerary. If you don t have one you ll need to define by latitude and longitude the area in which you plan to sail and advise the departure date and the date of completing the voyage.
The insurers will want some idea of the history of the vessel and the ability and experience of the person in charge. This has a bearing on the premium. Insurance is a competitive game, but it is best to deal with a company which specializes in marine insurance and so has experience. Evidence of insurance helps satisfy customs that the vessel is yours and that you won t be a burden in their country. A document proving insurance is very good prima facie evidence of ownership.
Joel is an avid boating enthusiast. If you re interested in boats then you are missing out if you aren t constantly trading up. It is one of the best ways for you to get into the boat of your dreams. Check out his website at http://ahoyboater.com/insurance for information, resourceful articles, boating tips and methods you can use to skipper the boat of your choice for less money than you thought it would cost. Get your free report “Tips, Tricks and Resources for Financing the Boat of Your Dreams!”, when you visit.”
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