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INSURANCE FOR DIFFERENT TYPES OF BOATS


Boat Insurance

House Boats Insurance

House boats should be insured against as many probable damages as possible. While deciding the value of the house boat the most important factor considered is the value of the hull. Other factors influencing the insurance cost include the age, length, and current state of the boat. Risks related to location also affect the insurance costs. A few house boat insurance options are given below.
  • Towing: Helps in covering the cost of towing the vehicle on water.
  • Uninsured boater: Useful for covering damages suffered in an accident with an uninsured boater.
  • Roadside assistance: This insurance covers the cost of towing the boat.
  • Fuel spill liability: Covers the cost of fines and cleaning up operations subsequent to a fuel spill by a boat owner.
  • Personal effects: The cost of lost or damaged personal items that may be of significant value is covered by this insurance.
  • Fishing equipment: House boat owners often misplace and lose expensive rods, reels, and baits. This insurance covers these articles.
  • Wreckage removal: If a major loose happens, this insurance covers the cost of clearing the wreckage.

Sail boat insurance

Any boat that uses the wind as its primary means of propulsion is referred to as a sailboat. Sail boat insurance provides coverage for the following:
  • Uninsured boater: Provides coverage for injury caused by an uninsured boater.
  • Protection and indemnity: This insurance offers coverage against liabilities that can be financially the most damaging for a sail boat owner with an uninsured boat.
  • Medical expenses: Covers the cost incurred due to injury on yacht, and extends to the yacht owner and the guests.
  • Commercial towing and assistance: Covers the cost of taking the sailboat back to the port if it has been rendered out of commission for some reason.
  • Fuel spillage: This insurance covers for containment, cleanup, damage to property and any other liability about fuel spillage.
  • Physical damage: This covers damage to the hull, electronic equipment used for maintenance, machinery, etc.

Motor boat insurance

Hull and engine technology had an increasing sophistication and it has led to an increase in the price of motor boats. This has meant that an uninsured boat could result in significant losses. Motorboats have a big popularity with boat users and are capable of high speeds that often result in accidents. Motorboat insurance covers motorboats and powerboats and offers protection against accidents, damage, fire, etc. The liabilities covered include physical damage, personal effects, fuel spillage, towing, personal effects, uninsured boaters, theft, natural disasters etc.

Yacht insurance

Yacht insurance covers liability and property damage. The entire yacht and equipment is insured under hull coverage and the insurance company pays for damage caused due to natural calamities, theft, vandalism, etc.

Indemnity coverage helps if a yacht owner is found to have caused damage to property or injury to a non-family member. It is available in increments of $ 100,000 at limits that exceed $ 1 million.

A hurricane protection covers the charges of towing the yacht out of the water if a hurricane alarm is sounded and also pays for hauling the yacht back after the hurricane has subsided. Yacht insurances also cover watercraft such as trailers attached to the yacht and pays for damage to these watercraft.

Yacht insurances are generally accompanied by warranties such as a navigational warranty that limits yacht activity within a certain area; under a lay-up warranty a yacht is required to remain out of operation during certain periods in the year.

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