Showing posts with label Boat insurance. Show all posts
Showing posts with label Boat insurance. Show all posts

Sunday, July 12, 2015

The Best Tips For Choosing Boat Insurance

Unlike home or auto insurance, boat insurance policies can vary widely from one company to the next. So which type of boating insurance is best for you? Try these tips. They come from experts at the nation’s largest recreational boat owners association, Boat U.S.

# Know Thy Insurer-One way to find a good insurer is to ask friends who have had a claim in the past. Insurance companies may be good at taking monthly premiums, but how a company lives up to expectations when something goes wrong is a better indicator.

The ratings are the industry’s benchmark for assessing an insurer’s financial strength; look for an “A” rating (excellent) or better. State insurance regulatory agencies are also a good reference and can be found online.

# Homeowner’s or Separate Policy-Consider buying a separate insurance policy for the boat, rather than adding it to your homeowner’s policy, as the latter often limits certain marine-related risks such as salvage work, wreck removal, pollution or environmental damage. Whatever amount the boat is insured for, it should have a separate but equal amount of funds available for any salvage work. This means that you’re compensated for the loss of your boat and not having to pay additional, out-of-pocket costs to have a wreck removed from a waterway.

The Best Tips For Choosing Boat Insurance


See also :
Average Boat Insurance Rates
How to choosing the right company for your boat insurance rates

# Agreed Value vs. Actual Cash Value-These are the two main choices that boaters face and depreciation is what sets them apart. An “agreed value” policy covers the boat at whatever value you and your insurer agree upon. While it typically costs more up front, there is no depreciation if there is a total loss of the boat (some partial losses may be depreciated). “Actual cash value” policies, on the other hand, cost less up front but factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total or partial loss or property was lost.

# Customize-Bass boaters may need fishing gear and tournament coverage as well as “cruising extensions” if they trailer their boat far from home. You may want “freeze coverage” if you live in a temperate state because, ironically, that’s where most of this kind of damage occurs. A good insurer will tailor your coverage to fit your needs so there will be no surprises.
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Tuesday, January 6, 2015

What is a Total Loss in Boat Insurance?

Lots of colleagues and clients are asking what is the total loss in boat insurance? What damage can claim 75 % of total loss ? How claims are paid? Market value or Insured value? Before I continue with this article you may need Average Boat Insurance Rates or How to choosing the right company for your boat insurance rates.

Total Loss 
ITC ( Institute Time Clauses - Hulls ) guarantee losses " Actual " total loss or " Constructive " total loss due to risks guaranteed in clause 6.

Actual Total Loss 
Actual Total Loss can claim if :
  1. the ship has been destroyed or damaged ( destroyed ) ; or 
  2. the insured can not have re- ship ( irretrievably deprived ) ; or 
  3. The ship has been declared "lost " 
For example total loss in boat insurance, the burning boat to be destroyed , crushed , drowned can not be taken again , or declared missing after not found more than 6 months since his last voyage.

Constructive Total Loss
Ships can be claimed " Constructive Total Loss " if :
  1. ( a) the insured can not have re- ship ( deprived ) and the estimated cost to get it back is greater than the value they will ship when it was saved .
  2. ( b ) The vessel is damaged such that the cost of repairs is greater than the price of insurance ( insured value)  
As set forth in section 60 MIA ( 1906) for example, vessel sink ( can be taken ) , aground , sinking , fire, collision , but the cost of repairs and the cost to get it back is greater than the price of insurance ( insured value)

What damage can claim 75 % of Total Loss in Boat Insurance?
Pay attention to clause 19  ~ CONSTRUCTIVE TOTAL LOSS

Total Loss in Boat Insurance19.1 ~ In ascertaining whether the vessel is a constructive total loss, the insured value shall be taken as the repaired value and nothing in respect of the damaged or break-up value of the vessel or wreck shall be taken into account.

19.2 ~ No claim for constructive total loss based upon the cost of recovery and/or repair of the vessel shall be recoverable hereunder unless such cost would exceed the insured value . In making this determination, only the cost relating to a single accident or sequence of damages arising from the same accident shall be taken into account.

So if the cost of repairs not exceed 100 % insured value , then it can not claim Constructive Total Loss. I hope the article What is a Total Loss in Boat Insurance could be useful. If do you need some tips to choosing boat insurance please read my articles ~ The Best Tips For Choosing Boat Insurance.
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Tuesday, November 18, 2014

How to choosing the right company for your boat insurance rates

Choosing the right company for your boat insurance rates needs should not be a challenge, as long as you have the criteria set correctly before you start looking for the right insurance. Below, we look at a few things that you can consider before choosing an insurance company to insure your boat.

Reputation - If you have an accident or your boat is damaged and your boat insurance rates company refuses to pay or take a long time to finish, then this would not be in your best interest. Make sure you have a good look around to comment on the potential insurance, ask about a fellow owner of the boat that no doubt have the experience and opinion when it comes to boat insurance rates that will be the best for you.

Coverage - You should find an insurance company that offers the right type of coverage for your boat. For example, not all companies will include narrow vessels and not all insurance companies will allow you to sail around the world under the insurance policy.

This means that when you start looking for the right company for boat insurance rates, you need to know exactly what you want them to be sure because if the wrong choice, then you may regret pay expensive insurance.

boat insurance ratesPrice - Although the price should not be the only factor to consider when choosing any boat insurance rates, you must ensure that you get the best deal for your boat insurance rates needs.

Insurance Levels - As with any type of insurance, often there are various levels of cover that you can buy, which means choosing an insurance company that offers the right level for you is important.

Make sure that they include everything you need when it comes to value and you can also check whether they offer new parents to cover in case of damage to your boat enough to make it unusable. See also Average Boat Insurance Rates.
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Monday, November 17, 2014

Average Boat Insurance Rates

Boat Insurance Rates
Continue the previous post about boat insurance rates, the average cost of insurance is determined with the help of three basic factors, namely: the size of the boat, the age of the boat, and equipment installed on the boat. The size of the boat is usually specified in feet and used to determine the basic premiums and costs.

Average boat insurance rates for example, the annual premium for a 25-meter boat ranges from about $ 300 to $ 500 per year. Equipment used on boats are also considered when issuing quotes and policies. The basic principle is that expensive boat equipment, the higher is the cost of premiums. For example, if you have $ 1,000 worth of equipment installed in your boat, then the total amount divided by the amount of the premium, and the output is then added to each premium.

Therefore, if you have a policy during the time span of five years, then your insurance premiums will go up about $ 200 Minimum ship actually another problem. The average boat insurance rates depends on the age and condition of the boat. The average cost of a policy boat insurance rates, and the premium rate for high restored antique boats. For a normal ship, boat insurance average cost of the policy and the premium rate depends on the size, motor power, and the total price of the boat.

Sometimes, theft, ability and coverage are also included in the insurance settlement ship. The average cost of a boat insurance rates policy is of course definitely be high, with an annual premium goes well during the bracket of $ 500. There are several luxury boats that are bounds to have premiums as high as $ 1,000 per year. Marine boat insurance is also another very expensive affair because this type of boat is often taken to the high seas. This boat has more risk the usual boat, and therefore have policies and premiums are more expensive. Read How to choosing the right company for your boat insurance rates before you buy boat insurances.
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Saturday, November 15, 2014

Boat insurance rates

Boat insurance rates - There are several types of insurance, such as car insurance, health insurance, medical malpractice insurance, and even liability insurance, which is provided by the insurance company, in order to protect us from the disaster that is uncertain and unpredictable, which often lead to financial difficulties. Therefore, before we proceed to the boat rates and specs, let us know more about boat insurance and how it usually works.

What is a Boat insurance rates? A boat insurance is a type of insurance that is tailored or custom made cover your boat. Insurance coverage will take effect after you purchase an insurance policy from the insurance company ships. Every year, you will have to pay a certain insurance company premiums. In some cases, premiums are also paid on a monthly, quarterly or six-monthly.

During the policy period, which lasts until the policy, the insurance company provides you with the expenses of all the damage that occurs, due to accidents, accidents and disasters. There are several variants of the insured vessel, such as a boat liability insurance. This insurance does not only cover the cost of damage to your boat, but also includes all damages and liabilities that have been caused by your boat, such as damage to other ships, injury to others, etc.

Boat insurance rates

Another example is that of an antique boat insurance where very old boat insured. The average cost of boat insurance rates is determined with the help of three basic factors, namely, the size of the boat, the age of the boat, and equipment installed on the boat. The size of the boat is usually specified in feet and used to determine the basic premiums and costs.

Ok, the following discussion we will discuss details of boat insurance rates and Average Boat Insurance Rates.
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