Top 10 tips for ensuring your boat

Posted on Wednesday, January 6, 2016 - 09:25

If you are the proud owner of a boat, opting for the right insurance will help you to manage the risk sailing implies. Thus, you will be insured in case unfortunate events happen, such as theft, injury risks, or other events that may occur as a result of accidental damages. Boats are expensive assets; that’s a given. So, having a proper boat insurance is certainly a necessity. This article encompasses a couple of essential aspects that you should take into consideration before deciding on a type of boat insurance. 

  1. First and foremost, it carries a lot of importance to acknowledge what does your insurance cover. For instance, there are unfortunate happenings that occur as a result of accidental damage. Consider discussing with your insurance provider for more practical information concerning loss, damage and theft.
  2. Don’t overlook having your insurance policy cover you in case your cooling or air conditioning system breaks off, as this occurs quite often.
  3. You can opt for lowering your premium if you do agree to an increased excess.
  4. If you aren’t planning on using the vessel throughout the duration of the entire year, you can consider diminishing your premium by encompassing a “laid up” alternative. During this time, you are held responsible for keeping your boat at home or in a secure setting.
  5. If you’re thinking about racing your boat, talk with your insurance agent about having proper insurance to cover it.
  6. Be it the case you own a jet ski as well, you have to determine whether your boat insurance will cover the costs for towing tubes created especially for wakeboarding or water-skiing. Make sure to discuss this aspect with your insurance agent.
  7. A wide range of insurance policies present geographic sailing limits. Therefore, if you plan on travelling beyond those mentioned limits, it is recommendable you discuss this aspect with your insurance provider.
  8. If you’re thinking about having a range of renovations or improvements on your boat, you should know that there are some insurance agents will prolong the insurance policy to this extent, offering finance for boat improvements. Still, in this situation, additional conditions and costs ought to be included as well.
  9. It is important that you don’t overwhelm your vessel by overpowering it. Your boat’s builders’ plate will indicate the maximum horsepower your vessel is created to take. In more exact terms, that means speed limits are included in the majority of boat insurance policies. If you don’t take these technical pointers into account, you might not be able to benefit from your insurance in a wide range of situations.
  10. If you are a fishing enthusiast, and you have professional fishing equipment stored on your boat, you have to make sure it’s properly stored, and require additional insurance cover.

Make sure you maintain your boat in good functioning condition. Damage resulted from improper maintenance, lack of necessary repairs or unseaworthiness are not normally covered by boat insurance policies. Make sure you have this aspect cleared out.

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