Boat Insurance: The Hows and Whys

​COVID-19 swept across the globe unexpectedly, but it is not a reason to stop planning for the next boating trip. While waiting for the complete elimination of the virus, one can plan and get insurance for owned sea vessels instead.

Investing In Boat Insurance
One might think that homeowner’s policy is enough to cover for a boat, but this is not the reality. These policies limit their coverages and usually exclude open-sea risks like salvage work, wreck removal, pollution, and the like. If one wants to explore coastal inlets, getting marine insurance is necessary for the safety of the said property.

Considerations for Getting Boat Insurance
Like any other insurance policy, there are plenty of considerations to look into when buying boat insurance. To decide on investing, the following factors should be carefully studied.

1. Age of boat, its length, and the speed or horsepower it possesses.
2. The value of the boat and whether or not it meets coast guard standards.
3. Type of the boat and where one plans to let it sail.
4. Ownership of the boat is also an important consideration. Having multiple owners will involve a different policy from having only a single owner.

Types of Boat Insurance
To choose the appropriate insurance policy that caters to what one needs, the types of boat insurance should be examined. The client decides which will be the right policy that could support their expected coverages.

1. Agreed value policies cover the boats according to their value at the time when the policy has been drafted.
2. Actual cash value policies on the other hand factor in depreciation and are often demanded as the boat ages.
3. Specialized coverage is for the expensive parts of the boat such as navigation equipment.
4. Salvage coverage covers the removal of the boat in case of damage, ranging from substantial to minor.
5. Consequential damage covers wear and tear depreciation rather than accidents.
6. Towing policies covers the cost of moving the boat to safety.
7. Cruising extension pays for when one wants to leave the borders of the USA.

Conclusion
Despite the pandemic, it is important to always plan for security especially with regards to one’s properties. Boats, in particular, are investments that will have to be maintained if one wants to maximize capital. Besides, after this crisis, plenty is sure to go out and explore the much-missed wonders of the open sea.

At Arnold Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote.