Posted: Tue Oct 04, 2005 9:17 am Post subject: features of boat insurance policy
What are the features of boat insurance policy? Does the insurance policy cover accidents and natural disasters? _________________ Register Now to have your Insurance queries solved.
Posted: Tue Oct 04, 2005 11:16 am Post subject: features of boat insurance policy
There are so many options available under boat insurance policy. If you want the full coverage you have to include the options available. But be sure with the carrier regarding the coverage limits for each option as well as the total amount money that need to pay under the policy.
Posted: Tue Oct 04, 2005 11:47 am Post subject: features of boat insurance policy
Features of boat insurance varies between the companies. In general the policy covers if you hit someone with your boat. _________________ Register Now to have your Insurance queries solved.
Posted: Wed Oct 05, 2005 2:19 am Post subject: features of boat insurance policy
Boat insurance policy also includes the towing coverage, reef damages, mechanical breakdowns etc. depending on the policy you have chosen. _________________ Register Now to have your Insurance queries solved.
Posted: Fri Sep 08, 2006 11:23 am Post subject: I don't feel so.
Hi candy ! It may be covered only if it falls under the list of physical loss or damage as described by your insurer, and only after your insurer has offered you such a coverage after a wholesome and careful evaluation of the condition of your boat, at the time you applied for the insurance. regards.
Robert K. _________________ Register Now to have your Insurance queries solved.
Posted: Fri Sep 08, 2006 12:11 pm Post subject: Does it fall within the category !
Hi ..I don't think it would be covered...I feel such an insurance is associated with certain parts of your boat like the hull, machinery. fittings, furnishings etc which may get damaged due to any accident only.
So its hard to let your case fall into that category...but may be there exists some policy keeping with the distant futuristic effects on a boat.
But for that you would surely need to call on your representative and find out ! thanks ! Sasha
Boat insurance policies have a lot of options for the types of coverage's, of course its all depending on the company and state that you live in.
Full Coverage (Comprehensive and Collision)
Usually, if your boat is worth any value or purchase it new, you need full coverage (it is referred to as many names) on it. There are a few types of coverage: Replacement Cost, Agreed Value, and Actual Cash Value.
Replacement cost/or purchase price - most comely for newer boats, if a boat has a total loss than it should be replace with a comparable model and year.
Agreed Value in a total loss will pay up too the rating base (the amount you agreed on.)
Actual Cash Value in a total loss is considered the value of the boat at that time minus the depreciation.
The deductibles for the full coverage (comprehensive and collision) would be ranging from 250, 500, 1000, 2,500, 5,000. I see a lot of people going with 500 or 1000 deductible. The deductible would be the amount paid by the insured when a loss occurs. Usually applying to the physical damage and may be added or extended to the trailer.
Personal Effects Coverage- This will cover any personal effects like cell phones, portable radios, mp3 players/CD players, sun glasses, coolers, clothing, and etc. This coverage is usually seen in $1,000 increments. A deductible also applies.
Fishing Equipment Coverage - Any fishing equipment that you want to schedule that is on or in your boat. Also, in $1,000 increments for the coverage and a deductible would apply here to.
On water towing also can be added.
Liability Limits would state off at your states min. and could go up to 500,000 CSL or more. I like to keep the liability limits even with the auto liability limits. Uninsured/underinsured most commonly matches the bodily injury liability limits.
Medical Payments starts at 1,000 and goes up. This coverage is in place for you or anyone on your boat.
There are other coverage's that I did not mention, but this should help.
Please discuss these coverage's with your insurance companies to get there exact definitions.
