Boat Insurance From Insurance By Steve

Sea Sickness Caused By A Lack Of Boat Insurance

Marine insurance is the oldest form of insurance. It is what all modern day insurance is based upon. The risk of ship and cargo vanishing in the middle of the ocean or being strewn across a cliff face was too much of a lose for traders to survive. Thus grew the insurance industry, covering the risk of ships at sea by spreading that risk amongst many wealthy backers.

For pleasure boat owners the risk is no less. Though theft of boats and marine equipment, particularly outboard engines, is more prevalent these days than boats sinking out at sea. I have lived by the sea and pleasure boats most of my life and seen some astonishing events. I've seen a man's small powerboat washed up on a shingle beach where he has to stand beside it all night long ensuring scavengers don't strip it bare of engine and seat covers. And I've seen a 26ft sailing boat in flames with its hull burnt all the way down to the waterline leaving nothing more than a keel in the water. That was the result of a gas cylinder explosion and it made great pyrotechnic entertainment for bystanders. It shows just how well a glass fibre boat can ignite and burn away to nothing in just a few hours when raised by a moderate wind. Ever seen two dozen boats blown off their moorings and raised high up on a beach by an onshore gale? It's not an amusing sight for the boat owners as they examine the hull damage caused by rocks and beach debris. Then there are the less than helpful amateur sailors who tie their boat up alongside yours without a sufficient number of fenders and even those who just simply do not know the difference between port and starboard lanes when navigating a channel.

Try and find a boat insurance policy that has the closest fit to your type of boat. There is no point having insurance cover designed for a blue water catamaran when all you have is a 16ft dinghy racing between the harbor buoys. Boat equipment is just as likely to vanish as the boat itself being damaged. I remember a friend following a boat owner's instructions to throw out the anchor when they were resting up a river mouth. He did exactly as he was instructed except he failed to examine whether the anchor chain was fixed to the boat. Off it went into 10 feet of black water, anchor and chain. The boat owner resorted to putting a snorkel and face mask to recover the anchor but the visibility was so poor down there he had no hope of finding it. I think this is called group stupidity. But a modern boat has so many gadgets and equipment on it, it's become a prime target for thieves as you might have experienced yourself. And there are many tales told of entire motor yachts disappearing from their pontoons, either never to be seen again, or to be discovered by coast guards after they have been involved in smuggling operations. Pirating is well and truly alive on every scale. Marine auctions used to be the favored place to peddle stolen boat equipment. Nowadays the sale of second hand goods on internet has made tracing it an even harder task.

Typical Benefits Of Boat Insurance

A boat insurance policy should be selected that provides enough cover for your type and size of boat and for the activities you will be using it for. The insurance companies are not expecting a rowing boat to be taken across the Atlantic. They are expecting the boat to be used for the pleasure activities for which they were intended and that is the level of cover they provide within the policy.

Damage - Cover for accidental or negligent damage done to the boat internally or externally as the result of fire, collision, malicious intent, vandalism and the accidental fault of others .

Loss And Theft Of The Boat - Replacement costs for your make and model of boat should it sink, be stolen or damaged to an irreparable state.

Theft Of Boat Equipment - The theft of the equipment on your boat. The equipment must be securely stored.

Replacement Costs - Cover for the replacement of such things as masts, sails and stays that become damaged as the result of an accident.

Boat Trailer Insurance - Cover for your boat trailer should be stolen or damaged.

Third Party Liability - The policy will specify a maximum amount to be paid out for a claim made against you because of injury to other people and their property. This could be as the result of a collision with another vessel through negligence, injury to tradesmen you have employed to work on your boat, damage to pontoons and mooring facilities, or injury to employees of boat yards and sailing clubs.

Exclusions - Most exclusions refer to the manner in which the boat and it's equipment are kept and maintained. If equipment is left lying around the boat unsecured then insurers will not take a sympathetic viewpoint should it be stolen. Similar easily preventable damage to the boat caused by not following the accepted rules of navigation at sea could lead to difficulties when claiming on the policy. Mobile personal possessions on board the boat such as watches, rings and cell phones are also excluded though an additional cover for these may be offered. Only fixed equipment or equipment related to sailing the boat are covered by standard. Even covering the loss of fishing gear and tackle and diving equipment would require an additional policy option. These insurance policies are for the private use of the boat only so they won't cover it when it's being used for charter or rental.

One notable exception on most policies is the lack of reference to any payments made out to marine rescue services. The Coast Guard, inshore rescue and institutions such as RNLI do a tremendous job saving both boats and lives. It would be nice to see insurance policies stipulate an pay out amount to these organizations when their services are requested.