People are very shortsighted. They think nothing of insuring their homes, though forget that those expensive items such as boats also need to be insured.
There are many reasons for this, and the details below give an overview of the advantages of boat insurance and why it is so essential to insure that investment made for pleasure that can be extremely vulnerable given that it lives in water and needs constant upkeep, love and attention that may be destroyed in one accident in the water, caused by weather or error.
*Liability to users.
*Liability to others.
*Defects in workmanship
*Vandalism and malicious damage
LIABILITY TO USERS.
It’s pretty easy to imagine the case scenario of your boat being in collision with another boat. Accidents happen, and if this were on the road, your motor insurance covers that kind of eventuality. On the water, the notion that you don’t need insurance isn’t very logical. Supposing that one of your passengers gets hurt. Supposing that they are crippled for life. Thinking ahead really does matter, because with a liability insurance clause within your boat policy these eventualities are covered and although compensation cannot make the person better, what it can do is cover the cost of health-care and needs to make the life of the suffering person a little easier.
Even those who only travel with their family can have accidents, and by covering them for accidental injury, you are protecting their interests as well as your own.
LIABILITY TO OTHERS
Supposing the yacht you collided with cost millions, and it was your inexperience that caused the collision. There is little doubt that the man with the big boat has insurance, though it doesn’t cover him for accidents caused by others, and more particularly you. They can sue you through the courts for damage. Here, if you are wise enough to take out an insurance policy, the damage that you cause by accident can be handled quickly and efficiently. Do look out for the amount of cover, and try and gage your policy at a range of benefits that suit your particular circumstances.
DEFECTS IN WORKMANSHIP
Many policies cover items like sails that may be damaged because of defects during the manufacturing process. These are really handy clauses that help you to maintain your boat in a responsible way, and although they do not cover wear and tear, they do protect the boat owner in the event of parts that do not meet maker’s specifications.
Vandalism and malicious damage are unfortunately signs of the times, though physical damage to your boat caused by others in this manner can be covered under a standard policy giving you the assurance that you do not have to suffer financial loss because of the thoughtless behavior of others. This does have to be reported at the time of damage before claiming, though with correct procedure can save you thousands.
Boat trailers are used a lot in the transportation of boats but are also left by the dockside when you are out on your boat. Although some docks are secure, many are rural and that trailer easy to steal. Most boat insurances will cover that eventuality and mean that you can claim if this unfortunate event happens.
Imagine all the expensive equipment that may be stored in your boat. There are special depth sounding equipment, parts of the motor, items that you may have installed like television, and the cost mounts up. By ensuring that you have boat insurance against theft of these items, you can relax and enjoy them, knowing that you are covered in the unfortunate event of theft.
Boat insurance is essential. Your use of the boat may harm people or yourself. The risk element of water sports is such that it really is a serious consideration, and by taking out boat insurance, you can enjoy your sport without the worry of consequence, concentrating on the leisurely aspects of boating that are the reason you own a boat. It’s a myth that boats are insured under household insurances and although some are, beware because the limits are very low and really do not cover adequately the kind of losses you may sustain.
Take to the water, enjoy your sailing, and know that you took the reins as captain of the vessel !