Boat Insurance - which one for you?
In this blog post, we'll compare three types of boat insurance: named perils, commercial perils and limited liability. We'll then tell you what to do with the information and useful suggestions on how to purchase your marine insurance.
Named Perils vs. Commercial Perils; what's the difference? It's not as simple as it seems. Let's first define what both of these terms are and what are their common characteristics. Both named perils and commercial perils policies cover a boat owner for property damage or liability claims to third parties resulting from misuse of the boat by the named insured or an employee/crew member, or from causes that are subject to coverage under a particular policy (e.g., collision, fire, sinking, theft). Both types of boat insurance policies offer "package" deals where you get your liability and fire damage coverages at one policy package price.
The most significant difference between named perils and commercial perils is in the scope of coverage for specific losses. A named-perils coverage form covers a loss only if it results from one of the following: fire, explosion, theft, collision or upset (engine failure). A commercial-perils policy covers a loss arising out of causes not covered under a named-perils policy. These causes generally include: war & strike; wear & tear; gradual deterioration; latent defect; delamination; chemical decomposition or rusting caused by water damage; hidden defect and sinking.
What do you do with the information? If you're looking for marine insurance, and your boat has been used before and has been involved in an accident, then you need to find out which kind of marine insurance policy would protect you in a court of law and in the long run. It's easy to look at companies and choose the one that gives the best price or that comes with the lesser premium. But we at Quote-Quote advice you to buy both a commercial perils policy as well as a named perils policy for your boat. This way, even if something happens to your boat (due to theft, fire or accidental damage) it will be covered both from property damage claims as well as from liability claims.
Why Marine Insurance? The main purpose of buying marine insurance is to minimize your financial risk for loss or damage to the boat and to other property. Buying marine insurance is not only about protecting your assets but it also protects you from legal liability claims by third parties, most often in case of an accident while operating a boat.
Also, by providing proof that you have taken out protection against loss or damage of your boat, you can also ensure that you get a good deal on financing if you're planning on buying a new one. Why? Because banks will want to know that you have taken measures to decrease the risks associated with lending money for purchasing a boat.
What to do next? As you know, we're here to help you. So, if you need any assistance in choosing the right marine insurance policy for your needs, you can start by getting a free quote from one of our partners on our website, or by completing an online enquiry form and our team of experts will get in touch with you. We'll help you find the right policy for your boat and budget!
Articles' original source: https://www.quot-quote.co.uk/boat-insurance/guides/articles/boat-insurance-which-one-for-you
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If you are in the market for yacht insurance cover, quickly request a free quote here . Or for a detailed personal review of your individual circumstances and requirements, simply complete our enquiry form and we will be in touch as soon as possible.
Meet The Author: Your Marine Insurance Brokers - Quote-Quote
Article Source: http://www.articlesbase.com/insurance-articles/boat-insurance---which-one-for-you--1550722.html
If you are in the market for yacht insurance cover, quickly request a free quote here . Or for a detailed personal review of your individual circumstances and requirements, simply complete our enquiry form and we will be in touch as soon as possible.
Meet The Author: Your Marine Insurance Brokers - Quote-Quote
Statistics show that a boat is stolen every hour somewhere in the world. At first glance, this fact may seem strange since boats are large, expensive items that require significant effort to transport. However, it is exactly these factors that make boats particularly attractive targets for thieves. Often, boat owners are not willing or able to take the necessary precautions to protect their property against theft. As a result, a fair amount of boat theft goes unpunished every year.
Thefts of boats range from simple property theft to the more severe and often deadly forms of attempted robbery and murder. Since someone has to foot the bill for repairs to a damaged boat, owners must be alert for any sign of possible theft. The following is a checklist of tips that may help your boat remain safe:
Don't keep your boat in plain sight of neighbors or other ships in your community. If the boat is tied up at the dock or moored in a marina, keep it out of sight until you are ready to use it. This practice will discourage potential criminals from trying to steal the boat right off the riverside, as they may not know when you plan to leave your home base and use the vessel.
Conclusion
Storing your boat in a secure location with a locked garage, barn or shed is the most effective way to protect it from theft. However, even the best storage option will not always prevent your boat from being stolen. A boating insurance policy may provide compensation for any damage caused by theft, but only if you have taken out both third-party liability and hull coverage. If you own an expensive vessel or if it is vital to your livelihood (e.g., fishing show), it is strongly advised that you purchase a marine insurance policy that includes additional protection against boat theft.
To find the best deal on boating insurance cover for your needs, just complete our enquiry form or get free quotes by clicking here .