Marine Insurance Offers Protection for Every Form of Boat
Marine Insurance is just as important as automobile insurance, and possibly more so when you consider the high number of boating accidents that take place each year. Another factor is the amount of time your boat spends unused and probably unattended. For these reasons, purchasing marine insurance that covers both accidents and injury, liability and damage to the boat while moored is a cost effective idea.
Actually, marine insurance is the oldest form of insurance sold and dates to the 1800's when ship captains began to insure their boats and cargos. Today's marine insurance policies generally insure only the boats, including onshore and offshore exposed property, such as hulls and platforms, but coverage can extent to accoutrements and decorative items. Separate cargo insurance is available.
The usual coverage of a marine insurance policy is for casualty, liability, accident coverage, including collision both with movable and stationary objects, and damage done to the boat when docked. Some policies offer Increased value coverage, which protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel.
When buying boat insurance you will want to carefully explore towing and salvage riders to the policy. Maritime laws are different than those for motoring in that being rescued on the water can be a hugely expensive proposition. This arises from the Maritime law and regarding the concept of salvage, whereby it is incumbent upon the boat owner and any ships in the vicinity to remove a wreck from the water.
You need to know what your insurance covers and be prepared to negotiate with towing firms depending on the situation. Marine towing operators are private entities that are not only allowed to charge for simple tows but also they are entitled to a percentage of the value of your boat if they rescue you from imminent distress; this is the concept behind salvage. Be sure to select comprehensive towing insurance to avoid getting stranded either in the water or and remember that it is also possible to be stranded on land, while towing your vessel.
Most companies that write policies for automobiles and other forms of transportation will offer marine insurance. Coverage is offered for all types of boats, form yachts and commercial ships to canoes and even jet skis. There are also clubs similar to motorist clubs that offer tow and repair services at reduced rates to members.
by Sally.Anderson 19 years ago