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Watercraft & Boat Insurance Information
If you own a trawler, sport, fishing, or cruiser type yacht that is more than twenty-six feet in length, then you are in need of a quality insurance policy through Coverage Inc. Vessels that are less than twenty-six feet in length use a boat insurance policy. However, a larger yacht like yours needs a specialized insurance policy that will adequately protect you and your high value vessel. While a Boat Insurance policy is similar to a Yacht Insurance policy, it will not be sufficient to meet your unique requirements.
The Reason You Need Trawler Insurance
There are two primary reasons that you need to invest in custom Yacht protection. First of all, you will need to protect this massive financial investment against damage, theft or anything else that leads to a partial or complete loss of your cherished vessel.
Secondly, you need to take the necessary precautions to protect anyone else when they are on your yacht, as well as the property of others that may be damaged by your vessel. This part of the policy is called P & I — Protection and Indemnification — and it should be provided for guests who are injured while on your yacht. The policy should also include Medical Payments coverage to cover medical bills up to the limit you choose for injuries to people hurt aboard your vessel. A quality insurance policy is the best way to protect yourself from financial devastation. There can be options to provide even additional coverage at no additional cost to you, and your insurance representative can explain how.
There are a number of options and features that you should consider when you are in the market for coverage for your yacht. Your expert agents at Coverage Inc, also vessel owners, will be able to guide you in the right direction toward the best coverage for you, your vessel and your particular situation,regardless of whether you are on the east, west or gulf coasts. Furthermore, because we are also vessel owners too, any questions or concerns that you may have can be addressed in a timely and friendly manner from fellow mariners.
You will need to establish the dollar value of the yacht to base physical damage on; this is known as Hull coverage. Hull losses resulting from vandalism, fire, theft, collision, wind, sinking and other covered causes of loss will not exceed this value limit. Our policies make it possible to choose the coverage that you need with options in addition to being Agreed Value policy.
It is important to point out that if you decide to decline one or more coverage options, then you will be assuming more of the risk in the event that such a loss takes place. While declining coverage might save a little premium immediately, in the event of a loss caused by the declined coverage hindsight would most likely make you wonder how you could have ever made such a costly choice.The vast majority of our insured yacht owners choose to have their vessel insured by a high quality comprehensive policy that will minimize their out-of-pocket expenses at the time of loss.
When you are making decisions regarding the right level of coverage for your Yacht Insurance policy,the value of your vessel/hull will have to be established. This value will be an Agreed Value between you and the insurance carrier and will be written into your policy as an Agreed Value. If it's a new vessel, establishing the Agreed Value is easy as it typically corresponds to the sales contract price. If it's not a new vessel but a used vessel you are purchasing, usually there is a survey involved to help establish the current value.
When you have an Agreed Value listed in your insurance policy, you will have certainty of the settlement amount if you ever have to file a claim for a (covered) total loss. You will know this because the amount has already been decided in advance and declared as the Agreed Value between you and the insurance company. The settlement can be executed much more efficiently.
In the disastrous event that your yacht catches fire and burns to the waterline, is stolen, or is damaged, you always have the option of doing nothing and just accepting the loss and paying for damages out of pocket. However, in the event that your yacht causes injury to another person or to their property, you will probably not have, nor want to exercise that option for various reasons. This is where 3rd party liability comes into play.
If you do not have adequate third-party liability coverage, also known as P&I or Protection and Indemnification coverage, you will have to dig down into your own pocket to cover the cost of the restitution. Paying this out of pocket could be devastating if not financially crippling. On the other hand, if you do have proper insurance coverage, your policy will come into action to keep you from having to pay for the related expenses on your own. Ask our agents how we can greatly increase this coverage without additional cost to you.
Even though there may not be a principal obligation for this type of insurance coverage, there is no good reason not to carry it and there are a number of places where it is essential. For example, most harbors, docks and marinas will have a minimum insurance requirement. Your Coverage Inc. agent will help you evaluate your personal situation and advise you on just how much liability insurance or P&I you might want to include in your Trawler Insurance policy.
Home Mooring / Port Location
One of the most frequently asked questions that you will hear when you are shopping around for a policy will be about where your yacht's home port is located and where your yacht will be during certain times of the year. It is incredibly important that you are completely straight forward and as accurate as possible when asked this question by your insurance representative so we can advise and recommend the correct/best coverage for you.
Perhaps you keep your vessel moored at a marina or a dock. On the other hand, your yacht could spend a great deal of time on land also known as "on the hard". Regardless of where your yacht is moored or kept, you need to provide as much accurate information as possible in order to make certain that your yacht will be adequately covered with the right type of insurance at a very competitive price.
Coverage According To Location
In addition to where it's kept or the location of its home port, where your yacht will be navigated or used over the next 12 months is also important. Trawler Insurance policies typically have specifically defined areas of operation known as Navigational Limits or Navigation Areas. You should talk with your agent to make absolutely certain that you understand the Navigation Area and any specific guidelines that will meet your needs for the upcoming year. Keep in mind,if travel plans change and it becomes necessary, the range and time may possibly be increased by underwriters discretion to accommodate your specific needs. Contact our agents to discuss as soon as possible.
In some cases, you may have to pay a small additional premium to make certain that all areas of operation are included. The location is an essential thing to consider with the immobile part of your insurance policy as well. For example, when your vessel happens to be stored "on the hard", whether it is for maintenance, repairs, summer or winter storage, you should make the agent aware of it. In addition, you may not think of it but you might need to consider that you have adequate coverage to protect your yacht in the event it has to be transported over the road.
Coverage Inc - Expert Coverage For All Yacht Owners!
Our experienced agents are happy to help educate you on things to consider about your marine insurance. We can provide competitive pricing, very broad coverage and options to new boaters with very little or no experience as well as the seasoned Ol' Salt with many nautical miles under his or her belt. We'll help you secure the right coverage for you.
We are an independent agency that works with many different companies, some you've heard of like ACE, AIG, Chubb and Travelers and several you may very well have never heard of. We have also developed special programs for insurance that are only written through our agency.
Do not go out on the water until you have the right protection. Click on the quote request button now. If you wait any longer it may be too late, so do not hesitate before requesting your risk-free quote on a policy that provides not only very strong coverage but also peace of mind.