Yacht Insurance 101 - Introduction
The second most important aspect of boat buying, aside from making the purchase itself, is insurance. These days, you can never go around buying things without at least some guaranty that you will be covered in case of loss or damage. Insurance is your safety net. When you make an investment, there are risks involved. Having insurance is similar to providing yourself some protection against those existential risks. Perhaps the single biggest investment you have to make is a yacht. For most people, it is either a home or a car, but for boaters and lovers of the sea, it is a yacht or a mid-size powerboat. Now, when you make an investment, you leave yourself open to all sorts of risks, which could leave you financially handicapped if not managed properly. Having yacht insurance is your way of keeping those risks down to a more manageable level. Depending on the type of coverage you want and your insurance company, you have several options when it comes to yacht insurance coverage. The types of yacht insurance coverage include the following: Medical Payments Coverage A medical payments insurance policy offers coverage of medical expenses incurred due to injury in a boating accident. Some companies offer coverage not only for you, the boat owner, but also for passengers as well. Watercraft Liability Coverage This policy offers protection in case of an accident, causing injury to a person in the water. This is the marine insurance counterpart to third person liability in car insurance. The situation contemplated is an accident in the water, which results in injury to a person, such as a water skier or a swimmer. Not only that, it also includes coverage for damage to another boat or a dock. Physical Damage Coverage This type of coverage contemplates several situations which could result in damage to your boat, such as collisions, breakdowns while in the water, damage to boat equipment, damage while transporting your boat, as well as protection from theft. But regardless of the type of yacht insurance you have (whether you have all or just some of them), you will most likely encounter the term “latent defect.” Most insurance policies for yachts and powerboats include a latent defect clause – that is a specific provision for coverage in case of latent defects in the vessel. |
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