5 Considerations when researching Boat Insurance and Yacht Insurance

Posted on by David Graham

1st, as with all insurance products, find a company with a strong financial outlook.  Is the policy from an “A rated” company?  Standard and Poors, Moodys and A.M. Best, provide letter ratings on insurance carriers; ‘A’ being the top rated and it goes down from there.  The insurance is only good if the company can financially stand behind the product, even in the case of a catastrophe.  That means, paying claims. Also, will you speak with people when you call claims or have to follow endless prompts, only to leave messages on a machine and wait for a return call?

2nd, does the agency you are working with understand boating?  What does that mean?  Will you be using the boat for Recreation, Commercial (fishing, tours, guiding, transporting people or goods for money), Inland lakes and Rivers, Coastal or International, etc…
Will you be trailering the vessel? How far?
Are you in an area affected by Tropical Storms? Is there haul out coverage for the larger vessels?  Understand the storm deductibles.
Do you fish professionally, in tournaments?  Do you ever speak at events?

3rd, is there a policy option of Agreed Value?   Is emergency towing included, on the water or on the road, while trailering, in the policy?  Personal property limits and limits for gear, especially if you fish professionally, guide or are charter fishing.
What Liability limits available?  What is the Medical Pay limits, (Med. Pay is that goodwill you as the boat owner pay for injury treatments when a guest on your boat suffers an injury; minimizing the risk of a liability lawsuit).
What are the deductible options, a percent of the value or straight dollar amounts?  The higher the deductible the lower the premium.

4th    Discounts
Are you a member of a group or organization?  i.e. NACO or Multi-policy …
How long have you been boating? Do you currently own a boat, how long?
Have you completed a Boater Safety Course?  Do you have a USCG Captain license?


5th Mechanical Breakdown coverage for the engine.  Is overheating excluded?  With engine repair costs, this can be very important, especially when your livelihood depends on your boat and motor.

 

Gallagher Charter Lakes is Reliable, Responsive, Quick and Provides you Peace of Mind coverage and service. 

Give us a call: (800) 879-2248