Be an informed insurance comsumer; Ask your agent

Posted on by David Graham

10 things to review in your boat / yacht policy with your agent
Know your policy and work with a licensed insurance agent that knows and understands the nuisances of a boat policy. Be an informed policy holder and know what's in the policy... you are paying for the coverage.
There are obviously more than 10 things involved when evaluating a boat policy.  Spend time with your agent to become knowledgeable of your coverage.  This list comes from insureds while speaking with claims adjusters and while speaking with agents at the time of acquiring insurance.

Agreed Value:  An agreed value policy may also be known as stated value policy.  A true agreed value policy is where the insured and the carrier assign a value to the vessel.  In case of a total loss from a covered occurrence, the amount of insurance paid would be the amount stated on the declaration page of the policy.  This is different than an Actual Cash Value policy, which factors in depreciation.
Pollution Liability:  Pollution liability is becoming a more and or important over the years.  You may be seeing more marinas having the customers pump their own fuel.  There can be fines for spilling fuel or oil in the water.  This could result from losing a lower unit or any other mechanical failure or a sinking.  Fines vary by state and waterway, from a few hundred dollars to millions.
Liability:  This can be the cost of raising and removing your wrecked vessel.  Or, things like bodily injury, loss of life or damage to property. 
Underinsured or Uninsured:  This will cover you for losses when the other boater creates damages and either doesn’t have insurance or doesn’t have adequate limits.  Your policy will then cover up to the limit of your policy.
Towing:  This is an option you hope you never need.  Being stranded is no fun and paying for a water tow is even less fun.
Water Sports Liability:  If you plan on using the boat for waterskiing, wakeboarding or other like activities, be sure to speak with your agent; if you need this and the boat policy doesn’t have this coverage, are you covered elsewhere?  This coverage would be for those participating in the activity while associated with your boat.
Electronics:  Radios, fish graphs, GPS, depth finders, etc.  You may have damage from a covered loss or theft.  Read your policy.  Electronics could have a separate deductible.
Fishing Equipment:  If you are an amateur fishermen you may own rods, reels and tackle in the hundreds of dollars to a few thousand dollars.  If you are a guide or charter captain it could be several thousands of dollars.  Know your limits and whether the gear is covered while stored on shore as well.
Named Storms:  Primarily for those along our coast line.  What is your responsibility for securing your craft during a pending storm?  Be sure you understand your policy.
Work with an expert:  Does the carrier and agent have expertise with boats?  Are the claim adjusters specialists when it comes to boats?

Bottom line is; when you are out boating none of these things should be worrying you.  Knowledge is power.  Be an informed consumer and enjoy your time on the water
At Charter Lakes all we do are marine products.  Should you want to evaluate your current policy, reach out to us.
Ph: 800-879-2248 or http://www.charterlakes.com/

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