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B.I.Q. would like to explain what is generally
normal for a marine insurance company to cover. Before buying boat
insurance it's important to find out what is normally covered and
what is
not. For instance, if you have a boat that is greater than 26 feet
in length it would qualify for yacht insurance and not boat insurance.
It's important to know these basics when buying a boat also.
When getting a new Boat Insurance Quote, the boat insurance industry often places Vessels into three main categories:
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Watercrafts that fall under the category of "boat" are small powerboats and sailboats.
Physical Damage
Physical damage and liability are usually covered under boat insurance Physical
damage coverage will pay to repair or replace your boat if it were damaged or
destroyed by fire, theft, lightning, vandalism or windstorm The boat itself is
covered, outboard motors, boats trailer, and personal property theft of items
located on the boat.
Liability coverage
Liability coverage will protect in the event in which you are the cause
of damage to property or an injury to someone other than you or a family
member Liability
coverage is usually purchased in increments of $100,000 up to $1 million
Liability is very important and can cause just as much financial harm as
physical damage.
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Yacht insurance generally covers any watercraft that is
around 26 feet. Typically larger sailboats, cruisers,
and fishing boats fit under the Boat Insurance Quote's
yacht category. Yacht insurance is a lot like boat
insurance and it has two main types of coverage. Instead
of being called property damage and liability, they
are called hull coverage and property and indemnity
coverage.
Hull Coverage
If your yacht is damaged due to a fire, theft, windstorm, lightning or vandalism hull coverage will pay to repair it. Hull coverage generally will cover the whole yacht. Sails, furniture, outboard motors, and anything used to operate the yacht will be covered. Even dinghies and trailers may be covered under separate policies.
Protection and indemnity coverage
Protection and indemnity coverage is the same as liability for boat insurance, and pays for damage to property or injury to someone other than yourself or a family member. Just like boat liability insurance yacht insurance is usually offered in $100,000 up to more than $1 million.
Hurricane Coverage
If a hurricane is approaching a yacht owner can usually buy a hurricane protection endorsement. It basically pays to take your yacht out of the water if a hurricane watch or warning is issued. It also would pay to cover the costs of hiring a professional to get your boat to a safe harbor because of a threatening hurricane approaching.
Navigational Warranties
A navigational warranty restricts a yacht to a certain area. If your yacht
is in the region then it's covered. The region can cover the entire East or
West Coast or as small as a Bay. If you would like to plan a trip outside of
your navigational warranty area, trip endorsement may be purchased temporarily.
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Personal Watercraft (PWC), such as jet ski's can sometimes be difficult to insure
due to a high number of accidents. About 95 percent of PWC operators are at fault
for their accidents. If you own a personal watercraft you would want to purchase
insurance coverage including bodily injury, property damage, liability, and theft.
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Before purchasing boat insurance B.I.Q. would like to inform you of what is typically covered under boat insurance.
Typical boat insurance covers:
Damage to Hull Fittings
Machinery
Deck chair
Permanently attached equipment
Property damage to someone else's property
Bodily injury- injuries to another
person
Theft
Medical payments
Passenger liability
Bimimi top
Anchor
Bilge
pump
Fire extinguisher
Battery
Depth
finder
Mast
Some others include: boat covers, fuel tank, boat furniture, tarp, trailer, solar panel, seat, oars, lights, life preservers, generator, horn, oven, refrigerator and the motor or engine.
What is not normally covered:
Hydrocycles, jet skis, kit boats, ski boats, and other personal watercraft (PWC)
High-performance boats with a design speed which is in excess of 50 Mph Outboard
motors which
are not listed in your policy may not be covered Fishing and Scuba gear Personal
items- clothing, jewelry, watches etc. Cell phones TV's Ropes for wake boarding
and water skiing Food or beverages Cameras Video equipment Wear and tear Deterioration
Dents,
scratches Manufacturing defects Electrolysis (more
information)
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Please contact B.I.Q. for additional information on coverage's and plans. Ask if you are covered for:
Bodily injury to yourself or another person, Physical damage to your boat, another
boat, trailer, personal belongings, Theft of your boat, motor, or equipment Medical
expenses Towing services
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