Marine Insurance For Personal Watercraft
Marine insurance reimburses financial losses due to damage to a ship and any accompanying properties, including the cargo, from port of departure to port of destination. Available specialty marine insurance policies include those for marine cargo insurance, marine business insurance, and personal watercraft insurance.
Personal watercraft insurance is a form of marine insurance specifically designed to cover watercraft being used in a non-commercial capacity. Put simply, personal watercraft insurance is like automobile insurance for boats. Like automobile insurance, personal watercraft insurance policies can not only cover property damage, but provide personal indemnity and watercraft liability coverage too.
This type of liability coverage applies to bodily injury for people using the watercraft and anyone else who might be involved in an accident. You can also choose to get another policy rider that will cover additional medical issues. Another option for coverage is uninsured boater coverage which applies to hit-and-run accidents.
There is also the option of towing and salvage insurance. It can help with smaller incidents such as an engine failure, mechanical breakdowns, or even having fuel delivered to a stranded ship. Towing and salvage insurance can also help to offset the high costs associated with a vessel that has sustained much damage.
Hull coverage for the vessel is typically offered in either "agreed value" or "actual cash value" forms. Like other forms of insurance, actual cash value policies depreciate considerably as the vessel ages, or otherwise becomes less valuable. Agreed value insurance continues to pay the full amount shown on the policy without depreciation.
A marine insurance policy may cover anything that can happen, or it may be limited to a specific set of risks. In either case, you need to understand all of the conditions that are attached to the policy before you purchase it. Otherwise, your policy may not help you. For example, many policies become null and void outside of specific navigational limits. It can be very easy to exceed those limits on the open water where boundaries can be difficult to determine.
Insurance for all types of personal watercraft is available, including anything from a fishing boat to a yacht or houseboat and all sizes and types in between. You can even find insurance coverage when renting a watercraft, such as for a fishing trip or for a charter boat trip. All it takes to find the right coverage is some research and perseverance.
A basic definition of marine coverage is protection of a ship, cargo or property due to loss or damage while a ship is in transit from one port to another. There are other sub sets of marine insurance, such as marine cargo insurance, marine business insurance and personal watercraft insurance that provide additional coverage. This liability coverage can cover bodily injury to occupants of the watercraft, as well as other people involved in an accident. Additional medical coverage is typically available as a separate policy rider. No matter the policy type, it is very important to fully understand all of the stipulations which may render the policy null and void.
Published October 5th, 2008
Filed in Business