Having canal boat insurance is something that every canal boat owner should have regardless of how often they use their boat. It only takes on time out on the water to have an accident and wish there had been coverage. Some people are willing to risk not having insurance because they don’t think they take their canal boat out often enough to warrant paying for insurance. However, there are simply too many things that can happen on one trip up the canal that can cost a lot of money. Protection is simply something that should be considered mandatory.
There are many different types of canal boat insurance and every insurance company will have a different plan. Although the plans may seem similar in many aspects it is important to read the coverage carefully and only deal with reputable insurance companies who deal with boat insurance to make sure there is enough coverage.
Canal boat owners should at least have third-party coverage in case they have an accident. The recommended coverage is at least two million pounds or more – many insurance agents suggest that liability insurance should be at least as much as the assets a person owns. This helps prevent personal assets from becoming part of the claim.
Loss and replacement insurance is another clause that many people consider important. This part of the insurance policy that will replace or repair the canal boat if it is damaged in an accident, fire, stolen or even maliciously damaged by vandals. The amount of this coverage can vary but should be enough to replace the boat if total loss is involved.
Some canal boat owners add other types of coverage such as a clause to cover personal belongings. This is good coverage to have if the boat is involved in an accident and there are items on board that are expensive or have intrinsic value and need to be replaced. Personal items that could be on board and need to be replaced are things like cameras, video recorders, IPods and other electronics that have become common to see people carrying around.
Canal boat insurance should not be taken lightly. It only takes one incident on one trip to make a boat owner realize how important their policy is and how many pounds it can save them when repairing or replacing their boat and its contents. Boat owners should speak with educated insurance agents before purchasing polices and make sure they are buying enough coverage for their needs.
When the weather is warm and the waters are crystal clear many Britons decide it is time to take to the water with their boats and enjoy some summer fun. Before putting their boat in the water they need to make sure their boat insurance in the UK will cover them in the event of accidents or property damage.
At the very least boaters should have liability insurance t cover them if they cause damage to someone else’s boat or are involved in an accident that causes injury. The typical industry standard in the UK for liability is 2,000,000 pounds and some insurers are now offering 3,000,000 pounds of coverage.
Speed enthusiasts who know they will be involved in boat races on the water should find out ahead of time if their policy will cover racing. While most boat policies in the UK do cover racing risks as part of their standard coverage, not all do. This is something that should be known before the boater engages in a race so that coverage will be in place if an accident occurs.
Boat owners should check their policy for coverage that is called new-for-old. This type of coverage replaces damaged boating equipment with new boating equipment if it is damaged. The caveat to this coverage is that there is an age limit on the equipment. If it is very old the replacement cost will be the value of the equipment when it was damaged or a similar replacement item.
Britons do not have to use a marine insurance company in order to purchase insurance but they do need to make sure they receive good advice if they choose to use a High Street Insurance Broker for their boating insurance needs. This may mean speaking to a boating insurance expert before purchasing a policy.
Boaters need to remember that since January 2005 any company that provides an insurance policy must be authorized and regulated by the Financial Services authority in order to be enforceable. If the insurance company is not authorized and regulated by the Financial Services Authority the policy could be worth no more than the paper it is written on.
Boat owners should take every precaution to make sure they purchase an insurance policy that covers every aspect of their recreational boating hobby and their equipment. They should also be diligent in purchasing their insurance from an authorized insurance agent so that the policy is effective.
Taking a dinghy out into the sea is a thrilling experience. But when on a dinghy at sea you are always faced with unforeseen dangers. These dangers necessitate the need to compare dinghy insurance cover for your dinghy. There are numerous policies available with different ranges of cover to provide insurance cover for your dinghy from accidental damage, theft, vandalism, fire etc.
There are certain types of dinghy insurance that cover for wear and tear, sailing equipment that is lost, loss or damage of outboard motors, damage to your vessel by other crafts and so on. Some policies even cover for third party liability in which you or the person sailing your boat will not be held liable for injury to another boat or person when involved in an accident. Certain policies also provide replacement of new for old irrespective of age. It is also not a bad idea to check out details of policy excess and what you really get out of a comprehensive cover. On the whole it is best to get a better understanding of policies and what they cover before selecting one.
Insurance policies not only cover for your dinghy when it is sailing but when it is not in use too. For example if your dinghy is damaged by a storm when docked you can still be compensated for it. But there are also policy restrictions that restrict cover if you are careless. For example if you have not tied your dinghy properly or if you have improperly locked trailers or left your equipment exposed when not in use. In certain cases you can extend your policy by paying additional premium to secure your trolley and trailer as well. In the event of a mishap always file your claims quickly.
Choosing the right insurance company can sometimes be confusing or difficult. In order to get a good cover from a reliable insurance company, you can try asking your sailor counterparts where they got their dinghies insured. Also, you can use the internet and find out more about the various insurance companies out there, the deals they offer and the discounts you get. When going for insurance for your dinghy, always go to an insurer who specializes in dinghy insurance so that he can customize an insurance cover that best suits your needs. Finally, never compromise on obtaining a good insurance cover for your dinghy. Remember your dinghy is an asset and it should be protected by an insurance cover.
Yachts are usually highly valued and expensive luxury boats. Generally, vessels over 26 feet are classified as yachts and these vessels are qualified for yacht insurance by the marine insurance industry. In order to ensure a smooth sailing and to handle unexpected mishaps such as loss, theft, damage, piracy or any accidents, yacht insurance is very important. Having the yacht covered by insurance gives the yacht owner peace of mind.
A yacht owner should choose a good insurance provider who provides him or her good insurance policy at a reasonable price. While signing up for an insurance plan, it is important to look into details such as the coverage and the claim response times of the plan. Some of the factors that determine the cost of cover for the vessel are, factors likes its length, age, the engine it has got and its marine navigational routes.
For adequate insurance of a yacht, one has to estimate how much it would cost if the vessel was lost at sea or completely destroyed. Also how much it would cost to replace the items on board. One has to make provisions in the cover for damages to the yacht docked in regions of extreme weather conditions and indemnity coverage if the vessel causes damage to another boat through a collision.
The use of the vessel may be primarily local or global. So it is best to get an insurance which caters to your requirements. There is very little point in getting global insurance when the yacht is used locally. However, depending upon the yacht insurance chosen, certain warranties associated with it also restrict its use. For example, a navigational warranty will limit the amount of time a vessel can sail in certain parts of the world or a layup warranty which will insist upon a yacht to be docked during certain times of the year.
While going for an insurance plan it is best to go through the terms of the insurance, having in mind the essential cover needed for the yacht. It is always wise to list out the main aspects of the cover that needs to be purchased and match it with the insurance policies on offer.
As for selecting the best yacht insurance companies in the market place, one has to have a thorough idea of each of them before making any deals with them. In order to do that, one can extensively search the internet and list out the well established and financially sound insurance companies which have several insurance options.