As much as an insurance cover is meant to protect your investment, it is always good to note that these covers are offered by businesses. As you may already know, businesses are there to make a profit. If they are not profitable they would simply close. Insurance companies survive because most of their clients never file claims. With that being said, you have to be very careful when applying for yacht insurance Cape Coral. The worst mistake you can make is failing to read the policy keenly before signing.
The answer to the question of are there items insurance companies don’t cover is yes. Just like car insurance, marine insurance companies do not cover everything. You will only be able to claim what is in the policy. That is why it is always good to work with a marine surveyor to help you determine if your selected yacht insurance Cape Coral is sufficient.
What does insurance cover?
Your boat insurance cover will include coverage to help you in various situations.
- Property coverage
This cover protects your vessel against theft and damage resulting from sinking or an accident. The coverage applies whether your boat is on water or land. For this type of cover, you have to choose between actual cash value and replacement cost coverage. Both have their fair share of pros and cons. To make an informed choice, always work with a marine surveyor. The surveyor will help you know which option works best for your type of boat.
- Liability coverage
This is coverage against damage you cause to another property. This includes another boat and injuring someone else. If this happens, liability coverage will pay the cost of the damages you caused. It may also pay for damages caused by your boat’s large wake. It also covers legal fees if you are sued.
- Medical payment coverage
If you or a passenger is injured following an accident while on your boat, the medical payment coverage will take care of medical expenses.
- Uninsured watercraft coverage
Not every boat on the water is insured. If an uninsured boat hits you, an uninsured watercraft coverage will pay for your medical bills.
These are just some of the provisions in a boat insurance. Other add-ons include:
- Boat trailer
- Boating accessories
- Special equipment
What is not covered by boat insurance?
As aforementioned, you need to read your policy keenly before signing because boat insurance only covers what is included. Some items that are not covered include:
- Wear and tear
- Manufacturer defects
- Bug destruction
- Faulty boat design
- Damage from aquatic life
- Mold damage
Working with a marine surveyor can help avoid buying a boat that will attract high insurance premiums. A surveyor will also help you find the best yacht insurance Cape Coral.