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Aspects of a Boat Insurance Cape Coral

Whether you own a mega-yacht or a jet-ski, it is always wise to consider the importance of boat insurance Cape Coral. The right coverage will give you peace of mind both as you sail off the coast or while your vessel is docked during winter. However, to avoid spending too much on insurance premiums, it is always good to involve a boat surveyor in Cape Coral before you buy a new boat. The surveyor will assess the vessel to help you understand its flaws, help you determine how much insurance you should get and help determine if it is a good investment or not.

Boating presents a unique set of dangers and perils. Your vessel can hit a submerged object when sailing, you can get hit by another uninsured boater or your vessel might be damaged by harsh weather. Getting the right insurance will keep you safe from losses that result from these and more dangers. While your insurance company will send their own appraisers, the input of an independent marine surveyor will come in handy when searching for the best boat insurance Cape Coral. You also need to understand the various aspects of boat insurance in order to know what you can get.

Liability coverage

The majority of insurance policies include liability coverage. This includes protection for your passengers as well as liability for any water sports activities. Generally, boat owner’s insurance covers damage to the hull, furniture and machinery. Make sure you read the fine print carefully before choosing a cover.

Ice and freezing damage

Even though it rarely snows in Florida, it is better safe than sorry if you own a boat. You also never know when you might be docking in a region that snows a lot. This is because, during winter, ice and freezing can be a major concern. Check the policy to ensure there is coverage against damages caused by ice and freezing. Keep in mind that ice and freezing damage might be excluded if your vessel is not winterized properly.

Navigation may be limited

While you may have the most comprehensive insurance cover, keep in mind that coverage is often restricted to certain areas. If you plan on taking an extended trip, check the navigation limits. The last thing you want is for your boat to get damaged in the Bahamas and your insurance company refuses to cover the damages because you were outside the navigation area.

Tsunami coverage

Although most insurance companies cover damages that result from tsunamis, it is important to check with your provider and make sure you are covered.

Insurance companies offer varying provisions in their insurance cover. Make sure you understand what is covered in your boat insurance in Cape Coral before you accept it.

Boat Insurance Cape Coral

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How to Choose the Right Yacht Insurance Cape Coral

Getting yacht insurance Cape Coral is the wisest decision you will ever make after buying a yacht. An insurance cover gives you peace of mind as you operate your boat. Whether the boat is at the dock or sailing miles off the coast, you will be certain that your investment is protected when you have insurance cover. But which cover should you get? This is a very important question you have to ask before proceeding with the purchase of an insurance cover for your boat.

Liability coverage

When deciding on the insurance package to buy, make sure the cover has liability coverage. This cover will save you from a lot of headaches in case someone gets hurt while on your boat. Picture this, you are sailing and your yacht hits a large wake that slams a guest down against the railing. Even if the guests say they are okay, it may turn out that they got injured. In that case, they might want to sue you so that you are liable for the medical bills and payments for lost time, and pain suffered. When this happens, if your yacht insurance Cape Coral has liability coverage, the insurer will take care of everything including hiring a lawyer to represent you in the suit. The cover will also pay for damages you are deemed to owe.

Investment protection

The main reason you need an insurance cover is for investment protection. If you don’t have an insurance cover and an accident occurs, you will lose everything that is damaged during the accident. A fire outbreak or strong storm can lead to a total loss. This is more so if your vessel sinks. The best you can do is to make sure your vessel is insured for the right amount. To do this, you will need the input of a marine surveyor in Cape Coral. The surveyor will determine the fair market value of your vessel and determine how much you should insure it for.

In some situations, getting coverage will be mandatory. For example, if you are getting a loan from a bank, the bank may want to use the yacht as collateral. If this is the case, the bank will be listed as the lienholder of your policy. They will demand that you insure your vessel. If loss payments are made, your bank will be a co-payee on the claim check.

Getting yacht insurance in Cape Coral is not something you should put off. You need to get the right cover as soon as you buy a boat. As aforementioned, working with an experienced boat surveyor will guarantee you end up with the most comprehensive insurance cover.

Yacht Insurance Cape Coral

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Boat Insurance Cape Coral – Why You Need a Surveyor When Insuring Your Boat

For most people, buying a boat, whether new or used, is one of the biggest investments they make. If you go for a yacht, you can expect to spend even more on it. Considering this is a major investment you are making, you want to protect your investment. Getting boat insurance Cape Coral is an important step in a responsible yacht, boat or ship ownership. This is not something you should take lightly.

Finding a boat insurance provider is easy. The big question, however, is this; will the policy work for you? In some cases, boat owners end up getting a cover that is insufficient. In other cases, they pay high premiums for mediocre covers. To avoid finding yourself with such problems when applying for boat insurance Cape Coral, you should involve a marine surveyor to help evaluate all your boat insurance options.

Marine surveyors who offer insurance surveys simply serve as insurance adjusters. They are familiar with the process involved and the needs that have to be met in an insurance survey. At the end of the day, they deliver accurate valuations of your vessel. This is very important when buying boat insurance. The boat survey is the only reputable documentation that your preferred insurance company will evaluate to determine the amount of overage you should get.

To guarantee your vessel gets insured properly in the event of loss or damage, a marine surveyor will offer marine surveying services that are tailored specifically for insurance purposes. The survey is meant to offer you and your preferred insurance company extensive documentation required to issue a policy that responsibly and accurately protects your vessel.

A typical insurance survey looks at several aspects. They include:

  • Meticulous deck, hull as well as system inspections
  • Structural inspection
  • Fuel system inspection
  • Safety evaluation
  • Engine inspections (this involves computer diagnostics)
  • Inspection of all the electrical components for potential fire hazards and corrosion
  • Rigging inspection

To avoid unnecessary delays and costs, it is always good to talk to your insurance provider about what will be required in the survey. In most cases, an insurance survey doesn’t have to be as comprehensive as a pre-purchase survey. Surveyors will provide you with a list of items that have to be assessed. This list will not only help you avoid wasting time looking at unrequired components but also help you find the surveyor that is right for the job.

Keeping your investment protected is of utmost importance. That is why you need the best marine surveyor by your side to help you find the best boat insurance in Cape Coral. Don’t buy an insurance cover without getting expert advice.

Boat Insurance Cape Coral

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Do You Need a Survey for Yacht Insurance Cape Coral?

Prior to insuring a boat of a certain length, age or value, insurance companies will require that you get a marine survey done. The survey will not be required when insuring a brand new vessel. However, most insurers will not insure used boats that have not been surveyed. This explains why it is so important to work with a surveyor when searching for the best yacht insurance Cape Coral. But what is involved in the survey?

As you may already know, a marine survey is a comprehensive inspection of the interior and exterior of a vessel. The marine surveyor inspects the vessel and makes note of potential issues. All his findings are then presented in a survey report. The report lists the current condition as well as the seaworthiness of the vessel and the estimated value. The survey report is what insurance companies will need when applying for yacht insurance Cape Coral. However, you must not work with just any surveyor when doing a survey for the purposes of insurance. You need a marine surveyor that will be approved by the insurance company. Insurance companies require the survey to be done by licensed or accredited professionals.

The length of the survey varies depending on a number of factors. The main factors are:

  • Type of survey being done
  • Size of the yacht
  • Age of the vessel
  • Extended testing such as sea trial and haul-out
  • Prior preparation

A marine survey is done for the purposes of insurance can take a whole day if an in-depth condition and value survey is being done. If the survey has been requested by your preferred insurance company, you should speak with the insurer beforehand to know the areas they need to be inspected and the type of surveyor you should work with. The last thing you want is to pay for a survey only for the insurance company to reject it.

How the survey is used for yacht insurance

Marine surveys help discover underlying issues that a vessel may have. It also helps determine the type of upgrades that should be done to get the vessel in a safe operating condition. The survey, further, establishes the current value of the vessel. This information is very important because it helps you know how much coverage you should get.

Marine surveys are not free. You will be the one paying the surveyor so make sure you understand how much it will cost in advance. Most boat surveyors charge for their services based on the size of the boat rather than a flat rate or hourly rate. If you will need electric, mechanical, engine or oil testing, make sure you mention that to the surveyor upfront as those tests may attract extra costs.

Yacht Insurance Cape Coral

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Understanding Boat Insurance Cape Coral

Insurance companies offer a wide range of coverages. That is what makes it hard for people to determine which cover is ideal for them. If you are in the market for boat insurance Cape Coral, understanding what is available and what is not is the key to ending up with the cover that is perfect for you. In this post, we will be focusing on the crucial points you need to understand about boat insurance covers.

The basics

There are two basic sections of boat insurance Cape Coral; physical damage and liability. Physical damage takes care of accidental loss or damage to machinery and the boat. It covers the hull, engine, sails, personal property and other equipment that is needed to operate the boat. Always get a boat survey done before choosing a cover.

The liability section, also known as Protection & Indemnity, takes care of legal obligations to third parties. This can arise from loss of life, bodily injury, damage to another person’s property resulting from the operation or ownership of your boat. Liability coverage will also take care of your legal defence if you are ever sued. Ask your insurance provider what the provided liability insurance covers.

What losses are covered?

As aforementioned, physical damage mainly takes care of damages to the boat. Damages can be caused by many things. The best policy to go with is the one that offers ‘all risk’ coverage. This means every type of loss will be covered unless it has been excluded specifically.

The typical causes of loss which are covered include the following:

  • Weather-related threats: rain, wind, lightning, wave action and hail
  • Fire
  • Damage or loss caused by vandalism or theft
  • Collisions with a submerged object, the dock or another boat

As you shop around for boat insurance, it is highly recommended to also find a policy that will continue covering your vessel even while it is stored on land or during transport over land.

Keep in mind that it is your responsibility as the boat owner to care for and maintain your boat. As a result, wear and tear will be excluded from your insurance cover. You also need to remember that the number of exclusions in the boat insurance cover varies from one insurer to the next. Reading the fine print and comparing policies will help avoid surprises.

While you may never need it, it is always good to have the best boat insurance Cape Coral. You also want to ensure you get the cover from a dependable insurance company and you are working with a dependable agent. Reading and understanding the terms of the cover will also ensure you never end up with surprises after filing a claim. Working with a boat surveyor in Cape Coral will also guarantee that you end up with the best cover.

Boat Insurance Cape Coral

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Common Myths Surrounding Boat Insurance Cape Coral

Whether your goal is cruising for miles or fishing, once you own a boat, you first need to get boat insurance Cape Coral. The purpose of boat insurance is to give you peace of mind as you sail. There are many boat insurance companies and agents you can reach out to. However, there are many myths surrounding boat insurance. Let’s take a look at the main ones.

Everyone pays more for a cover against natural disasters that happened years ago

A common myth is that people pay more for boat insurance Cape Coral when getting a cover that protects against a natural disaster that passed through the area a couple of years ago. A study found that 74% of respondents believed this myth to be true. The truth is boat insurers price their policy based on the number of claims. The more hurricanes there are in a state, the more losses the state experiences. As a result, the policies are higher priced. With this fact in mind, boat owners in Florida pay higher-priced policies than those in Ohio. Talk to a boat surveyor to understand your coverage options.

Boat insurance covers you regardless of where you go

A study found that 75% of respondents believed their boat insurance covered them regardless of where they went. The reality is there is a navigation limit. This will depend on the limit set by your insurance provider. For example, your insurer may limit coverage to 100 nautical miles from the home port, while others will limit based on the region of the country. Always contact your insurance carrier to clear up things before you start sailing. On the other hand, a marine surveyor will tell you where not to sail to, depending on the condition and type of your boat.

Buying boat insurance from the same company that insures my home/car will get me a cheaper rate

While some insurers do offer multi-policy discounts, buying boat insurance from the same company that insures your home or car does not guarantee you will get a deal. The best way to get the most comprehensive insurance cover at the best rate is to shop around and combine specialized policies from different companies. For example, if your car insurance company doesn’t specialize in boat insurance, you might get frustrated when filing a claim. This is because getting a cover from a company that doesn’t specialize in boat insurance may cause you to miss out on special coverage options and discounts.

Getting the facts is better than following the crowd. In addition to getting a marine survey done to help you know how much cover you need, you should research the company you plan on working with.

Boat Insurance Cape Coral

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Tips for Getting Yacht Insurance Cape Coral

Whether you buy a brand new or a used yacht, before you take it for the first pleasure cruise, you need to get yacht insurance Cape Coral. Boat insurance is there to protect your personal finances in case something goes wrong while out at sea, during boat transportation or while the boat is on the dock. One thing you have to understand is yacht insurance is different from auto or home insurance. This is because specialized coverage is needed. There is also a range of discrepancies such as liability coverage, navigation limit, and aftermarket product coverage to think about. To avoid getting the wrong cover, there are a couple of things you must do.

Work with an insurance agency

There is so much that is involved when getting yacht insurance Cape Coral. You have to think about the type of product you want from a boat insurance company, work with a marine surveyor in Cape Coral to understand how much your boat is worth and do a lot more. To avoid being overwhelmed, it is good to work with a reputable insurance agency.

Independent insurance agents and brokers offer several policies from multiple insurance companies. They are able to offer a wide range of coverages, evaluate your current policy, answer any question you may have and give suggestions on the best coverage for you. Focus on insurance agents that specialize in marine products. That way you will get more details on your vessel and make the whole process smoother. The right agency will guide you to the policy that offers the best combination of coverage, price and service.

Know what you are buying

The mistake most people make is putting too much faith in their insurance agencies. Some never even take the time to review the policy that is presented to them. It is not until they want to file a claim that they learn of the mistake they made. Don’t make such mistakes. Before accepting a boat insurance cover, it is imperative that you take time to read through the policy. Know if the value of your yacht will decrease or remain at the agreed value. Know if the policy covers electronics and what happens if an uninsured boat hits you. If you have any questions, your insurance agent should be able to explain everything in layman’s terms.

Talk to fellow boaters and other experts

Last but not least, before selecting an insurance policy, it is important that you talk to fellow boaters about the insurance company you are about to use and the policy you are choosing. An independent marine surveyor will also help you know if you are making a mistake.

Yacht Insurance Cape Coral

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Types of Yacht Insurance Cape Coral

When applying for yacht insurance Cape Coral, it is important that you start by understanding your policy options. You need to know what you will be paid in case of loss. To do so you will need to understand the various types of boat insurance policies that are available. These are Agreed Value, Actual Cash Value and Total Replacement Cost. Your boat surveyor in Cape Coral will be happy to help you know which option is best for your type of boat. let’s take a look at what each of the three insurance policies mean.

Agreed Value

When you have an agreed value policy, you will be paid the amount that is shown on your insurance policy in case of total loss. What this means is that with this yacht insurance Cape Coral, the insurer will agree to pay you a stated amount if your yacht is deemed to be a total loss. under this policy, damages that result from partial loss are paid for on a replacement cost basis minus deductibles. Physical depreciation of the boat will not be factored into determining the value of the damaged or lost item. All in all, items subject to higher levels of wear and tear like sails, canvas, and trailers may be subject to some allowance for depreciation. Getting a thorough valuation from a boat surveyor in Cape Coral is the key to ensuring your boat is insured for the right amount. Don’t simply rely on the report from the insurance company’s surveyor.

Actual Cash value

This policy offers less coverage than that offered by the Agreed Value policy. As a result, it is cheaper. The policy offers coverage to the current market value of your boat if there is an event of total loss. Depreciation and condition of your boat at the time of loss is considered. The insurer reduces payment for total loss depending on the physical depreciation of the damaged or lost item. Policy deductible is applied too. The Actual Cash Value policy is an economical alternative to Actual Value policy. Explore the two options with your insurer before committing.

Total Replacement Value

This is a newer type of boat insurance policy. It agrees to replace the boat with a new boat of the same make and model in the event of total loss. You will only be able to get this policy if you own a brand new boat. The policy is also valid until your boat is about two to three years.

When applying for yacht insurance Cape Coral it is always wise to discuss your options with a marine surveyor. The surveyor has more experience in boat insurance and will be able to recommend the best policy and insurer for your type of boat.

Yacht Insurance Cape Coral

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Boat Insurance Cape Coral – Tips to Help Avoid Problems with Your Insurer

You wouldn’t feel comfortable driving your car without insurance, would you? Why then would you want to risk not buying boat insurance Cape Coral. The main purpose of an insurance cover is to help you feel at peace. Insurance ensures that you never pay money out of your own pocket in case of an accident. It gives you the much-deserved peace of mind you need to feel proud as a boat owner. All in all, for you to reap the most benefits from boat insurance, there are a couple of things you should do.

Find the best insurance company and agent

Applying for boat insurance Cape Coral is easy. Getting your claims honored is a whole different story. There are many insurance companies known to promise one thing and never deliver. You don’t want to end up in their hands. To ensure you never have to deal with frustrations when the worst happens, make sure you choose an insurance company that has a great reputation insuring vessels like yours. You also want to get the contacts of an insurance agent that will never disappoint you in your time of need. Take time to read reviews about the insurance company you are considering before committing. You can consult a marine surveyor or broker to find the best insurance companies in your area.

Avoid voiding your insurance

Never be too excited to read through the insurance policy. Always take a step back and read through everything. The policy gives details on how you can void your boat insurance. You can void your insurance through criminal or negligent acts. This will include boating recklessly and boating while intoxicated. You should also take a boating course and follow the same rules you follow for safe driving.

Ensure you have adequate insurance

When submitting an application for boat insurance, your insurer will send their own marine surveyor to evaluate your boat. The aim of the inspection is to understand the condition of the boat and determine its fair market value. This information is used by the insurance company to determine how much to insure your boat for. In special cases, if your boat is too old or too damaged, the insurance company may refuse to insure it. It is always good to get a second opinion from your own boat surveyor. An independent survey will help you know if your insurer is offering the right amount of cover.

While you might never need it, having good insurance is very important. Always take time to compare covers from different companies before committing to any one insurance company. You also need to make sure you commit to an insurance company that specializes in boat insurance.

Boat Insurance Cape Coral

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What You Need to Know About Getting Boat Insurance Cape Coral

Buying a boat, whether new or used, is always an exciting journey. This is more so when you imagine yourself sailing on the open water with family or friends, or enjoying a peaceful alone time surrounded by nothing but the deep blue. However, before you buy a boat, it is good to think about boat insurance Cape Coral.

While the process of securing marine insurance may seem involving, there are experts to help. Some of those experts are marine surveyors in Cape Coral. Involving a surveyor in the purchase process will help you understand the condition of the boat you are buying and how much you can expect to pay in insurance premiums. The surveyor can also answer any question you may have to clear common misconceptions. With that out of the way, let’s take a look at what you need to know about getting a quote for boat insurance Cape Coral.

Set a budget

When shopping for a boat, most people only budget for the cost of buying the boat. They forget about the other expenses like maintenance, registration and insurance. While shopping for the best speedboat, fishing boat, yacht, sailboat, or any other watercraft, you must never forget to budget for boat insurance. Talk to a boat insurance agent and get a quote for marine insurance. This information will help budget accordingly and also help you know which type of boat lies within your financial reach. For example, if you plan on buying a yacht and the insurance premiums are too high, a yacht may not be the perfect boat for you.

Involve your own surveyor

Once you contact an insurance company, they will send in their own surveyor to assess your boat. The objective is to determine the fair market value of the vessel so that the insurance company can determine if it is worth insuring and for how much. To avoid being under-insured, always involve your own marine surveyor in Cape Coral. The surveyor will help you know which cover to choose and if the policy given is ideal for your type of boat.

Another reason why you should involve your own boat surveyor is so as to know if you are making a good investment or not. The survey report will reveal every issue that the vessel has as well as the cost of getting those issues fixed. That information can help you either avoid making a bad investment or use it during negotiations.

Getting marine insurance is of utmost importance. While you may never need it, you will be happy you had it when something happens to your boat.

Boat Insurance Cape Coral