Yacht Insurance Cape Coral – What Should You Do When Something Happens?

Regardless of the size of the boat you own, it is always important to get boat insurance. This will keep your investment safe in case something happens. However, you should be very careful when choosing an insurance cover. The type of coverage you get will depend on the type of cover you go for. You should leverage the input of a marine surveyor in Florida to know the kind of cover to get and what to insure. Now that you have the best yacht insurance Cape Coral, what should you do when something happens?

The first thing you must do when something severe happens to your boat is to call the U.S. Coast Guard. While on the water, the U.S. Coast Guard serves as the police. They are the first people you call after a serious boating accident. Doing so will protect you from future liability and make sure you and the other parties involved are safe.

It is legally required to report a boating accident to the U.S. Coast Guard if any of the following applies:

  • A person is injured beyond first aid or dies
  • A person disappears
  • There is damage to boat or property that exceeds $2,000
  • The boat or equipment are stolen or lost

It is only after contacting the U.S. Coast Guard that you should contact your provider of yacht insurance Cape Coral. Unlike cars, you are not legally required to carry proof of insurance on the boat. It will, however, be of great help if you have proof of insurance on hand during an emergency. Even if you don’t carry proof of insurance, make sure you are clear on the type of insurance coverage that you have. That way, you will be able to approach the situation in accordance with your insurance. For example, if you don’t have salvage coverage, having your yacht towed will end up costing you a lot of money out of pocket.

Accidents do not only happen in the water. At times, an accident can occur while storing or transporting your boat on land. In most cases, when the boat is out of the water, it is no longer covered by marine insurance. This is unless you took a cover for transporting or storing your boat. In most cases, when your boat ends up being hitched while on your truck, it will be covered by your auto policy. If the boat is parked on your property and gets damaged, your homeowners’ insurance will trump the boat insurance.

Yacht Insurance Cape Coral

Yacht Insurance Cape Coral – How to Select the Right Type of Boat Insurance

Buying a boat requires a significant investment. This is more so if you are going for a yacht. Whether you are buying used or brand new, you must be prepared to spend a considerable amount of money. However, to keep your investment safe, you need first to bring in an experienced boat surveyor to assess the condition of the boat. That way, you will avoid spending your hard-earned money on the wrong boat. Second, you need to buy yacht insurance Cape Coral trusts. While you might never need to file a claim, having an insurance cover not only keeps your investment safe but also gives you much-needed peace of mind. But which type of boat insurance should you get?

Boats are very unique because they involve different areas of insurance. The areas range from collisions to personality liability to theft and more. Because of this unique blend, you have to understand the type of coverage you will need before you start shopping around for yacht insurance Cape Coral. Here are some common types of boat insurance that are available.

Comprehensive

Just as the name implies, a comprehensive cover is an overarching coverage. It pays for a wide range of damages that are not caused by a collision. The cover will take care of such things as tide damage, theft and vandalism.

Collision damage

This is a great cover to take more so if you operate your boat in a busy harbor. The cover takes care of costs that are related to the repair and replacement of a boat following a collision. It is common for this cover to be bundled with a homeowner’s policy. However, it doesn’t include wreckage cleanup or towing expenses. You will require a separate cover for towing and clean-up.

Salvage

The cover pays for the removal of a boat in case of damage or wreck. The cover is important especially when you consider towing can cost as much as $400 per hour. Including the salvage, the cover will help avoid the high costs that come with salvage after a collision. Salvage cover is the same as ‘roadside assistance.

Property damage

What happens if your boat rams into the dock, another boat or other property and damages them? If you don’t have a property damage cover, you will pay for the damages caused from your pocket.

Injury

This cover will take care of the costs related to damage you cause to a person while boating. This includes their medical bills, legal expenses as well as pain & suffering.

Other types of cover you should consider getting include:

  • Personal property
  • Specialized
  • Consequential damage
  • Additional circumstances
  • Cruising

Getting boat insurance in Cape Coral is very important. However, to avoid being under- or over-covered, consider working with an independent marine surveyor during an insurance survey. Don’t put too much trust in the surveyor sent by your insurance provider.

Yacht Insurance Cape Coral

Why Do You Need Yacht Insurance Cape Coral

As the air starts warming up, it is usually time to bring out the bathing suits, and sunscreen and also make sure your yacht is in perfect shape to sail. Part of making sure the boat is in good condition involves working with a marine surveyor. After months in storage, the surveyor will inspect your boat to make sure it has no damage and is in perfect shape to set sail. The second thing you will need is to get yacht insurance Cape Coraltrusts.

Of the more than 12.7 million recreational boat owners across the United States, only a handful of them appreciates the importance of having boat insurance. Most people only understand the importance of boat insurance after they are involved in an accident. Don’t be one of those boat owners. Getting yacht insurance Cape Coral trusts is the best thing you can ever do to protect yourself and your yacht.

In the same way, you use sunscreen to protect your skin, you should get appropriate boat insurance to protect your yacht during the sailing season. But why exactly do you need boat insurance in Cape Coral?

Why you need boat insurance

The mistake most boat owners make is of assuming their homeowner’s insurance policy will also cover their yacht. Although there are insurance companies that offer lump boat coverage into a homeowner’s insurance, these policies rarely cover all boating-related incidences. For starters, most homeowners’ policies will not cover your yacht if it exceeds a certain length or value. In other cases, your cover will be inapplicable if you drive your boat outside the sailing perimeter.

You need to consider boat insurance in the same way you consider auto insurance. With that in mind, would you insure your car under your home policy? The answer is no. The needs of your boat and car are different from those of your home. You need to get a separate cover for your boat. the insurance cover you get should be specific to your type of boat. That is the only way you will get maximum protection from marine-related incidents.

Never rush the process of buying yacht insurance in Cape Coral. Keep in mind that your insurance provider will require a survey report to be provided before insuring your boat. The survey report helps them know how much to insure your boat for. Always get a survey done by your own marine surveyor. Don’t rely on the input of the surveyor sent by your insurance provider. It is also good to compare policies from multiple insurers. That way you will know which company offers the best cover.

Yacht Insurance Cape Coral

How to Pick the Best Yacht Insurance Cape Coral

If you have ever taken any insurance cover, then you know that not all insurance companies are created equal. This is an important point to keep in mind when hunting for yacht insurance Cape Coral trusts. You must always consider the ratings of insurers on independent and trustworthy websites. You also need to identify the type of cover you need so as not to settle for policies that cover more or less than what you need. In most cases, the most extensive policies are unnecessary. Working with a marine surveyor will help you know the type of cover you should get. This is because a survey report will give you specific items that are most expensive to repair or replace. You can then get a cover for those items.

It helps to ask your marine surveyor and boating friends for advice on the best marine insurance carriers. Find out about the insurance policy your boating friends have. Needless to say, talking to boating friends is usually less intimidating than talking to insurance representatives. Your friends are not trying to sell you yacht insurance Cape Coral recommends. They are sharing their experiences with their marine insurer to help you find a more dependable insurer in Cape Coral.

Another important thing you should do when searching for boat insurance is to pay attention to the discounts offered by highly recommended insurance companies. In addition to their quote for an annual cover, ask about any available discounts. Some insurers will charge you less if you have the following:

  • A boat with a diesel engine
  • Extra safety equipment on board in addition to what is required by the Coast Guard.
  • Have ship-to-shore radios
  • Have a captain’s license or have completed any boating safety course
  • Have policies with the same marine insurer
  • You have a good driving record as well as a history of no accidents

You will also qualify for discounts depending on where you plan on using your yacht. If your yacht will be used in freshwater, you will enjoy more discounts than if you plan on using it in saltwater. This is because there is more wear on saltwater and the ocean has more hazards. Make sure you understand your insured operating range before selecting yacht insurance in Cape Coral.

How frequently you will be using the boat will also determine the number of discounts you get. For example, if you will not be using your yacht at certain months of the year, the insurer may suspend your cover while the yacht is in storage. Other insurers will give you a lower form of coverage for the period your yacht will be in storage.

A lot goes into the selection of yacht insurance. Knowing what you need and shopping around is the key to finding the best cover for your vessel. Never dismiss the input of a marine surveyor during your search. Some insurers will even require a survey report before agreeing to insure your yacht.

Yacht Insurance Cape Coral

Cover Options You May Want to Consider in Yacht Insurance Cape Coral

It costs a lot of money to buy a yacht. This is regardless of whether you are going for a brand new or a used boat. Once the transfer of ownership is complete, the first thing you must do is get the right yacht insurance Cape Coral trusts. The purpose of an insurance cover is to protect your investment and keep your passengers safe. The cover you get will depend on how much you want to spend and the policy options that are provided by your preferred insurance company. Here are some unconventional boat insurance coverage options that are available.

Focused coverage

After buying a yacht, you might find items that are more expensive to replace or repair. If you are interested in insuring valuable items such as an expensive electrical system, you can get a focused insurance cover. This cover is offered by some insurance companies. It allows you to insure specific items on your boat. The focused coverage may be a great addition to your standard yacht insurance Cape Coral. You can get it to protect expensive equipment that is not covered by your standard policy.

Consequential damage

This is another unique insurance cover you should consider. It protects against wear and tear that doesn’t result from an accident. Keep in mind that most insurers will not insure your boat against such things as corrosion, mold, and rot. In this case, you can get a consequential damage cover.

International extension

This is basically travel insurance for your yacht. If you plan on sailing outside United States waters, buying this cover will offer you the much-needed protection. The policy expands your policy to foreign countries. The cover is crucial because mechanical issues tend to worsen during long trips. When you have this cover, you will still be covered even outside US waters.

Salvage

The most important thing to do when shopping for marine insurance is to make sure marine salvage is included. This cover is essential in case your boat gets disabled and needs to be towed. When you call a boat towing company, your insurer will foot the bill. Standard insurance policies rarely include marine salvage cover. Ask your insurance broker if they offer it.

There are so many more coverage options you can consider when shopping for yacht insurance in Cape Coral. The key is to know how you will be using your yacht. This will help you know the type of cover you should get. You also need to involve a marine surveyor. The surveyor will help you know how much cover you should get and the best types of covers to go for.

Yacht Insurance Cape Coral

Do You Really Need Yacht Insurance Cape Coral?

Buying a boat is very exciting. It is a chance for you to own a vessel that enables you to tour a whole new world out in the ocean. However, it is good to note that just like a motor vehicle, there are so many things that can cause expensive damage to your boat. This is why you should always get a yacht insurance Cape Coral trusts as soon as you buy a boat.

Most people only consider the cost of purchasing the boat and ignore the maintenance and operation costs. Prior to making payments on a boat, it is always good to involve an experienced marine surveyor. The surveyor will inspect every inch of the boat and compile a comprehensive report. You can then use the details in the survey report to negotiate a better deal with the seller as well as to calculate how much you need to prepare for in yacht insurance Cape Coral.

Do you really need boat insurance?

When you consider how much your boat costs and how expensive it can be to repair things like the engine and the electrical systems, getting boat insurance is one of the best decisions you can make as a boat owner. While boat insurance is not mandatory in all states, getting one will not only keep your finances safe but also give you much-needed peace of mind as you sail. If you don’t have insurance cover, you will be the one to foot the cost of repairs and liabilities. This can be very expensive.

Type of insurance you need

The type of yacht insurance you need in Cape Coral will depend on the type, size, and value of your boat.

  • Small boats

If yours is a small boat, you will be okay with a renters or homeowner’s insurance policy. Most of these insurers offer covers for small boats such as small sailboats and canoes. It is, however, good to note that the cover has a limited property damage coverage. In most cases, when using your homeowner’s insurance policy for your small boat, you should note that it might exclude liability insurance. Adding a liability cover will attract an additional cost.

  • Larger boats

For larger boats such as a yacht, you will have to get a boat insurance policy. Depending on the accessories the boat has, you may be required to get additional insurance like trailer coverage.

Getting boat insurance is the best thing you can do after buying a new or used boat. Make sure you only use an insurance company that has a good reputation offering boat insurance covers. Working with a boat surveyor will help you avoid getting a bad cover.

Yacht Insurance Cape Coral

Marine Surveyor Fort Lauderdale – Do You Need Boat Insurance in Florida?

Owning a boat is very exciting. In addition to being able to see a whole new world out in the water, the investment enables you to use it as collateral for a loan. You can also liquidate it by selling it later on. Did you know that you can also use your boat for business meetings to create a great first impression with new clients? The opportunities are endless. However, to get the most from your vessel, you need two things, a professional inspection by an experienced marine surveyor and boat or yacht insurance Cape Coral recommends.

A professional inspection aims to help you determine if there are problems with your boat. An experienced marine surveyor will also be able to help you know how much your boat is worth. As for boat or yacht insurance Cape Coral trusts, it will help you safeguard your investment. You don’t want your boat to be totaled and with no one to compensate you, do you?

Is boat insurance mandatory?

In Florida, it is not mandatory to have boat insurance. This means you can operate your boat without any form of insurance. However, if you plan on taking out a loan with the boat as collateral, the lender may require that you get your vessel insured. There are also some marinas with boat insurance requirements. This means you have to provide proof of liability coverage in case of damage or injury to others.

Even when it is not required, it is always good to have boat insurance in Cape Coral. This is especially so if you own a motorized vessel that costs more than $1,000. Many homeowners’ insurance policies offer limited coverage for watercraft and boats.

  • Coverage for damages to a boat is limited to about $1,000, which only applies to certain damages.
  • Homeowners’ liability insurance can assist if you cause damage to property or bodily injury to others. There are, however, some restrictions depending on the type of your boat.
  • The personal property on your vessel might be covered if it is damaged or lost.

A boat insurance policy, on the other hand, offers coverage for:

  • Damage to the boat or personal property. These are subject to a deductible. Coverage is for when damage was sustained on water or in a trailer.
  • Liability coverage if you cause damage to others
  • Medical payments coverage if you or your guests get injured.
  • Coverage if an uninsured boat owner damages your boat
  • Towing coverage

While not mandatory, it is good to have insurance coverage on your boat. It will give you peace of mind and ensure you never lose your investment entirely following an accident. You must, however, read a policy carefully before choosing it.

Yacht Insurance Cape Coral

Yacht Insurance Cape Coral – Consequences of Operating Your Boat While Under the Influence

Finding a boat to buy in Florida is very easy. This is because there are so many boat owners here, and at any one given time, someone is looking for a buyer to buy their boat. While buying a used boat is the best way to avoid the high cost of buying a boat, you have to think about insurance before committing to a boat. This is because when buying a really old boat, you will pay high premiums in yacht insurance Cape Coral trusts. So, before you settle for a boat, you need to know how much it will cost you to insure it. An experienced marine surveyor in Cape Coral will be able to help with this.

Working with a boat surveyor to inspect a used boat will help you know how much the boat is worth. Some of these surveyors work with insurance companies. They will be happy to let you know how much coverage you will be able to get. This information can help you avoid vessels that will cost you a lot to insure. Additionally, to enjoy good premiums on yacht insurance Cape Coral recommends, you must avoid operating your boat under the influence.

According to data from the U.S. Coast Guard and the U.S. Department of Homeland Security, in 2019, alcohol was the leading cause of fatal boat accidents in the United States. It is against federal law to boat while under the influence of drugs or alcohol. The U.S. Coast Guard is tasked with enforcing this law.

The penalties for operating a boat under the influence vary depending on the state and jurisdiction of the waters you are operating on. Common penalties include the following:

  • Jail time
  • Revocation or suspension of your boat operator privileges
  • Revocation or suspension of your driver’s license
  • Large fines

In addition to facing federal and state penalties, you might get severe consequences from your insurance provider. For example, if you are involved in an accident while operating your boat under the influence, your insurer might pay out a liability claim only against you. This means they will not cover damages to your boat. It is also possible for your insurer to cancel your boat insurance coverage.

If you are convicted of boating under the influence but with no accident, your insurance company can raise your insurance rates drastically or cancel your coverage. Although you might find other insurers after your cover is canceled, you will pay high rates on future boat insurance policies.

Yacht Insurance Cape Coral

What Does Yacht Insurance Cape Coral Cover?

After buying a yacht, you want to keep enjoying the warm sun and cool breeze on the water for as long as possible. You don’t want your yacht to ever be stuck on the dock because you can’t raise enough money to take care of important repairs. You also don’t want to spend a fortune paying the medical bills of your loved ones if they are injured while on your boat. To avoid all these problems and ensure your investment is well protected, you will need yacht insurance Cape Coral recommends. 

Just like car insurance, boat insurance is there for when the unexpected happens. Buying yacht insurance Cape Coral stands behind will give you and your passengers peace of mind while you enjoy long weekends afloat. However, while boat insurance is important though not required by the state, choosing the wrong cover can lead to a lot of frustrations. As you get ready to buy your first yacht insurance, make sure you understand what it does and does not cover. You also need to work with a marine surveyor to help you understand the value of your yacht and how much cover you should get. A surveyor can also help you find the best insurer for your needs.

Boat insurance contains various types of coverage. Just like with car insurance, the different types of boat insurance are for various situations.

Property coverage

This is a policy designed to protect your yacht against damage due to sinking or accidents. It also protects against theft. The coverage applies whether the boat is on land or on water. There are two options available under property coverage:

  • Actual cash value: If your yacht is ever totaled, the insurance claim will reflect the value of the vessel at the time of the incident.
  • Replacement cost coverage: This does not account for depreciation. If you are involved in an accident, you will be reimbursed the amount it would take to repair.

Liability coverage

This cover protects you if your yacht damages the property of someone else. Your insurance provider will pay for damages caused to another boat, dock, and injury resulting from an accident that your boat caused. Problems caused by your watercraft like a large wake may also be paid for. Your legal fees, if you are ever sued, will be covered by your liability coverage.

Medical payments coverage

If you or a passenger is injured in a boating accident, this cover will take care of the medical bills.

Uninsured watercraft coverage

It is not mandatory for boat owners to have insurance. This means you might end up being hit by an uninsured watercraft. In this case, your uninsured watercraft coverage will take care of the medical bills.

Yacht Insurance Cape Coral

Factors Impacting the Cost of Yacht Insurance Cape Coral

Did you recently buy a yacht? If you did, the next thing you must purchase now is yacht insurance Cape Coral stands behind. Just like car insurance, yacht insurance gives you peace of mind as you sail and guarantees you never lose a lot of money in case of an accident. Insurance is also a requirement if you will be using your yacht for commercial purposes.

All in all, before you start shopping for yacht insurance Cape Coral endorses, it is imperative that you first speak to a boat surveyor in Cape Coral. The role of the surveyor will be performing a thorough inspection of the vessel and making you aware of any issue the boat might have. The surveyor will also know how much cover you should get for your vessel. In some cases, your insurer will request a survey report. This has to be performed by a surveyor that is approved by your boat insurance provider. The surveyor will be provided with a list of items that have to be included in the survey report.

Now that you understand the importance of working with a surveyor, you will need to learn about the factors that affect the cost of insurance. The underwriter considers several factors to determine the rate to charge for your boat policy. The most common determinants include:

  • Value of the boat
  • Length of the boat
  • Age of the boat
  • Condition of the boat
  • Type of boat
  • Type of engine on the boat
  • Moring location
  • Previous boating experience
  • Claim history of the owner
  • The intended area of navigation
  • Deductible amount
  • Automobile driving record of the owner
  • If the owner has taken safe boating courses

How to reduce the cost of insurance

Many factors are looked at when determining the rate (or premium) to charge on a yacht policy. The good news is there are several things you can do to reduce the cost of yacht insurance. The most common ways of doing this include selecting the highest deductible amount. Choose an amount you are comfortable with. Typically, physical damage deductibles begin a 1% of the insured value of the vessel. This can be included up to 5%. A higher deductible amount will reduce the insurance premium. Prior to choosing a deductible amount, know how much you are comfortable paying out of your pocket if a loss occurs.

Most yacht insurance policies include a lay-up period. This is the time the vessel is laid up and out of commission. Typically, during the winter months. During these periods, the underwriters will allow discounts for every month your vessel will be decommissioned. You can reduce the premium by asking for the longest lay-up period possible. You can also reduce the cost of insurance by operating the boat close to your home port and by installing safety devices.

Always speak to your insurance company to find out more about what you can do to keep the cost of insurance low. Your boat surveyor can also help.

Yacht Insurance Cape Coral