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.