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.