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.
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.
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.