Yacht Insurance Cape Coral – FAQ on Boat Insurance

One of the reasons boat owners reach out to marine surveyors is to get insurance C & V surveys done. Regardless of the type of insurance you need, your insurer may require that you submit a survey report. The purpose of the survey report is to help the insurer know that they are not insuring a doomed vessel. In most cases, you will not qualify for yacht insurance Cape Coral without submitting a survey report.

The purpose of this post is not to focus on what is involved in an insurance survey but rather to answer the frequently asked questions about boat insurance. Let’s get started.

Which is the best coverage for a boat?

When what you need is a comprehensive cover, you should go for the ‘All Risk’ policy. This policy provides coverage for all types of losses apart from those excluded specifically in the policy. In most cases, the excluded items include wear and tear, marring, scratching, manufacturer’s defects, animal damage, freezing and ice as well as defects in the design.

How much should you insure your boat for?

When applying for yacht insurance Cape Coral, it is highly recommended to insure your vessel for the same amount it would cost you to get it replaced with another vessel that is of the same kind and quality. This type of insurance is referred to as ‘Stated Value’ or ‘Agreed Value’ coverage. If you ever experience a total loss, the cover will pay the full amount.

You must be careful with the ‘Actual Cash Value’ coverage. With this coverage, if there is ever a total loss, the cost of replacement will be minus the cost of depreciation.

Who can operate my boat?

With most policies, anybody can operate your boat provided you give them permission. There are, however, some exceptions more so when it comes to high-performance vessels and personal watercraft. Always take time to read through the insurance policy before signing it. You also need to note that having too many drivers will lead to an increase in the premiums you pay.

What is the difference between yacht insurance and boat insurance?

Boats are generally considered to be no bigger than 26 feet. Yachts, on the other hand, are vessels that are larger than 27 feet. As a result of this, yacht coverage will be broader and more specialized. This is for the simple fact that larger boats travel long distances and face unique exposures.

When applying for yacht insurance Cape Coral, you need to keep in mind that the terms are not as straightforward. If possible, call in a professional such as your attorney or boat surveyor to help you review the policy before signing.

Yacht Insurance Cape Coral