Ocean Realm

Insuring a charter boat can be very different from obtaining insurance for a pleasure or sporting boat.

To begin with, the charter boat will require additional insurance because the vessel represents the livelihood of its owner. Loss of the vessel means not only loss of the boat itself, but also loss of income, as well as countless of amounts of secondary damage derived from “lack of use” of the vessel (lost contracts, loss of expected income, refunds to potential passengers, etc&).

Additionally, a charter boat’s main function is to carry passengers for a fee, whether for a day fishing charter, or a brief sight seeing trip. The mere presence of passengers on the vessel presents many liability risks. Consider the possible outcome to passengers if the vessel should be involved in an accident, while operating as a chartered watercraft. Consider, as well, the risks to the owner of the vessel, in the possibility of personal injury suits, negligence suits, property loss or damage, etc& should an accident occur while the boat is operating.

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While many people opt to allow their watercraft to remain uninsured when not in use, this decision can be disastrous for the boat owner.

In many areas of the country use of boats and other types of watercraft over the long winter months is impossible, due to climate changes and adverse weather conditions. Many boat owners mistakenly believe that, when a boat is in winter storage, insurance coverage for the vessel is no longer a necessity.

Statistically speaking, more boats are damaged every year while in winter storage, than those that are in actual use. In some cases entire vessels are lost, due to unforeseeable circumstance. Damages to a stored vessel can run from minimal (such as destruction by nesting animals, petty theft of stored items, or even slight weather damage) to major (such as total destruction of the watercraft by a fire or natural disaster). Just because the boat is not in use, does not mean it is entirely protected from unforeseen events.

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In order to obtain the best possible insurance coverage for your particular watercraft consider taking the following steps.

Research a number of insurance companies, as well as a variety of policies on the internet. This will help you to determine which features you would like to have written into your policy, and which ones you may not feel as strongly about.

After investigating as many companies as you can, select 3 or 4 which offer the most extensive packages. Be certain that each company will be able to meet or exceed your insurance needs by viewing their policy options. When selecting these companies also consider which ones have the most experience in dealing with the type of insurance you want. Boat owners should consider choosing companies which specialize in boating insurance, rather than other types of insurance.

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When looking into Boat Insurance, you may be considering adding your boat onto your already existing home insurance policy. While this may seem like a cost effective way of protecting your property, you may want to investigate the matter thoroughly, before making this decision.

Home insurance policies often allow the policy holder to add additional property at a lower rate, which can be a cost effective way of insuring your boat. This option, however, often does not generally allow for additional protection for such things as wreckage removal, loss of use, or include the environmental aspects of coverage (such as insuring against oil leaks or gas leaks or other such problems which can cause damages to the natural environment).

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