Straight Talk About Boat Insurance
No doubt you, like most other boat owners, feel your insurance coverage and the resulting premium is a necessary evil that you can do little to control. While there is some measure of truth in this belief, the fact is YOU CAN EXERCISE SOME CONTROL OVER THIS COST.
The first rule is to purchase your coverage from an agency that specializes in marine insurance. They know boats and know which company will provide the best coverage at the best price for your boat and personal needs. The second rule is that you do what is reasonable to prevent losses due to accidents, theft, or natural disasters. You can accomplish this if you abide by the following suggestions: - Complete an authorized boating course.
- Inspect or have your boat inspected by a qualified marine mechanic at least twice a year.
- Repair or replace defective equipment promptly
- Have a well thought out, written plan to carry out in the event of a pending natural disaster.
- Store your boat in a secure area.
- Install theft prevention devices on all electronics, outboard engines, outdrives, trailer hitches, trailer hitch receivers, trailer wheels, etc. Many thefts occur within areas that appear to be very secure. It is not unusual for theft of marine equipment to take place within a fenced in marina patrolled by security guards.
- Install alarm systems in all boats stored in the water. These systems should, at the least, protect against high bilge water levels and cabin intrusion by unauthorized persons.
- Carry up-to-date marine charts and plan your cruising routes to avoid accidental grounding and adverse weather conditions.
- Follow responsible activities, i.e. use of PFD's; limit alcohol consumption; follow rules of the road; speed limits; no wake signs; refueling; etc.
By following the above suggestions: - You will play your part in reducing loses.
- Your marine insurance specialist can negotiate lower premiums based on lower loss ratios
- You avoid payment of insurance deductibles and depreciation allowances incurred by losses.
- You guarantee your boat will be ready to go when you are.
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