Buying a boat is one of the biggest investments you will ever make. That is why involving the services of a marine surveyor Fort Myers is important. The surveyor will evaluate your boat to determine if it is a good investment or not. In addition to this vital assessment, it is imperative that you always get boat insurance for your boat. Doing so will protect your investment and give you peace of mind knowing in case something happens to your boat you will not suffer a loss.
There are many companies that offer boat insurance. To determine whether you need ‘agreed value’ or ‘actual cash value’ insurance and to avoid being insufficiently covered, you will need help from a marine surveyor Fort Myers. Most insurers require that a survey be done before they insure a boat. This is done to ensure they don’t insure an already doomed vessel. You must make sure that the marine surveyor you use will be approved by your preferred insurance company.
Prior to insuring a boat, there are several factors insurers take into consideration. While almost any vessel can be insured for a price, how much you end up paying for insurance will depend on the following factors:
- Age of the boat
- Length of the boat
- Value of the boat
- Horsepower/speed
- Current condition and whether it meets the US Coast Guard Standards
- If the boat is used as a primary residence
- Number of previous owners
- Where the boat is operated
- Type of boat
Understanding the factors insurance companies look at before insuring a boat is not enough. You now need to take a look at the various kinds of boat insurance policies. Marine insurance policies include the following:
- Boat
- Personal watercraft
- Yacht. Yachts are vessels longer than 27’
- Sailboat
- Dinghy
- Boat and personal watercraft rental
- Boat clubs covers members of club while operating a boat
- Professional. The policies are customized and cover items such as travel to tournament, and equipment.
If you need complete coverage for your boat, what you will need is an ‘all risk’ policy. This will offer the best protection. It is, however, good to note that this type of coverage will not cover everything. Some risks will be omitted in the policy. The main risks excluded include wear & tear, denting, marring, manufacturer’s defects, ice & freezing and animal damage.
It is possible to add extra coverage. Some available options include personal effects, medical payments, towing & assistance, and uninsured boaters’ liability. The majority of insurance policies cover permanently attached equipment and items like oars, anchors, tools, seat cushions, trolling motors and life jackets. Always discuss your options with your insurance agent. Your marine surveyor Fort Myers will also help you understand what you can and cannot get from an insurance cover.