News Home Video Gallery Newsletters Photo Gallery Cruising Int

 

Sail-World.com : Five questions to ask your boat's insurance agent

Five questions to ask your boat's insurance agent

'Don’t wait for a disaster to find out your policy is inadequate'    .

Sail-World Cruising has five hard questions you need to ask your boat's insurance agent before you renew your boating policy. Their answers could let you know how worthwhile or worthless your current policy is:

1. Does my insurance company expect me to pay salvage costs that should be paid by them? Most people say the main the reason they buy insurance is to cover the 'big things.' The most common types of catastrophic insurance claims are sinkings - which can happen to anyone - or storm claims, which destroy your boat and can leave it in pieces or in someone's back yard.

In both of these cases, it is the policy's 'salvage' coverage that will pay to remove your boat from the bottom of the lake or the rocks on the shore. A good policy has separate and full salvage coverage (up to your policy's limits) for the costs to remove the boat that is not less than or limited to a percentage of the 'hull' value (which is the part of the policy that reimburses you for actual the loss of the boat). A bad policy reimburses you for the loss of the boat, but could make you pay some salvage fees out of your own pocket - and isn't that's what insurance is for in the first place?

2. When I have a claim, how much help will I get? When insurance companies handle a claim, there are two schools of thought: those that are 'hands-off' and those that are 'hands-on.' A hands-off insurance company believes you should do all of the work.

With a big claim, that could include finding a salvor, crane company, barge and trucking service on your own, and then reimbursing you. A hands-on insurance company - usually a specialty marine insurer - has access to these unique services 24/7 and wisely negotiates pricing, hires and pays these contractors for you, and can arrange for and even guarantee repairs.

3. Does the policy have 'consequential damage' coverage? In the world of boat insurance, catastrophic losses that include fire, explosion, sinking, demasting, collision or stranding are considered a 'consequence.' For example, when your boat sinks due to rusted, through-hull fitting breaking off, the sinking is a consequence of the broken thru-hull.

Good boat insurance policies include 'consequential damage' coverage for these specific catastrophes. In plain English: if consequential damage is not covered in your policy, almost every sinking or fire could be excluded as a result of 'wear and tear.'

4. Do you want me out of harm's way? A better insurance policy will offer 24/7 emergency claims response that can immediately step in with the necessary resources to prevent further damage. And if you live in a cyclone zone, it will also share the cost of a haul-out to move your boat to high ground or pay a captain to move it to a cyclone hole.

5. What are you doing to reward me? A good insurance policy will give you credit for not having claims and reward you with things like diminishing deductibles that reduce the amount of your deductible for each year you remain claims-free.

If you're not satisfied with your insurance agent's answers to these questions, it's time start shopping around for a better policy.




by Des Ryan

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=87554

4:22 AM Mon 22 Aug 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


Cruising USA











4.8 million Legos all at sea by Adam Clark Estes,




Dredging activity near corals can increase frequency of diseases by ARC Centre of Excellence Coral Reef Studies,




Understanding the Ocean's role in Greenland Glacier melt by Woods Hole Oceanographic Institution (WHOI),




Three Defensive Docking Strategies for Sailors by Captain John Jamieson, Florida


Revealing report on Search for American yacht Nina released *Feature by Rob Kothe and the Sail-World team,














Baby Nemos finding their way home by ARC Centre of Excellence Coral Reef Studies,










The real ‘Supermoon’ story by Sail-world.com,




Sailor rescued after Facebook call for rescue by RNLI/Sail-World Cruising,










The Galley Guys' favourite shrimp recipe by Andy Adams and John Armstrong,




BoatUS speaks out about 'Ethanol-at-all-cost Agenda'
Tidal current installations will increase boating hazards
Eco-Sailboat of the future - Catherine Chabaud at work
Calling yachts in the South Pacific - rally to New Zealand
The final touch - which wax should I use on my boat?
ARC Baltic sets sail to discover Europe's 'east sea'
Another boom death. Australian sailor dies, hit by swinging boom
Galley Guru vital to the life of the cruising sailor
'Boat Handling in Marinas' by Rob Gibson - and how to get it reliably
Heart-stopping moment as whale capsizes Zodiac
If we stop killing parrotfish we can bring back Caribbean coral reefs
Climate change could stop fish finding their friends
Vanuatu ups their welcome to cruising sailors with new approach
Criminal charges mooted for owners of sunk HMS Bounty
Red faces after authorities inadvertently aid boat thief to get away
Mobiles drive traffic - 72% increase in Sail-World.com page view *Feature
Sail Estonia: a VERY new idea
Tie This 'Lifesaving' Bowline in Seconds - the easy way!
A Beer Bummel on the Thames River
Online weather routing - possible? Predict Wind says yes
Why Boats Sink: Ten best tips on prevention   
The North West Passage calls: Who will answer this year?   
Polish adventure sailor in second try at North West Passage   
Whale research - new techniques expand for non-lethal methods   
Jessica Watson, solo sailing star, four years on...   
Americas solo non-stop circumnavigator crosses Pacific for research   
What is an El Niño and how will it affect my sailing? (Part 1)   
The Dinghy Nav Light Solution- a brilliantly dumb idea   
Spike in water temperatures evidence of ‘irreversible’ El Nino *Feature   
Sailing crew's battle to save yacht lost in the Indian Ocean   
Five Top Tips for selecting the best boatyard   
Tips for selecting the best boatyard   
Predictwind unlocks more features on free accounts   
Composite Rigging launches new campaign for ECsix   
When is a Captain not a Captain?   
Free app for managing your yacht   
Amazing MOB survival - 13 hours floating, rescued by fishermen   
Boater hit by lightning survives: 'It was the worst pain ever'   
Inauguration of the new Yacht Club Monaco - Images by Carlo Borlenghi   
Lessons for sailing clubs - how does YOURS rate?   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL WAS Cru USA
LocalAds   DE  ES  FR  IT