sail-world.com
 
 
News Home Cruising Australia Cruising USA Cruising Canada Boats for Sale Sail-World Racing Photo Gallery FishingBoating
Video Gallery Newsletters

 

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'    .

BoatUS 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 hurricane typhoon or 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 hurricane 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.

If you are in the USA you can get a free quote online by going to www.BoatUS.com/insurance. But no matter which country you are in the questions are valid and insurance companies are plentiful. Don't leave yourself with a bad one!




by Boat US/Sail-World Cruising

  

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

http://www.sail-world.com/index.cfm?nid=87552

2:47 AM Mon 22 Aug 2011 GMT






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

Click for further information on
Practical

Related News Stories:

31 Jan 2014  Ten boat safety checks every skipper needs to make
05 Jan 2014  In-mast furling - is it the 'no-no' we've always believed?
13 Nov 2013  Product of the week: One Sailor MBS for single-handed docking
29 Oct 2013  Get your DSC-equipped VHF hooked up right
14 Oct 2013  Evolution Autopilot - top honours in Marine Electronics Awards
30 Sep 2013  Product of the Week: Safer and easier docking - SlideMoor
17 Sep 2013  Mountain bike torch great for tough sailing conditions
16 Sep 2013  Product of the Week: Drawer fridge for cool-keeping and accessibility
25 Aug 2013  Rig your own sailing boat? Yes, you can!
23 Aug 2013  Product of the Week: The LED ringed switch
MORE STORIES ...

Sail-World Cruising News - local and the World



Flags at Sea, an infographic by John Tissott by Anna Parker and the Sail-World Team,














Lobster Thermidor - Making Julia proud by Greg Nicoll with Andy Adams and John Armstrong,




Our new Cruising Editor editor remembers his first offshore adventure by David Schmidt, Sail-World Cruising Editor, Seattle, WA








All Points Rally departs this November by Island Cruising Association New Zealand,


World ARC 2014 reaches Australia by World Cruising Club,


Venezuelan Port Control lift recent port restrictions. by Caribbean Safety and Security Net,


Seismic survey ship operating north of Aruba and Curacao by Caribbean Safety and Security Net,


A Mooring in Iceberg Alley by Rebecca Jackson,




Predictwind helps you pick the best time to depart by Richard Gladwell Sail-World.com/nz,






















4.8 million Legos all at sea by Adam Clark Estes,




Tranquil, colourful and funky, Genoa Bay is a must stop for West Coast *Feature
Scientist pioneered tracer to reveal hidden ocean flows
CYC Race to Mackinac - Cruising fleet sets sail in 106th edition
Dredging activity near corals can increase frequency of diseases
World ARC heading out of the Pacific
European Commission to take UK to court over red diesel
Understanding the Ocean's role in Greenland Glacier melt
Desolation Sound added to Salish Sea Pilot free cruising guides
Three Defensive Docking Strategies for Sailors
Revealing report on Search for American yacht Nina released *Feature
PredictWind's Weather Routing opens your navigation options - try it!
Sail-World Cruising Founding Editor Nancy Knudsen says farewell
Book review: Weather - you like it or not
Vaavud launches generation 2 wind meter
The drama begins - North West Passage sailors rescued from ice
Entering an unfamiliar bay - decision time
Baby Nemos finding their way home
High Latitude Sailing - Book of the Week
Will the Olympics make a difference to Rio pollution? *Feature
Blue Planet Odyssey, around world rally, begins
Africa Europe Cruising Challenge now open for entries   
The real ‘Supermoon’ story   
Warm and noisy welcome for Oceans of Hope in La Rochelle   
Sailor rescued after Facebook call for rescue   
Solo sailing star's passion = busy environmental schedule   
El Niño (Part 2). Effects on the Pacific Ocean   
Northern Scotland: Voyage to Orkney and Shetland Isles (Part 1)   
Northern Scotland: Voyage to Orkney and Shetland Isles, photos   
The Galley Guys' favourite shrimp recipe   
Vestas Sailrocket 3 - Over the Horizon   
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   
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   


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  http://www.sail-world.com/event_images/image/RSS-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 NH
LocalAds   DE  ES  FR  IT