| Finding the right insurance policy and agent for your | | | | Recreational marine insurance polices will always |
| trawler or motor yacht can be complex and | | | | include steaming limits. It is usually a guarantee of the |
| confusing. Marine insurance is highly specialized and is | | | | policy and consequently extremely important that it is |
| much different that your automobile or homeowners | | | | correct on your policy. A warranty is strong language |
| insurance. Incidentally, marine insurance is the oldest | | | | in an insurance policy and if you venture outside |
| form of insurance and governed by its own set of | | | | those limits noted on the declarations page, you will |
| Maritime Laws. | | | | not have any coverage is you were to sustain a loss |
| Hull coverage includes the hull and structural items | | | | while cruising. Make sure you speak with your agent |
| aboard on boat and equipment permanently attached | | | | about this matter and make sure you have the |
| and used in the regular operation of the yacht. | | | | coverage you need; keeping in mind this is a crucial |
| Often you can purchase hull insurance at Agreed | | | | factor in determining the premium. |
| Value, meaning that you and your insurance company | | | | Lay-up dates are also something you will want to |
| "agree" on the value of your vessel. if your boat is a | | | | discuss with your agent. If you are in hurricane prone |
| complete loss you will be covered for that amount | | | | areas, a layup will often be covered by the policy to |
| on the Declaration Page of the Policy. There is also, | | | | protect the yacht from harm by an active storm. |
| Actual Cash Value (ACV). What this means if your | | | | You may be entitled to some premium reduction if |
| trawler or motor yacht is a total loss, you will be | | | | the trawler or motor yacht is hauled out of water |
| offered - the going market value of trawler or motor | | | | during the winter months too. Some other matters |
| yacht. Boat US is fond of proposing these policies and | | | | that could result in a discount are boating courses,a |
| many buyers are not fully conscious of what they | | | | Coast Guard Captain License, and equipment on your |
| are buying. Most losses are partial losses and you | | | | trawler or motor yacht such as anti-theft devices. |
| could expect a depreciated settlement on that as | | | | Additionally, many boat policies will have Longshore |
| well. While Actual Cash Value will be less expensive, | | | | and Harbor Workers Compensation that would cover |
| beware, you may also learn that if you have a claim | | | | you should you become legally bound under the |
| you are getting far less than you bargained for. | | | | Longshore and Harbor Workers Compensation Act |
| Be sure to talk to your agent about how your loss | | | | for any physical injury arising out of the ownership, |
| would be established for both a complete loss and a | | | | maintenance or use of a yacht. Jones Act coverage |
| partial loss and what would be subject to | | | | would also be required if you hire crew or have a |
| depreciation. Often items like canvas, cushions, | | | | full-time paid Captain. |
| engines etc. are subject to depreciation. Some policies | | | | In addition, look at the Exclusion segment of the |
| actually exempt canvas from wind storm damage. | | | | policy so you know what is not covered. |
| It's also important that the policy you buy cover | | | | Since marine insurance is a different animal, you will |
| salvage, fuel spills and wreak removal as these issues | | | | want to work with an Agent that has experience |
| come with boat ownership. Oftentimes, the salvage | | | | with trawler or motor yachting and knows the marine |
| of a destroyed boat will exceed the policy limits if | | | | insurance industry, so they will know how to guide |
| not for additional coverages included in the policies | | | | you. |
| offered by the best companies. | | | | |