Just as with homeowners insurance and automobile insurance, boat insurance premiums can go up or down, based on certain risk factors.

The level of experience the insured owner of the vessel has with captaining watercraft, can affect the price of the insurance premium. An inexperienced boatman may pay a higher premium than one who has owned and operated watercraft for a long period of time. It may also help to lower premiums if the owner has taken courses on operating a watercraft.

Safety equipment on board the vessel has a direct bearing on the premium rate. Fire extinguishers, emergency equipment and other special safety features installed on the boat will help lower the rate of the insurance premium.
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Insuring a charter boat can be very different from obtaining insurance for a pleasure or sporting boat.

To begin with, the charter boat will require additional insurance because the vessel represents the livelihood of its owner. Loss of the vessel means not only loss of the boat itself, but also loss of income, as well as countless of amounts of secondary damage derived from “lack of use” of the vessel (lost contracts, loss of expected income, refunds to potential passengers, etc&).

Additionally, a charter boat’s main function is to carry passengers for a fee, whether for a day fishing charter, or a brief sight seeing trip. The mere presence of passengers on the vessel presents many liability risks. Consider the possible outcome to passengers if the vessel should be involved in an accident, while operating as a chartered watercraft. Consider, as well, the risks to the owner of the vessel, in the possibility of personal injury suits, negligence suits, property loss or damage, etc& should an accident occur while the boat is operating.
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While many people opt to allow their watercraft to remain uninsured when not in use, this decision can be disastrous for the boat owner.

In many areas of the country use of boats and other types of watercraft over the long winter months is impossible, due to climate changes and adverse weather conditions. Many boat owners mistakenly believe that, when a boat is in winter storage, insurance coverage for the vessel is no longer a necessity.

Statistically speaking, more boats are damaged every year while in winter storage, than those that are in actual use. In some cases entire vessels are lost, due to unforeseeable circumstance. Damages to a stored vessel can run from minimal (such as destruction by nesting animals, petty theft of stored items, or even slight weather damage) to major (such as total destruction of the watercraft by a fire or natural disaster). Just because the boat is not in use, does not mean it is entirely protected from unforeseen events.
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er to obtain the best possible insurance coverage for your particular watercraft consider taking the following steps.

Research a number of insurance companies, as well as a variety of policies on the internet. This will help you to determine which features you would like to have written into your policy, and which ones you may not feel as strongly about.

After investigating as many companies as you can, select 3 or 4 which offer the most extensive packages. Be certain that each company will be able to meet or exceed your insurance needs by viewing their policy options. When selecting these companies also consider which ones have the most experience in dealing with the type of insurance you want. Boat owners should consider choosing companies which specialize in boating insurance, rather than other types of insurance.
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When looking into Boat Insurance, you may be considering adding your boat onto your already existing home insurance policy. While this may seem like a cost effective way of protecting your property, you may want to investigate the matter thoroughly, before making this decision.

Home insurance policies often allow the policy holder to add additional property at a lower rate, which can be a cost effective way of insuring your boat. This option, however, often does not generally allow for additional protection for such things as wreckage removal, loss of use, or include the environmental aspects of coverage (such as insuring against oil leaks or gas leaks or other such problems which can cause damages to the natural environment).

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Coverage of a watercraft can range from total replacement of the vessel if destroyed, to personal liability coverage, and everything in between. When deciding on what policy is right for you, consider what your needs and risks are, and how much you are willing to spend to protect them.

Full coverage boat insurance is the safest route for the boat owner who wants to insure his valuable property. With full coverage the boat owner can opt to ensure the cost of replacing the vessel if it is totally destroyed. Coverage can also include damages to either the boats structure, or engine. Coverage for loss or damage to personal property while on the vessel may also be included. Other options can include injury protection, salvage or wreck removal, loss of use reimbursement, towing costs, and even investigative services.

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From sailboats to yachts - fishing boats to boats made especially for water sporting, the variety of watercraft on todays market makes it more possible than ever before to find the perfect vessel to meet all of an individuals boating needs. Whether an avid skier, or a beginning sailor, one thing all boaters seem to have in common is enjoying all of the pleasures of sun, sand and water.

Just as boating enthusiasts differ in their boating preferences as well as in the way they use their vessels, boat insurance coverage options also differ, depending on the boats uses, its monetary value, and its importance to the owner.

From simple liability insurance to full coverage life and property insurance, the boat owner will find many available options. Deciding on the right option, however, can be a tricky matter.

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The actual number of piracy attacks that were reported worldwide in 1999 rose nearly 40% in just one year. Whats more those figures nearly tripled between 1991 and 1998, according to the ICC International Maritime Bureau in London (IMB).

In the year 2000 a report conducted by the International Marine Bureau in London, also showed that annual losses due to piracy totaled over $200 million dollars. Even more alarming is the increase in weapon usage by modern day pirates such as guns and knives. Internationally a significant number of deaths, as well as serious injuries, are attributed to piracy each year.

Modern pirates may not have wooden legs and eye patches. They also may not be waving the Jolly Roger from a top their sails. Instead these criminals often navigate vessels that do not appear out of the ordinary. They will generally board a cargo vessel before the captain realizes that they are thieves. Modern pirates may do one of three things: rob the crew/passengers aboard the vessel; rob the vessel of its goods and cargo; or hijack the entire vessel.

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If your vessel is more than 10 years old your insurance carrier may require you to receive a Marine Survey, to certify that the boat is both safe and seaworthy. The Marine survey will also give your insurance carrier an idea of what the vessel is worth, according to fair market value, an important aspect in getting an accurate insurance quote.

A marine survey can benefit you in several ways. While you may contract the survey to be done because an insurance carrier or potential lender has required it, it may save you money on your insurance premium, in the long run. A thorough survey can also identify potential problems that you may not have been aware of, helping you to avoid an unwanted accident, or break down on the water.

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Purchasing a new boat? Here’s why boat insurance is a must for protecting your investment. With the cost of new boats running from $10,000 for a small water boat to $200,000 and up for a luxury vessel, most boaters agree that full coverage of their new vessel is not an option, but a necessity.

Additionally, if the prospective boat buyer intends to finance the purchase, in almost every instance, full coverage insurance will be required by the lender. This just makes good sense.

Although in many states boat insurance is not required by law, it is always wise to insure any property that requires such a substantial investment. Few people would consider going without home, auto, or life insurance, because of the many risks to themselves and their loved ones. Along the same lines, boat owners will want to be certain, not only that their property is protected, but their families and loved ones who will likely be accompanying them on any boating excursion.

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