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.

The age and the value of the vessel being insured will also impact the price of the premium. Newer, more expensive models of watercraft are more expensive to insure, than older vessels, which may have depreciated in value.

Just as with automobile insurance, as the risk of possible liability on the part of the vessels owner increases, so does the cost of the insurance. Previous tickets or boating accidents will directly affect the rate you pay for your insurance. In cases where the owner of the boat was found to be at fault, especially due to the presence of alcohol or other substances, the premiums will be the greatest, because the liability risk is greater.

In order to obtain optimum insurance premiums the owner of a watercraft should install safety features, participate in boating safety courses, and of course obey the laws of boating, operating the craft in the safest possible manner.

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.

Charter vessels also need special insurance to protect against damages by passengers. Broken equipment, vandalism, and excessive wear and tear to the boat’s interior, are just a few of the problems often experienced by charter boat owners. Theft of equipment and gear may also become an issue for the Charter boat owner.

The boat owner will want to make sure that the policy selected will cover all potential risks, losses and damages, insuring that both the owner and the passengers are duly protected.

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.

The boat owner who plans to store a vessel for any period of time should discuss the importance of winter storage protection plans with a trusted insurance representative. Most insurance plans will give the boat owner a reduced rate for winter storage coverage, while still allowing for the vessel’s owner to protect his valuable property. Selecting this option can safeguard the boat owner’s investment, and allow for peace of mind, when in cases where winter storage is a necessity.

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.

Get at least 3 quotes. These can be obtained online, or by contacting a representative from each company, to explain what you want, and request a quote. Obtaining a quote does not obligate you to purchase the insurance. If you are not satisfied with the coverage offered, or the rates quoted, then you can simply say “No Thank You”.

Don’t be pressured into selecting a policy, until you feel confident that you have found the right one. Before you purchase any policy take the time to talk with a representative of the insurance company. Evaluate the service that representative provides. If you do not feel comfortable with one company, consider looking into another. It will be important in the future, should you need to file a claim, that you feel confident that the representative will be attentive to you as a customer.

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).

Another problem a boat owner may discover if opting to cover the vessel on a home insurance policy, is that the company does not specialize in boat insurance claims, and may have little experience in handling these types of claims. This could present a problem if the boat owner should need to file a claim somewhere down the road.

Because individual boat owners often have unique needs in regards to covering their vessels, it is often best to select an insurance carrier who specializes in boats and other water craft. This helps to insure that your policy will cover all your major needs, and that your insurance carrier has the unique experience needed to handle any situation which may arise with your vessel.

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.

Liability insurance covers you in the case of accident responsibility. Generally a boat owner can choose either boat liability, also known as indemnity insurance, which will cover only damages done by the vessel, or personal liability, which will cover damages done by the boat owner, regardless of where or how they occur.

While liability insurance is generally the least expensive, it is important to remember that it will only cover the cost of damages/repairs to third parties. Your own property is not covered under liability insurance. In this way, even though liability insurance often appears to be the most inexpensive option for the boat owner, if the vessel were to be destroyed, the cost of replacement would far out weigh the savings on premiums.

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.

A boater who engages in speed boating, will most likely need a different type of coverage from the boater who enjoys pontooning, or the one who embarks only on brief fishing excursion, once or twice a summer.

Some things to consider when selecting boat insurance are how often you will be using your vessel, and for what purposes. Other important factors to consider are the amount of money you have invested in your boat, and the amount of personal property stored on your boat. The boat owner who has installed many high-tech navigation tools or the one who intends to store expensive sporting equipment on his vessel, will want to carry more insurance than the boat owner who has fewer extra items on the watercraft.

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.

Travelers venturing into foreign waters run greater risks of experiencing hijacking, theft, and even assault from modern day “pirates.” Having the best insurance coverage for you and your vessel is a must. The policy should cover all goods, cash, cargo, and of course the vessel itself. Maintaining the highest level of insurance, will help ensure that, should you fall victim to such a crime, the majority of expenses and costs you experience can be recouped.

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.

Marine surveyors will generally inspect the hull and frame of your watercraft, as well as the engine and any other exposed areas. Surveyors can often identify problems, and offer suggestions on repairs or maintenance. Letting the boat owner know of potential risks and hazards allows for preventative measures to be taken, before a disaster occurs.

The cost of a marine survey varies depending on the extent of work to be done. Larger vessels obviously take longer to inspect, and therefore will be more expensive to survey than a smaller craft. The cost of the survey itself, however, is small in comparison to the risks a boat owner may take in not having one completed.

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.

Imagine the sense of regret, if, in an effort to cut corners by saving mere pennies on insurance premiums, an unexpected accident, or natural disaster caused the loss of the entire vessel. Without insurance the boat owner has no way to recoup this loss.

Boat insurance can protect against theft, injury, accident or natural disaster, insuring that in case of such an unfortunate event, your vessel can be replaced for a minimal out of pocket expense.