Marine Insurance Tips For Dummies

Marine insurance provides financial coverage for the loss of, or damage to, a ship, its cargo, and any other property from the departure port to the arrival port. Specific sub-types of marine insurance include marine cargo insurance, marine business insurance, and personal watercraft insurance.

One type of marine insurance is individual watercraft insurance which is aimed to target insurance of non-commercial usage watercraft. Individual watercraft insurance is similar to that of automobiles. Similar to automobile insurance, individual watercraft insurance policies might not only cover property losses but also offer individual protection and watercraft liability coverage.

In the vent of an accident, people involved as well as occupants of the watercraft, this liability coverage will provide bodily injury protection. As far as additional medical coverage is concerned, a separate policy rider is always available as an option. Coverage for vessels lacking insurance and damage caused by hit and run vessels is also available for uninsured boaters.

Towing and salvage coverage is also an option. This consists of coverage of minor incidents. For example if towing is necessary due to engine failure, mechanical breakdown or if there is a need for the delivery of fuel to a standard vehicle. This type coverage can cover the policy holder against the elevated costs of salvaging a badly damage vehicle.

Hull coverage for the vessel is usually available in either “agreed value” or “actual cash value” types. As with many insurances, the “actual cash value” policies depreciate drastically as the vessel gets older and becomes worth less money. “Agreed value” policies will continue paying the entire policy amount with no depreciation.

Similarly, marine insurance can cover any and all risks, or just risks and perils specified in the policy. No matter the policy type, it is very important to fully understand all of the stipulations which may render the policy null and void. For example, many policies specify navigational limits which render the policy void if exceeded. Depending on the area, accidentally exceeding navigational limits can be very easy on the water where boundaries are not well marked.

Personal watercraft insurance is available for virtually all watercraft, from small pleasure boats and fishing boats, to large yachts and houseboats. Specialty coverage can include coverage for watercraft rentals, fishing excursions, and other charter boat trips. With a wide selection of insurance companies and options available, finding the right coverage for your craft and situation simply takes a little research.

A basic definition of marine coverage is protection of a ship, cargo or property due to loss or damage while in transit. Sub sets of marine insurance, such as marine cargo insurance, marine business insurance and personal watercraft insurance provides additional coverage. Marine coverage is a personal watercraft insurance specifically designed to fill the coverage need of non-commercial watercraft. It can cover any and all risks, or just risks and perils specified in the policy. This liability coverage can cover bodily injury to occupants of the watercraft, and others involved in an accident. Personal watercraft insurance is available for virtually all watercraft; uninsured boater’s coverage is also available.

- Karl Stadler