With summer in full swing, many people have their boats and other craft out on the water, and that means something bad can happen at any time that could ruin an otherwise great day. A lot can go wrong when boating, and with the proliferation of personal watercraft and other craft in recent years, more people are using the country’s waterways recreationally than ever before.
According to the National Marine Manufacturers Association, there are nearly 13 million types of ships registered in the United States. And there are many who navigate the waters without state-mandated registration tags, making busy waterways a potential source of trouble for boat owners and others.
Fortunately, proper watercraft insurance can protect boat owners from damage or loss to their property and provide protection against liability in the event a passenger or anyone else is injured or dies or their property is damaged or destroyed during recreational activities. Even something as simple as a canoe or flat-bottomed boat can tip over and send someone into the water, resulting in an injury or death that could leave the owner in financial ruin.
Almost all property and casualty insurance companies provide personal watercraft protection, and a good policy can be had for as little as a few hundred dollars a year. Such plans insure boats and personal watercraft against theft, damage, destruction or causing damage or destruction to other people’s property. If another vessel is accidentally rammed or hit a dock or other structure and it is damaged or destroyed, the policy would pay the policy limits to repair or replace it.
And since many people enjoy water skiing and other activities, there is a possibility of an accident resulting in serious injury or death for which the boat owner could be held liable. But a good policy also insures itself against that. Even personal belongings lost or stolen from a vessel can be covered by a good plan.
While such policies may be affordable and somewhat comprehensive in what they cover, there are limitations and exclusions. In general, any watercraft modified or built for high speed is excluded, and that speed can be as low as 65 miles per hour, which many craft today can exceed. And men under the age of 25 tend to pay higher rates because of the demographic subgroup’s higher likelihood of risky behavior.
A general liability range for ships ranges from about $100,000 to $300,000, but can go higher. And the sum insured for the respective vessel can be determined by reference to replacement value or actual cash value. Replacement value policies have more coverage than actual cash value, but the more someone enjoys being on the water, the more expensive the protection makes sense.
Vessel insurance protects more than vessels
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