Tuesday, February 7, 2017

Boat And Watercraft Insurance 101: What To Look For When Buying Insurance

Boat And Watercraft Insurance 101: What To Look For When Buying Insurance

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Boat owners love the freedom of traversing in a body of water. Navigating an inland lake or the wide sea makes an individual believe that his future and possibilities are endless. This sense of freedom doesn’t mean that boat owners should take for granted the importance of getting boat insurance. As a boat owner, it is your responsibility to your family and other boaters to have insurance that can protect you and others from possible financial liability.

It is crucial to have insurance policy coverage beyond the usual coverage offered by most insurance providers. In fact, most boat owners think that their watercraft is covered under their homeowner’s insurance policy until they experience a loss. For this reason, if you own a power boat, a fishing boat, a yacht, or other forms of watercraft, you should look for insurance with specialized coverage that isn’t usually available in other policies.

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The Basics

When choosing a boat insurance policy, there are two basic sections you need to focus on:

Physical Damage Section: This section covers loss or damage done to the watercraft and its machinery in case of an accident. This section does not only cover the engine and the hull. It also covers the sails and other equipment inside the watercraft.

Liability Section: This section is usually known as Protection and Indemnity. This offers coverage for your legal obligations to third parties. This may cover bodily injury, damage to another individual’s property, loss of life. This section also offers coverage for your legal defense in case a lawsuit arises.

The coverage offered by standard boat and watercraft insurance include:

  • Damage to the boat’s engines
  • Loss or damage done by some latent defects
  • Frost
  • Damage to the mast from racing
  • Personal effects
  • Accidental damage, such as fire, theft, collision, and sinking

What Should I Look For In A Boat Insurance Policy?

  1. According to Accredited Insurance Group Inc, actual cash value policies won’t replace your boat if it gets stolen or destroyed. This means that you should look for a policy with agreed value coverage which can give you the value you insured the watercraft for but less any deductible.
  2. It is also recommended to assess the expensive parts of the boat. Look for a policy that covers those parts in case it gets damaged or destroyed. You should also consider the deductions that may apply when claiming insurance.
  3. Make sure that you know where you are covered in the water. This means that you need to make sure that the policy covers the waters you wish to sail into.
  4. Look out for any exclusion in the insurance policy. Keep in mind that all insurance policies have exclusions, so carefully read the fine print. The usual policy exclusions are the following:
    • Damage caused by wear and tear
    • Deterioration due to age of the watercraft
    • Willful misconduct
    • Machinery damage after a breakdown
    • Theft- unless proper security precautions were taken
    • Watercraft damage due to corrosion or osmosis
  5. Make sure that the insurance carrier is authorized and accredited by the regulatory body of the country or state in which the carrier is based.
  6. You should also consider getting a policy that covers fuel spill. For instance, your watercraft might sink or accidentally spills oil. You will be responsible for the cleanup which might result in huge costs.

The author, Kris Lim, is a boat enthusiast who encourages other boat owners to purchase the right boat and watercraft insurance to ensure protection against losses and liabilities.

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Boat Storage: The Best Way To Protect Your Boats Value

Boat Storage: The Best Way To Protect Your Boats Value

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Investing in a boat requires plenty of care and maintenance to ensure that it does not decrease in value as time progresses. Owning a boat offers plenty of entertainment opportunities if you are a sea lover and a boating enthusiast. Aside from deciding which type of boat you will want to invest in, what color and features it has to offer, you must also consider the type of storage to lease. There are various kinds of storage spaces for boats, so the key to choosing a perfect storage space is to learning what you will need for the type of boat you will be investing in and the cost of the storage lease.

boat storage Boat Storage: The Best Way To Protect Your Boats Value

Why Invest In A Boat Storage Too?

You simply can not invest in a boat, then have it parked out on the street or in your garage that is already half full and covering it up will be no good either. Leaving your boat out or exposed to the harsh elements of nature will only damage it severely. There are different types of storage facilities to choose from, so you will have to make sure that you select the storage facility that offers exceptional storage solutions you are comfortable with.

Do You Know What You Need?

Aside from checking the storage rates of every facility, you must determine what your needs are. This means that you must also check the available storage options and solutions. You need to know what storage solutions you are getting for the specified rates provided to you. When you determine what features or services you will need, choosing a suitable storage space will be easier. Before you decide on the storage space you need, you must first consider these facts -

  • The size of your boat
  • If your boat is meant for fresh water or salt water
  • The size of the attached trailer
  • How often you use your boat
  • If you have other boating equipment to store as well

Security And Safety Features

There are storage facilities offering both outdoor and indoor storage options for boats. If you will be choosing an outdoor storage space, make sure that your boat will be covered with the right type of boat covering to prevent damage. Measure the space if it is large enough for trailers set at an angle that allows easy access whenever you decide to use your boat. The best storage option you can opt for is indoor storage as it will provide better security solutions at a certain cost. If you are confident that your investment will be well protected, then the cost will not be an issue. Nevertheless, you must opt for the storage space convenient for you at a reasonable cost that you are comfortable paying each month.

Do You Know Which Storage Facility To Rent?

The location of the storage space you will be investing in is also essential. You do not want to stress yourself out when you pick up your boat to go on a trip, so you need to choose a storage space that is conveniently located near the water. By investing in storage that is conveniently located, you save time and energy costs, while being able to enjoy your investment quickly.

Valerie East is a freelance writer specializing in storage spaces. She also offers tips to boating enthusiasts on how to preapte boats for storage.

Photograph by: o0o0xmods0o0o



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The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat

The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat

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Yachting is an amazing way to explore some of the world’s most interesting and beautiful places, and if you want to take in some European culture while also taking advantage of great weather and beautiful sailing conditions, the Mediterranean is the perfect place to take your next yachting vacation.

With all of the modern facilities and cultural similarities you need to feel at home, but the exotic intrigue of foreign lands with their own customs, languages and style, Southern Europe offers you a chance to take a yachting trip that takes in several completely different countries. Here are some of the best places to see by yacht, which don’t tend to come up on most bloggers’ lists:

Portugal – Lisbon and the Algarve

mediterranean destinations The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat

While many people extol the virtues of Spanish cities like Madrid and Barcelona, Lisbon in Portugal often gets overlooked in our travel plans. This is a shame because it is an absolutely stunning coastal city, perfectly suited to a yachting stop. Its Southerly location means that in the summer season beautiful weather is almost guaranteed, and its culture, architecture and great shopping and dining make it a classy, elegant place to spend a few days. If you don’t care for cities so much, then take a look at some of the lovely beach towns in the Algarve region, another area of Portugal that is perfect for a visit on your Mediterranean yacht vacation.

Sicily

mediterranean destinations1 The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat

Aside from the larger towns of Catania and Palermo, Sicily is a very traditional place with its own rustic charm. While it seems in many ways very classically Italian, it has a clear and unique identity all of its own that means no matter how much time you have spent in Italy, Sicily will offer you something different and new. With great beaches and world famous native food, Sicily is a beautiful place to add to any yachting itinerary in this part of Europe.

Gibraltar

mediterranean destinations2 The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat
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While you may not fancy putting Britain on your list of exotic, sunny places to visit in Europe (because of the unreliable weather and the fact that London doesn’t really work as a yachting destination); you can get a slice of British life by visiting the famous rock of Gibraltar. This British owned country had particular historic significance as a military post, because of its views and position, and as such is full of history. It is also known for its unique native wildlife – especially its monkeys! Culturally, the British influence is clear, with English style shops and restaurants to explore.

Corsica

mediterranean destinations3 The Most Beautiful Lesser Known Mediterranean Destinations To Explore By Boat

Another place shrouded in historical importance is the French owned island of Corsica. It is also a place that sees a lot of tourism, including from yachts and ships, yet retains its mystique as one of Europe’s less well known island destinations. It can be a great place to venture out to if you are planning to start you vacation in France, or are getting a yacht rental from a French company.

Include some or all of these fantastic European coastal destinations in your plans for your next yachting cruise around the Med, and you are certain to have a vacation that is relaxing, inspiring and fun.

Today’s featured contributor, Robin Ding, is a cruise and water sports expert. Robin is a frequent blogger and likes to share his love for the boating lifestyle in his blog. He personally recommends his readers to rent Azimut yachts to make the most of their vacation.



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What To Look For When Buying Your First Boat: A Beginners Guide

What To Look For When Buying Your First Boat: A Beginners Guide

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Your own boat. Your very first vessel. Can you imagine? The lazy days of drifting on the water, the engine puttering gently as you set out for the open sea, your navigational equipment glistening in the sunlight beside a steaming mug of coffee. You’re the captain of this vessel. Why, perhaps you’ll even do a spot of fishing, or maybe you’ll just drop anchor and get to work on that mystery novel you always meant to write…

STOP.

If this fantasy is roughly all you know for sure about manning a vessel then you need some help, cap’n. Buying a boat is a serious business – in terms of nuance and procedure it falls roughly between buying a new car and a new house and plenty of mistakes can be made, especially if you’re inexperienced.

STEP ONE: Acknowledge your gut instinct. Then acknowledge that your gut instinct is stupid

It’s so easy to fall in love with the romance of owning a boat and this can translate into buying the first beautiful vessel that catches your heart. Your instincts are important but they’re uninformed. Make sure that before you sign anything or put any money down, you retain the services of an experienced and impartial authority – this could be a boat builder or brokerage. Make sure they’ve got reputable trade affiliations with organisations like the British Marine Federation in the UK or SAMS (Society of Accredited Marine Surveyors) in the US.

STEP TWO: Consider whether you want to buy new or used.

This is a big issue. A new boat has definite plus points: it’s sparkling and pristine, it’s fitted with the latest technology and it’s covered by all all-important warranty. However, it’s worth thinking seriously about investing in a good quality used boat if only because a previously used vessel has one important factor that a new boat cannot replicate: it has been tested on the water. A warranty is a beautiful thing but if your new boat isn’t seaworthy then it’ll be spending all its time in the boathouse being repaired rather than whizzing you around the coast. Older boats have their own problems too but this is why your ol’ pal the Marine Surveyor is so crucial to your process.

STEP THREE: Take a list of common boating issues and check them all out

Here are some common problems that should immediately set off alarms if you encounter them in a prospective purchase:

Mismatched paint – this is a sure tell for a boat that has been extensively repaired. Has the boat been in an accident? Did the seller volunteer this information readily? If not, consider what else they might be holding back.

Water lines – these are the lines that separate a rust-ridden area from one that is rust-free. Look for these inside the boat and on the engine. If you spot any, it could be a sign that the boat takes on water.

Handrails – are they bolted down? If they’re just screwed to the surface, then you have to consider what other shortcuts have been made with regards to safety.

Check the oil – is it gritty? Does it smell burnt? It’s definitely worth checking to see if you can send an oil and transmission fluid sample to a lab for testing.

Check the floors – are there any soft spots? If there are, walk, walk away.

Maintenance records – the seller shouldn’t have a problem with you checking these. Look for recurrent problems and see how carefully the boat has been maintained in the past. A careful seller is usually a trustworthy seller.

These checks may not be romantic but they’ll certainly save you a lot of heartache further down the line. Temper your heart’s desire with a lust for handrail maintenance and you’ll be fine. God speed, cap’n.

Mel Donohoe’s wife has to stop him investigating every YBWBoatsforSale sign. It’s a sickness. He’s also a freelance writer.

captain What To Look For When Buying Your First Boat: A Beginners Guide

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