One of the reasons boat owners hire marine surveyors Palm Beachis for the purposes of insurance. Insurance companies require a survey report before they can insure your boat. This is, however, not the only thing you need. The issuance of boat insurance is often complicated and trying to understand it can be at times confusing. If you own a boat or plan on buying a boat, you have to think about boat insurance. Here are a few tips to help you get the best cover.
Know your insurer
A boat insurance can be added on to a homeowner’s policy, be bought directly from a marine insurance specialist or be purchase from an independent insurance agent. The best way to go is buying the policy through a reputable agent or directly from a marine insurance specialist. While it may be convenient to add on to your homeowner’s policy, this option will limit you and will often not provide adequate cover.
As aforementioned, your insurer will need a marine survey report. They can either send their own surveyor for this or you can work with your own surveyor. If you plan on using your own marine surveyors Palm Beach, make sure the surveyors are approved by the insurer you are considering.
Agreed value versus actual cash value
Agreed value policies cost more upfront but potentially pay more. This policy covers the stated value of the policy in the event of total loss. With a partial loss, an agreed value policy only replaces the damaged boating equipment on ‘new for old’ basis without depreciation.
With an actual cash value policy, the policy costs less and pays up to the actual cash value in the event of total loss. This policy will also factor in depreciation in all partial and total loss. This policy is better suited for the less expensive boats or situations in which you are concerned about liability protection and defense against lawsuits than with the damage of the boat.
Ask about the salvage truth
In the event of total loss, you want to be certain the policy will cover salvage costs up to 100% of the total insured value of your boat. If 100% cover is not offered, you will end up paying salvage costs out of your pocket. It is, however, good to note that most insurers limit salvage coverage to a certain percentage of the boat’s total value.
One size doesn’t fit all
The insurance policy that works for your friends may not work for you. This is because boats have varying equipment onboard and are not all worth the same. That is why you should liaise with marine surveyors Palm Beach to understand the main areas of concern on your boat. A good surveyor will also be happy to give recommendations on the best insurance cover to take.