With boats being about the oldest form of transport still being used, it is not surprising when you realise that boat insurance has been available in varying forms for thousands of years. Under the Marine Insurance Act, a boat is just as liable for insurance as any other type of vehicle. As with car insurance, policies come with an excess to discourage small claims and for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is to cover you against substantial losses instead of just scratches and dents. There is little difference between the two types of policy except the amount of cover provided with boat insurance is considerably larger.

Almost all states make the standard boat insurance a requirement so it is important to abide by the law and obtain boat insurance as soon as you become a boat owner. Houseboats are a strange case because although they are not generally moved that are required to have an insurance policy which covers pleasure boats like cabin cruisers, sailboats and ski boats etc. However, a speedboat is in a completely different category to say a fishing vessel owing to the nature of its activities and a higher insurance premium is likely.

Most boat insurance policies should cover your boat, the motor, and the trailer used to transport the boat, but Actual Cash Value boat insurance policies finance replacement costs, minus depreciation at the point of the loss. Usually when a boat has been damaged beyond repair, its current market rate is calculated using second hand values as a guide. It is possible to take out Optional Insurance which will include additional extras such as emergency services to the boat, cover for reasonable repairs, removal, the motor and trailer. Where there has only been limited damage to the vessel, partial damage repairs include the restoration less any items that can be deducted.

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A better boat insurance plan is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. Another benefit of Agreed value policies is that old items are replaced with new, irrespective of the value of the items being replaced. With most Agreed value policies, the boat insurance company will require replacement value of some items like dinghies, sails, covers, drive units to name a few, before the policy payout value is agreed.

Essentially boat insurance covers two distinct areas; that of legal liability and that of damage or loss of property. Liability insurance is there to cover against claims by another person that the insured vessel caused damage or injury to a third party. It is just as important to find a boat insurance agent that looks after his clients by finding the best policies and obtaining the best settlements should they need them. A final piece of advice surrounds the liability section of the boat insurance and the need to ensure you are covered should legal charges be brought against you relating to a matter that is protected under the boat insurance.

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