How to navigate the waters of marine insurance

Out on the beautiful wide open waters, the wind in your hair and waves rippling behind you, a sense of worry is nowhere to be found. That serenity comes from knowing that you and your watercraft are well protected in any situation ? and that you have escaped the office for a long-overdue vacation. A broker can help you navigate the sometimes choppy and confusing waters of marine insurance.

Watercraft come in a wide variety of shapes, sizes and power outputs: sailboats, runabouts, Jet Skis, Yachts, pontoon boats and trawlers each bring their own set of concerns.

You may have to shop around more carefully to ensure that coverage meets your unique needs rather than leaving you vulnerable. With some smaller watercraft, for example, a homeowner?s insurance policy can provide adequate coverage and keep premiums down.

But that type of umbrella coverage is typically very limited in scope and won?t compensate more expensive losses or liability incidents. Even Sea-Doos and Jet Skis, because of their speed and power ? and the risky behaviour associated with them ? require a separate, or ?stand-alone,? policy.

Any number of problems can arise on and off of the water. Speak to a broker about coverage for eventualities like a mechanical failure or grounding requiring an emergency tow (some policies require that you make a claim for the service to kick in); an injury that arises in a collision with an uninsured or underinsured boater; a trailer problem that causes damage to the vessel; and damage suffered during off-season storage.

When addressing replacement costs (as in the event of a total loss), consider how your vessel?s value will be assessed. ?Agreed Value? coverage is determined ahead of time, without taking depreciation into account ? this usually makes sense for newer boats. ?Actual Cash Value,? meanwhile, brings depreciation into the equation and only pays out the amount the vessel was worth when the accident occurred.

Spend your time on the water relaxing, not fearing for the worst. Speak to a member of Taylor Forder Insurance Brokers about securing coverage that meets your needs. Visit www.taylorforder.com or call 905-985-8416 to learn more.

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Source: http://www.durhamregionshoptalk.com/2012/featured/how-to-navigate-the-waters-of-marine-insurance/

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