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Insurance for your water craft

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Boats come in many shapes and sizes. To protect them, marine insurance has to be a highly adaptable insurance policy. Marine insurance can cover any type of water craft, from a lowly jet ski to even large cargo ships.

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Insurance for your water craft

  1. 1. Insurance for Your Water CraftA day on the lake with a couple of fishing poles is a great way to relax. Takingthe motorboat out into the bay just to breathe in the salty spray can make youfeel completely unrestrained. Owning a boat is a luxury many seek, especiallywhen retirement comes around. Having marine insurance or boatinsurance for your craft is necessary to protect yourself from the cost ofdamages and loss on the water.Boats come in many shapes and sizes. To protect them, marine insurancehas to be a highly adaptable insurance policy. Marine insurance can coverany type of water craft, from a lowly jet ski to even large cargo ships. Boatinsurance is not required like it is for other forms of transportation, howeverto purchase your water craft on a loan, the lender might require you to haveboat insurance so that in the event the boat is destroyed, it will still be paidoff. Even after the boat is paid off, liability marine insurance is still highlyrecommended to cover the costs associated with damage caused by your boat.However, liability marine insurance will not cover the cost of repairs to yourboat in such an instance.Marine insurance that includes hull coverage is still a valuable protection tohave for your boat. Marine insurance is very adaptable for many differentwater crafts and many different situations. A small motor boat that is hauledon a trailer will most likely not need some riders, such as marina liabilityinsurance or contents insurance, since the boat will likely not be docked inmany marinas and the contents on the boat will not be very high in value.However, large yachts need some of these riders in boat insurance policiestaken out on them. Luxury craft, such as yachts rarely leave the water and aredocked in marinas or other mooring locations, and many have appliances and
  2. 2. other contents that are not considered part of the boat, requiring additionalinsurance to cover them attached to the marine insurance policy. Thedifferences in the cost of marine insurance are mostly derived from therepair cost and replacement value of the boat. Similar to cars, the value of theboat drops as soon as the ink dries on the purchase agreement, and marineinsurance does take this into account for its coverage and associatedpremiums.The call of the open water can be strong, especially as more Americans retireand look for outlets to pour their savings into. Boats of all shapes and sizesare an excellent solution, providing hours of fun in a relaxing atmosphere.However, they do still require protection, and one of the easiest ways isthrough marine insurance. To find the best marine insurance, potentialboat owners can spend a lot of time and energy shopping around for the bestpolicy. Independent insurance agencies can help with all the work, gettingquotes from member insurance providers to give new boat owners the mostcompetitive marine insurance available.About Boardwalk Insurance: Boardwalk Insurance Group is licensed towrite marine insurance and boat insurance policies in over half the UnitedStates and has many other insurance solutions available through its affiliatedinsurance providers. For More Details visithttp://www.boardwalkinsurance.com

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