Waters Edge Marine Survey, LLC – Marine Insurance

Key Points For Buying Marine Insurance For Yachts And Small Boats

  1. – Marine Insurance is distinctly different from most other types of insurance, so choose an agency which deals exclusively with marine insurance.
    – Equally important is that your agent should also be a boater; someone who speaks your language and can communicate your needs to the insurance company.
    – If your agent doesn’t know a rhumb line from a dock line you are asking for trouble.
  2. To protect your vessel from physical loss or damage from external causes as well as latent defects the insured value should be as close to market value as possible.
  3. Decide what amount of deductible you want to carry. Deductibles are expressed as a percentage of the hull value or as a flat rate. The deductible is the amount your are responsible for when the boat is damaged.
  4. Select the navigation limits of where you will use your boat. If the insurance company offers credits for limited navigation you may be able to reduce your premium.
  5. – The Boaters Liability protects you for damage you may do to another vessel or dock, or for injury or death to another party as a result of the ownership of your vessel. – – Standard limits are $300,000.00 or $500,000.00 for pleasure boating. Higher limits are available.
    – Choose a limit which best protects your personal worth.
  6. Next, choose an Insurance Company which is stable, financially strong and that is known as a responsive company when claims are filed. The best premium can become a nightmare if the company does not pay claims or is slow paying claims.
    The A.M Best Company rates insurance companies on their relative financial strength and ability to meet contractual obligations to you. Use A.M. Best as a guide in purchasing your marine insurance.
  7. The policy you purchase should be a Stated Value, All Rick Policy. This means you know from the start how much you will receive in case of a loss. Stay away from Actual Cash Value policies commonly known As ACV policies. All Risk means than unless a cause of loss is specifically excluded then your vessel is insured for all risks.
  8. If you intend to cruise beyond your home country then choose a company which has the ability to settle claims world wide. You don’t need to call Idaho Mutual from Venezuela to be told to bring your boat into the nearest agency in the US to settle your claim.
  9. All policies are different so ask your agent to explain the various coverages and limits. Your marine insurance agent should be qualified to recommend the policy which best suites your needs.

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John C. Roesch, SAMS® AMS®

Pamela J. Roesch, Survey Assistant

Waters Edge Marine Survey
4206 Walnut Creek Lane
Sandusky, Ohio 44870

419-609-0852 -Office
419-656-6366 -Mobile
866-351-3002 -Fax

Email: msurveyor@sbcglobal.net


22944 Lookdown Lane
Cudjoe Key, FL 33042

Marine Surveyors & Consultants Serving the Great Lakes, Ohio Rivers