One of the most exhilarating experiences is taking your boat out on the open water. Whether you are enjoying the wind blowing through your hair as you cruise the waves or listening to the buzz of a cast out fishing line, on the water is the place to be. However, if you do not have the right boat insurance policy, you could be sitting out the next fishing season.
Millions of people enjoy recreational boating every year. However, when it comes to properly insuring your vessel, the overwhelming sense of confusion is not very enjoyable. The reason for such confusion is that in the world of insurance, boats are a bit different than everything else. Obtaining a small boat insurance policy can be similar to purchasing auto insurance, while other types of boat or yacht insurance are more like purchasing a home insurance policy.
The brokers at Nesika Insurance Services Inc. in Richmond, BC are knowledgeable marine insurance experts. They are able to answer all of your important questions about boat & yacht insurance. You will be able to rest easily knowing you have the right amount of coverage at the most affordable price.
Why You Need Boat Insurance
If you are a new boater, you may think that your home insurance policy will automatically extend to provide coverage for your boat. Unfortunately in most cases this is not true.
A number of homeowner’s insurance policies only have a trifling amount of coverage for the smaller vessels. This limit usually only includes either boats with no engine or boats with a very small engine. If your boat is valued at tens of thousands of dollars, it is a safe assumption that your home insurance policy is not going to provide you with the coverage that you need to protect your investment. Boats and Yachts are unique vessels which require their own unique insurance policy.
Unlike your home which isn't going anywhere your boat is mobile and can go anywhere. This means that it requires it's own specialized insurance policy.
However we here at Nesika Insurance Services Inc. may be able to save you money by having both your watercraft insurance and your home insurance through the same broker.
Boat Insurance Is Different From Auto or Home Insurance
In a way, boat insurance is kind of like a mixture of auto and home insurance. Like your homeowners insurance policy, a boat's insurance policy will provide you with liability coverage. This will protect you if another person sustains an injury while on your watercraft. You also have the option to choose between actual cash value and replacement value if you ever have to claim a total loss.
Similar to automobile insurance, your watercraft insurance policy will also usually include bodily injury coverage. This will protect you if your boat causes an injury to someone or damages another person’s property, such as other boats or docks. It will also cover any physical damage to your boat if your vessel runs aground or hits something in the water.
You can also purchase coverage for your personal belongings, such as your fishing gear. In addition, uninsured boater insurance can protect you if you are ever involved in an accident that is the fault of another boater who has insufficient coverage.
Agreed Value & New for Old
Like a car, the minute that you drive your boat off the lot, its value begins to depreciate.
At Nesika Insurance Services Inc., we manage the Mainstay Yacht Program. If you qualify for this program your policy will be on an agreed value basis. This means that you know exactly what you are entitled to should your yacht have or become a total loss.