Marine Insurance Quote
Marine Insurance quote will cover the loss or damage of ships, cargo, terminals, yachts and boats and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination.
Why You Need Boat Insurance
Some people simply overlook boat insurance. They think that nothing bad is going to happen, when in reality, bad things often happen involving boats!
If you own a boat, you need boat insurance. In fact, many states now require boat owners to carry Watercraft Liability insurance before they transport or operate a boat. If your boat has been financed, your lender will almost always require you to carry full coverage boat insurance.
Again, most people don't think anything bad will happen – but bad things do indeed occur!
Vandalism is one problem that you may encounter. This is especially true if you dock your boat in a marina. Vandalism can also occur when you park your boat at your home, or at a hotel when traveling.
When you shop for insurance, make sure that vandalism is covered on your policy. Most issuers of boat insurance will only offer you the Watercraft Liability – but in most cases, you need more coverage than that! Theft is another possibility. Cars are stolen all the time – but boats are stolen as well. In fact, stealing a boat is easier than stealing a car!
Boat insurance should cover you in the event of vandalism, theft, sinking, fire, storms, capsizing, stranding, collision, and explosion. Furthermore, the insurance should cover the boat, the motor, and the trailer used to transport the boat. The boat should be covered no matter who is operating the boat, as long as they are legally allowed to operate the vessel.
Boat insurance will typically cover you in the event of malfunction as well. If something happens to your motor, it should be covered by your insurance. It should also cover you in the event that your boat needs to be towed back to shore.
What you are covered for depends on what type of coverage you purchased through your insurance agent. For this reason, it is important to know what type of coverage is available. Not all insurance companies will offer all types of coverage, but they will offer Watercraft Liability and Watercraft Medical payments.
Watercraft liability covers you just like car liability insurance protects you in the event of an accident where you are found to be at fault. Medical payments will cover medical expenses incurred by you and the occupants of your boat that are the result of a boating accident in the covered water vessel.
Optional insurance usually includes coverage for reasonable repairs, emergency services to your boat, motor, or boat trailer, and wreck removal. Wreck removal is very important coverage to have. If you boat sinks, it will need to be raised before an insurance company can access the damages and pay your claim. This is very expensive, and in most states, the law requires you to remove wrecked or sunken vessels.
Boats may be luxury items – but they are very expensive luxury items.
Repairing or replacing a boat may not be something that you can easily afford – but in most cases, you will find that boat insurance is quite affordable. However, if you are thinking in terms of cost, and you think that you cannot afford the boat coverage, you can be certain that you will not be able to afford to repair or replace the boat either!
No matter how you look at it, you need boat insurance, even if you just purchase the watercraft liability coverage. Again, most states now require this liability coverage for water vessels, and if the boat is financed, the optional coverage may be required as well.
Discuss your boat insurance coverage needs with your insurance agent to determine what coverage is right for you and your boat.
About The Author - Ian D. Major makes it easy to understand Boat Insurance, quickly and easily. Learn all you need to know by visiting http://www.the-boat-insurance-directory.com an entirely FREE source of information about Boat Insurance.
Marine Insurance as the name suggests covers the loss or damage of ships, cargo and any transport or property by which freight is transferred, acquired or held among the points of source and final destination. Marine insurance is the oldest kind of insurance which is the source of non- marine insurance and reinsurance. At present it is commonly combined with Aviation and (Transit) cargo risks, commonly called as MAT (Marine Aviation Transit).
The Marine insurance act includes a standard guideline in which parties are at freedom to use if they wished as each term in the insurance policy has been experienced through at least two centuries of judicial precedent. In 1991 London market introduced a new standard guidelines phrasing as MAR 91. Typically, marine insurance is divided into vessel and the cargo. Insurance of the vessels is commonly known as Hull and machinery (H&M).Another form of cover is ''Total Loss Only'', generally used as reinsurance, which simply covers the entire loss of the vessel and not any fractional loss.
Cover may be also on a ''voyage'' or on ''time'' basis. The ''voyage'' basis covers shipping between the ports set out in the policy; the ''time'' basis covers a phase of time, normally one year, and is more general.
The two conditions which are used to separate the extent of testimony where a vessel or cargo has been lost are "The Actual Total Loss" and "Constructive Total Loss". An Actual Total Loss refers to the circumstances where the location is apparent and a Constructive Total Loss refers to the circumstances where a loss is inferred.
Cargo Insurance & Marine Insurance is offered on a broad range of marine associated fields, as well as coverage for cargo, hull, liabilities, and fine art. Marine cargo insurance has been known for centuries as one of the essential services in world trade. Cargo insurance is arranged by the party who bears the responsibility of insuring the commodities under the sales contract, that is the seller or the buyer, as the case may be. The time phase covered by a marine cargo policy is defined as "Warehouse to Warehouse" in the Transit Clause of the Institute Cargo Clauses.
Boats USA Top 7 Tips For Buying Used Boats & Used Boat Prices
1. Buying a used boat reflects an affordable way to get into the world of boating at substantially lower cost over buying a new boat. More than 60% of first time boat buyers purchase used boats over new boats. If you are new to boating and you are unsure about whether to take it up as a long term interest or you have previously been a boat owner and you want to save money, buying a used boat does in fact make a lot of sense. Most boat owners do in fact look after their marine craft very well indeed and all kinds of reasons abound for why an individual or individuals wish to sell their yacht or boat, including divorce, illness, urgent bills etc. There is no reason why you should not be able to buy a good used yacht or boat second hand that is just as good, if not better than a brand new vessel. You could indeed save an awful lot of money, many thousands of dollars in many cases.
2. Used boats can offer all of the same very high qualities you would look for in a new boat purchase. Used boat prices too are often substantially less than their new counterparts. Just as much enjoyment can be gained from a used boat compared to a new boat, certainly if it has been well looked after and cared for to a high degree. Whatever the intended purpose of your boat purchase, whether it be deep ocean cruising or fishing, coastal cruising, yacht island hopping, entertaining for friends or business colleagues or simply taking your family and friends out for an enjoyable few hours afloat on rivers, lakes or inland waterways, buying a used boat really has many more advantages to it than you might think, cost being the major concern for many, especially in view of a looming possible slow down in the general business market, now is the perfect opportunity of getting an awesome yacht or boat bargain!
3. Your first port of call should be to think carefully about where you might buy your 'new' used boats from. A licensed boat or yacht broker is a good place to start. Many can actually be found on ebay, but before you go dashing off there to compare specifications and pricing, please read on to find out more information which could help you. Yacht and boat brokers are recommended because of their experience in the market and their wide range of contacts. If they personally do not have the right yacht or boat available right away for you, there's a very good chance that they will know someone that can fit your needs perfectly. Tip, always be prepared to negotiate on the price, if you don't ask and seek to drive a hard bargain which works towards your interests, you could end up paying much more than you really have to. Every yacht or boat seller just like every other seller, no matter what the goods or products on offer, is a motivated and keen seller that wants you to buy from them, knowing that this can lead to further business transactions and recommendations of their services. A yacht or boat broker can also advise you on important aspects such as boat and yacht insurance, mooring fees and availability, extra costs etc to think about etc. Another aspect that they can advise you on is financing options.
4. A question you do want to ask yourself in advance is, how do I intend to use my boat. You will need to choose a compatible boat or yacht which fits, ticks most of the boxes for your own intended purposes. There is nothing worse than buying a boat which does not fit in well with all the purposes that you have in mind. There are plenty of sellers out there that are selling just less than new boats and yachts for this very reason, so you can in fact purchase a 'used' boat which is essentially, to all intents and purposes, brand new, only at a substantially lower cost. So question the seller at length upon the reasons why they are selling their craft. Every answer they give can lower the purchase price for you, as you use their very own answers to turn the deal around in your favor.
5. Once you have found a used boat or yacht that ticks all your boxes, you need to look carefully at the overall condition of the yacht or boat. Getting a knowledgeable friend to look over the yacht or boat goes without saying, certainly careful attention needs to be paid to many factors, not least of all the marine engine that is used upon the vessel. Getting a professional survey done can save you lots of heartache and headaches, make sure to use a professional marine surveyor, this will also aid any insurance claim you may need to make at a later date, if something does go wrong.
6. You can generally tell whether a craft, either a boat or a yacht has been carefully looked after just from it's appearance. If buying online, you can also tell a great deal from the written description of the marine vessel you are interested in. Are there plenty of photographs backing up the description? Does it sound too good to be true? What does the description say about the hull, the age of the craft, the engine, the rigging, the inventory, it's uses etc. If buying on eBay, look at the sellers completed items that have sold and if the individual or company has a very high positive feedback rating. Certainly eBay is a great place to quickly check out the used boat prices for yachts, boats for sale under current market conditions.
7. If you decide that you do want to make a used boat purchase, after comparing used boat prices from boats for sale by owner etc, find out about any unexpected additional costs. There is no point in purchasing a yacht or a boat if doing so takes up so much of your hard earned money that you cannot afford to use her. This is why bargaining and location of the used boat or yacht for sale makes such an important difference. For boats USA, depending on your budget, professional transport can usually be easily arranged to get your used boat or used yacht for sale to you after the deal is completed. You can expect usually to put down a 10% initial deposit. After the deposit has been paid you can then ask to take the boat or yacht out for sea trials and the final balance can then be paid when everything meets to your complete and utter satisfaction.
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