What is Watercraft Insurance?

Buying a sailboat, yacht, jet ski, or other watercraft can be an exciting experience. Once you have set up your new boat, you should consider purchasing watercraft insurance to protect against damages. There are many good reasons to invest in this type of insurance.

There are many states that currently require boat owners to purchase insurance. One of the factors for this is the increasing number of property damage cases involving boats and watercrafts. Even if watercraft insurance is not a requirement in your state, it is usually a good idea to purchase some type of policy.

When discussing a watercraft policy with your insurance agent, you want to look for a policy that includes comprehensive coverage. In other words, the watercraft insurance policy should cover liability, theft, physical damage, medical payments, motor, trailer, docking fenders, boat covers, as well as any communication devices that you may have.

Although it is true that this insurance can be costly to obtain, many boat owners are entitled to certain discounts on their policy. These discounts might include reductions for having a new boat, an automatic fire extinguisher, and/or a burglar alarm as well as having completed an approved boating education course. Your ship-to-shore ratio may entitle you to further discounts on your watercraft insurance policy.

Like shopping for auto insurance, it is important to compare the rates offered by different companies before you make a final decision. A good place to start is with your current insurance company, which will usually offer discounts for having multiple policies with the same agency. Watercraft insurance is also offered by many automobile insurance companies, or these companies may be able to refer you to an insurance agent who specializes in boat policies or to another reputable marine insurance company. If you are shopping for a company on your own, be sure to check the Better Business Bureau so that you don't get ripped off.

Staying Afloat With Good Boat Insurance

There is nothing worse than looking forward to a great day on the lake, only to find that you failed to obtain quality boat insurance. Not unlike a car, the fact is boat can have accidents and issues as well. There are many things that can go wrong and spoil the day out with the family on the water.

Buying protection for your expensive investment not only makes sense it is the law. You need to have valid boat insurance if you plan on taking your vessel out on public waters. This does not include private lakes or waters way, yet it is still a good idea to invest in quality boat insurance to protect what you own.

Fire Coverage

It may seem silly to some that someone would want to add fire damage to their boat insurance. The fact is however, fire is always a prevalent possibility. This could happen in number of ways and regardless of the way it starts, it will still ruin your boat. Good boat insurance is designed to help protect your vessel from issues like this whether it is when you are docked, or you have an unfortunate collision with another boater. The protection is there and will serve you whenever you actually need it.

This protection is something that you should not put off, as it is easy for something to go wrong each and every time the boat is out on the water. One of the most common occurrences of fire on a vessel is when the boat is being fueled up.

Theft

Theft is a very common thing when it comes to boats. Quality boat insurance is something that is going to help keep you from becoming an unfortunate victim of this crime. It does not matter if your boat is docked, in a boat house, or even on the trailer. The possibility of the boat being stolen is always present. Protecting yourself with a good policy, is your best measure of defense along with security measures. Protect your boat from someone else's desires to make your day a bad one and invest in a quality boat insurance policy today.

You will submit the information to the broker and the broker will be ready to start making provision to have you compensated through the terms of the policy.

Vandalism

Vandalism is another popular and very costly issue that affects boats everywhere. With a quality boat insurance policy, you can have the boat redone and brought back to original condition like it was never touched. This is something that you simply should not be caught without. The amount of money to repair or replace a vandalized boat could easily go to something else. This is something that can be prevented by having sound security measures, yet this is not always enough. This is why boat insurance is something that could be considered the icing on the cake. Look into it today and protect what you own.

Coverage For Your Vessel With Boat Insurance

If you are a boat owner you obviously know the importance of keeping your vessel safe and operational, this why so many people today are looking into boat insurance. This type of policy is specifically designed to protect your water craft and allow you fun on the waters without hassle. While there are different types of boats on the waters, each one will need to have a policy to ensure that it is safe and protected from possible mishaps.

Anything can happen where a boat is concerned. You can have a collision with another boat, or you can have a collision with a dock. There is also the possibility of fire, theft, or damage.

Worth The Minimal Cost

One of the benefits about boat insurance is that it is actually quite cheap to purchase. A policy for someone that is a seasonal boater can be very inexpensive. While it may be a little more costly for someone that lives in a warm region year round, the cost to secure this boat is still quite reasonable.

One of the most important things to keep in mind with this type of insurance is that due to the chances being low of collisions opposed to cars the cost to keep a policy for your boat is low. It is not impossible to have a collision with another boat, yet the chances are minimal. This is what keeps the cost of boat insurance so low. The demand for this insurance is much lower than that of automobiles and the accident rate is considerably lower.

Variable Policy Terms

The interesting thing about boat insurance much like motorcycle or other sport craft is that the terms can be flexible. This is because many people live in regions that have seasonal change. It is not practical to operate your boat in cold snowy conditions of northern regions. For this purpose the insurance brokers offer shorter terms for polices. This makes managing the policy very simple and you will not have to worry about paying out through the entire year.

For those that live in the warmer areas, you can usually find great rates to offset the fact that you have a yearly policy. This keeps things on the cheap side and you can still appreciate your boat without worrying about not having coverage.

Most Major Carriers

When you are looking for a good boat insurance policy, you will not have to search very heard. The fact is most of the larger insurance carriers will cover boat insurance, along with their usual suspects like homeowner, and auto insurance. Take some time to browse the website of some of the companies and see what they are offering in terms and rates for what you need.

The Cost of Boat Insurance

There are three factors that are most commonly used to determine the cost of boat insurance coverage.

One of the first questions that will be asked is the size of the boat. The agent is looking for the length, in feet, of the boat that you want to insure. The size is used in order to determine the basic starting premium. On average, the premium for, let's say, a 25 foot boat will be somewhere between $300 to $500 per year, depending upon where you live and depending upon the deductible that you choose to have. Of course, the higher the deductible, the lower the premium.

Then the age is taken into consideration. The cost above is for a new boat. When looking to insure an older boat, the premiums can be considerably less. It is also worth noting that some insurance policies will separate the motor from the boat and that mechanical issues will not be covered on a motor, just like it wouldn't be for your automobile. But, since motors can be newer than the boat, they are often insured separately, and the HP, as well as the age of the motor will also be taken into consideration.

Finally, the number of fixtures that you have on a boat will be assessed. Some yachts, for example, can have a ton of expensive accoutrements. Even a bass boat can have a quite expensive fish finder, live well, GPS and other accessories permanently affixed. A bimini top can set you back a good $500 to a couple of thousand, dependent upon the size of your boat and the coverage and quality of the top. You may have upgraded the seats or have added Tilt & Trim. All of these accessories can add to the total premium of your boat insurance.

Most boat insurance will also cover theft of the boat and may or may not cover the trailer. If you keep your boat in a slip and don't have a trailer to insure and are not transporting it to area lakes, then your policy could cost you considerably less.

You also want to keep in mind that sea-faring boats are going to cost more to insure as they are more at risk from unpredictable weather and wave damage. Lake-going boats are not considered to be at such risk. Restored antique boats will also fetch a high premium, as will personal watercraft due to the dangerous nature of the craft and the incidents of accidents and death as a result of personal watercraft usage.

Basically, each individual policy will differ, as it does for your car. Check first with your automobile company. A boat may qualify you for a multi-vehicle discount, but more than likely your auto insurance company will offer boat insurance through a partner that will not allow you to claim that discount. Also shop around. If you are completely happy with your auto company it may be worth it to pay a little higher premium, but in shopping for boat insurance you might find an auto policy with the same or better benefits for less.

The Importance of Boat Insurance

Every boat owner who values their boat knows how important it is to make sure you have the proper amount of insurance coverage just in the event that something were to happen to it. With a boat, just like with a car or home, accidents can happen. And it is important to make sure that such a valuable investment is covered in case of a mishap.

When you finance a boat, most of the time the lending company or financial institution will require that you insure your boat just like they would if you were purchasing a car or house. This is because they have as much to lose as you do. Having insurance coverage protects both them and you in the event that something should happen to the boat.

As with other insurance policies, the premium costs for boat insurance will vary depending upon various factors. Those factors include age, gender, type of boat, how old the boat is, and the location that you live.

When you purchase boat insurance, you should be sure that your coverage includes the following:

Physical Damage Coverage - this makes sure that the insurer pays you for the repairs or the replacement of your boat in the event of: storm damage, lightning, fire, theft, and vandalism. This coverage should cover the boat, the motors, engines and the boat trailer.

Liability Coverage - this covers the damage done to another vehicle if you are involved in an accident.

Uninsured Boat Coverage - this covers your boat's repairs or replacement in the event that there is a collision with a boat that is uninsured or whose insurance may have expired.

Passenger Medical Coverage - this covers medical expenses of people who get injured while on your boat.

Towing and Assistance Coverage - with this coverage, you will get reimbursed for costs incurred if you required emergency assistance. For example, if your boat breaks down and you have to be towed in to port, or if you paid for someone to repair your engine, etc.

Boat insurance is important. If you own a boat, do not take that investment likely. If you do not presently have boat insurance, find an insurance company that can help you get the proper coverage for your boat.

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Types of Security Guard Insurance Coverage

Security guard insurance is vital in today's business environment. It protects both security guard agencies and the companies they safeguard. There are various policy endorsements available to security guard companies and adding some or all of the following available options can provide the full protection needed in this high risk industry.

Assault & Battery

Security guard insurance can include clauses to cover guards in the event they are accused of assault and battery while in the course of their duties. Assault and battery is a crime whereby a person makes physical contact with another while also threatening that person in some way. For guards this could be a person alleging the use of unreasonable, physical force.

Broad Form Property Damage

Broad form property damage is the general commercial liability portion of security guard insurance. It is the principal form of insurance coverage and provides extended protection over basic potential causes of loss or property damage to a client's property or even the inability for client to use that property.

Error & Omissions (Professional Liability)

Error & omissions insurance is also known as professional liability insurance, and it is an important coverage option for security guard insurance. It protects the company against claims of financial loss due to failure or negligence while delivering professional security services. In particular, this insurance feature protects the business with regard to legal defense fees and any settlement expenses incurred.

Personal Injury

Security insurance should also include protection for personal injury risks including libel, slander and false arrest. Some policies now specifically exclude false arrest claims. Personal injury endorsements will indemnify the security company from accusations of false arrest or detention by a hired guard as well as libel or slander claims.

Incidental Medical Malpractice

Many general liability policies cover bodily injury; however, they do not include incidental medical malpractice. In a situation where a guard offers first aid while on duty, this coverage will protect against a claimant alleging medical malpractice against the guard and his employer.

Invasion of Privacy

Invasion of privacy risk coverage supplies security companies with peace of mind from being sued for misusing surveillance methods or systems. Some causes of action have been brought against guards and security company employers using CCTV camera footage for voyeurism or discrimination so having this protection is necessary.

Malicious Prosecution

Malicious prosecution is a civil or criminal proceeding action that is brought against an individual or company without probable cause and for reasons other than bringing that person or business to justice. Security guard insurance coverage for this risk will protect guard companies from being sued wrongly and guard against frivolous claims.

FAQs About Long-Term Care Insurance

Long-term care insurance is a relatively new idea in the insurance industry but its necessity ranks up there with disability insurance and life insurance. But since it is such a new product on the insurance scene, there are still many questions that surround long-term care (LTC) insurance and its necessity. Here are some of the more common questions you can expect to be asked about this insurance product along with some great answers to those questions.

Should I consider purchasing a long-term care insurance policy?
If you are at least 45 years of age, you should consider purchasing a LTC insurance policy. This should be part of your overall insurance portfolio along with life insurance and other insurance that you need. However, you should evaluate your insurance budget. If you only have a budget that will cover a comprehensive life insurance policy, do that first. Prioritize your insurance needs and don't put yourself or your family into a financial hardship just to purchase a long-term care insurance policy.

Won't Medicare and Medicaid pay for my long-term care?
These two programs are designed to help low-income people who are qualified to take advantage of the services. However, both of these programs have limits to coverage and they also require co-payments and other financial requirements. You should not depend on these programs to take care of you on a long-term basis if you want to leave behind any assets for your family or heirs.

Doesn't my medical insurance policy cover long-term care?
A medical insurance policy is typically limited to short-term care. If you have an injury or illness that requires medical attention, your medical insurance policy will likely cover it for a certain time. Once you start healing or reaching the maximum payout of your insurance coverage, you may not be able to have the medical services paid for. Medical insurance is designed for treatment with a foreseeable end date. LTC is designed for daily living expenses and medical care that has an indefinite end date.

How much long-term care insurance should I buy?
When deciding on a long-term care insurance policy, there are typically two factors to consider. The first factor is the amount that you can afford to pay on your premiums. The second, and possibly more important factor, is determined by the daily rates of where you would want to stay if you ever need to take advantage of your LTC policy. Assisted living facilities charge less than nursing homes but rates are different depending on which facility and the geographic area in which you are staying. You will have to do some research to determine how much long-term insurance care you will need. As an insurance agent, you can help your clients determine the amount of insurance to purchase based on these factors.

These are just a few of the common questions that people often ask about long-term care insurance. By knowing what questions to prepare for, you can equip yourself better for each meeting that you have with a client who is interested in purchasing insurance.