Boat Insurance Florida Q&A

Boat Insurance Florida Q&A

Whether you spend weekends fishing off the Jupiter inlet or you cruise the Palm Beaches in your luxury yacht, you still need quality Florida boat insurance to protect yourself and your investment. With so many options available and different types of coverage, it can get overwhelming fast. Take some time to read through a few common boat insurance questions and get the answers you need to make informed choices when and if you decide to purchase boat insurance.

Boat Insurance Florida - Boat Insurance Miami - Marine Insurance Ft Lauderdale

Is Anyone I Let Drive My Boat Covered Under My Boat Insurance Policy?
Typically, with most boat insurance policies, anyone who has your permission to drive is covered. However, there are some exceptions. With many high speed performance boats or mega-yachts there are often "Named Operator" endorsements. These are additions to a policy that state specifically who can operate the vessel. Obviously, only those listed are covered.

Is My Fishing Gear and Scuba Equipment Covered if it's Stolen?
Florida is home to some serious fishing expertise and along with it, expensive gear. While most policies have a maximum limit for personal property coverage, you can buy fishing equipment insurance. Your Miami or Ft. Lauderdale boat insurance policy will reflect the additional coverage if you choose to purchase it. For the professional, you can even add tournament reimbursement and related expenses insurance to your standard boat insurance plan. That way if you are unable to attend a planned tournament, you are reimbursed for entry fees and related expenses.

What is the Difference Between Agreed Value and Actual Cost Value?
One of the most important things to decide before purchasing your Naples boat insurance is how you would like to be paid in the event you collect benefits. With an Agreed Value policy, you decide ahead of time how much your boat is worth. In the event of a total loss, you are paid the agreed value, regardless if actual value is less or more. In some cases, an agreed value policy is beneficial, in other cases, not so much.

An Actual Cash Value policy is a little safer, giving you the actual market value of the boat at the time of a total loss. However, most insurance providers will pay you the insured value or the actual cash value, whichever is lower.

What is Replacement Cost?
You've invested a lot of time and money into your boat. You want to get it back in the event someone damages it or it's stolen. Replacement Cost ensures you can replace your boat with another exactly like it. This type of policy is generally restricted to new boats and can only be purchased for three years after you buy. After three years, your policy reverts to either Actual Cash Value or Agreed Value.

Does an "All Risk” Policy Mean Everything is Covered? Interestingly, all risk policies generally have very long exclusion clauses. And Florida boaters in particular are familiar with damage created by destructive winds or even heavy rains. When choosing boat insurance, whether it's for Coral Springs or Miami, be sure to learn what is excluded from your "all risk” policy. Many specific named perils like hurricanes, fire even lightening are excluded from coverage.

Why is Cost Not the Only Variable to Consider When Purchasing Boat Insurance?
Simply because a provider offers the same coverage as another does not mean they are as dependable. Always make certain to choose only trusted boat insurance providers for delivering benefits on time. At B.I.A. & Company, we've worked hard to build a reputation with Floridians for quality service and we're proud to be one of the leaders in Florida boat insurance. Serving Miami, Ft. Lauderdale, Naples, Jacksonville, the Palm Beaches and even the Florida Keys, we look out for you every step of the way.

BIA & Company offers the best rates on Boat Insurance in Miami, Ft Lauderdale, Homestead, The Florida Keys, Key Largo, Coral Springs, Jupiter, St. Augustine, Kendall, South Miami, Coral Gables, West Palm Beach, Hollywood FL, Naples, Ft. Myers, Fort Pierce, Sarasota, St. Pete, Clearwater, Tampa, Cocoa Beach, Jacksonville, Orlando, Daytona Beach and Palm Coast. If you're looking for Yacht Insurance in Miami, Ft Lauderdale, Homestead, The Florida Keys, Key Largo, Coral Springs, Jupiter, St. Augustine, Kendall, South Miami, Coral Gables, West Palm Beach, Hollywood FL, Naples, Ft. Myers, Fort Pierce, Sarasota, St. Pete, Clearwater, Tampa, Cocoa Beach, Jacksonville, Orlando, Daytona Beach or Palm Coast, then contact BIA & Company for a free Yacht Insurance or Boat Insurance quote today!

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