Marine Insurance Policies

Marine Insurance Policies

Boating is an enjoyable activity, whether you experience the open sea from a sleek sailboat, a 70 foot mega yacht or a small power boat. Owning and operating your own vessel is exciting, exhilarating and entertaining. But it's also a big responsibility. And while there are many pleasurable hours ahead for rolling up your sleeves and taking in the sunshine, securing quality, dependable marine insurance is a necessity and something you simply cannot afford to skip. Besides, with the high cost and uncertainties surrounding the marine industry, for the uninsured, even a small mishap can be financially crippling.

What is Marine Insurance?
Marine insurance protects a wide variety of watercraft and related items from loss or damage. Almost any kind of vessel can be insured including sailboats, motor yachts, mega yachts, personal watercraft like jet skis, even a dinghy. In most states, including Florida, boat insurance is not a requirement, unless you are making payments on a loan. While that may be true, at the very least, liability insurance is highly recommended. Besides, most marinas will not allow you to keep your boat on premises without being covered.

Cost & Coverage
Boat insurance or yacht insurance is different from automobile or home insurance simply because each policy is unique. In determining cost and defining coverage, marine insurance policies typically take into consideration several factors, including the type of vessel you have- whether it has a motor or not, its age and condition, length and speed and current value. In addition, it's important to determine if there are more than two owners and if the boat is used as a primary residence. In most cases, boat insurance protects your vessel from theft or hijacking, collision, sinking, overturning, pollution and other environmental issues.

There are basically three types of coverage: Bodily Injury Liability, Property Damage Liability and Physical Damage. With liability coverage, any injuries to people or damage to property from an accident you caused is covered. For instance, if you hit the dock or damage a piling, with Miami boat insurance, you're covered. Physical damage covers damage to your own boat and its trailer.

Generally you can get one of two types of boat insurance: agreed value or actual cash value. The primary difference between the two is depreciation. In other words, with an agreed value policy, your coverage is based on the boats value at the time the policy was written. These types of policies tends to be a bit more expensive but in the long run, may end up saving you money as there is no depreciation for a total loss of the boat. With an actual cash value policy, the up-front costs are less, but depreciation is involved, meaning your policy will only pay up to the market value of your boat at the time you declare.

Choose Only Dependable, Trustworthy Insurance Providers
Remember, simply because there are several marine insurance providers to choose from, does not mean they are as dependable as one another. Coverage varies considerably between companies and while cost is an important factor to consider, it's not the only variable involved. Choose your provider carefully and stay with dependable companies you can trust like B.I.A. & Company. Get peace of mind that comes from knowing whether you need Fort Lauderdale yacht insurance or Miami boat insurance, you're protected- and in the event you need benefits, you can get them.

Marine insurance is a safe bet for all types of water craft. Whether you enjoy a leisurely Sunday afternoon trolling or you operate a high powered yacht- it's safety, security and it just makes sense.

If you're looking for Marine 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 Marine Insurance quote today! BIA & Company offers the best rates on Marine 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.

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