When you purchase a yacht or a boat, you are making an investment that far supersedes the initial purchase price of your watercraft. Experts, like those at HILB Group of Florida, advise that you take the same investment in your boat as you do your standard transportation, making sure it protected in case of loss. It doesn’t matter if you have owned boats for years or you are just starting out in on a journey to purchase a boat, you need to know the many advantages of marine insurance.
Common Causes of Loss
Most boaters or yacht owners don’t understand the full extent of the pitfalls that can create a financial loss with your prized possession. The common causes of loss are generally what are included in a comprehensive marine policy, so knowing what protections you are being offered equates to understanding the benefits.
- Physical damage. Repairs for physical damage originating from a variety of weather-related incidents like hail, wind, rain, and lightning are covered.
- Property Damage. The costs to repair property that was damaged due to an incident with your boat may be covered.
- Emergency Assistance. If your boat requires emergency assistance, fuel delivery, or towing services to a repair location, a policy may cover the complete expense or have a small deductible.
Investing in an insurance plan is a way to protect your hobby and your watercraft. The advantages of insurance are many when weighing the financial costs of not having it.