Boat Insurance Coverage
Voyager Insurance offers the following boat insurance coverage:
Hull Insurance Coverage
In order to understand hull insurance coverage you must first understand the difference between agreed value and actual cash value. Agreed Value is the fair market value agreed upon by you and the insurance company. If you suffer a total loss, your boat insurance policy compensates you for the value stated on your boat insurance policy. There is no deduction for depreciation. With actual cash value, valuation will apply depreciation at the time of your loss, often paying you less than is shown on the policy.
Protection & Indemnity (P&I) vs. Watercraft Liability
Protection and Indemnity liability is liability boat insurance coverage for you against injuries to your crew, wreck removal, negligence for an unseaworthy vessel and bodily injury and property damage coverage. P&I is the broadest liability coverage available. Limits range from $100,000 to $1 million or more. Boat Insurance liability only provides coverage for bodily injury and property damage.
All Risk vs. Specified Perils
An all risk boat insurance coverage policy provides coverage for any loss unless it is specifically excluded on the policy. A specified perils boat insurance policy provides coverage for only specific losses listed on your policy.
Navigation Limits
Boat insurance coverage can be void if you have a loss outside of the stated navigational limits on your boat insurance policy. You should make sure you have the navigational limits that you need.
Boat Insurance Deductible
Boat insurance premiums will go up or down depending upon the amount of your deductible. The higher deductible you have will mean lower annual boat insurance premiums.
Lay-Up Periods for Boat Insurance
Your premiums can be reduced if your boat insurance policy includes a lay-up period. Lay-up period is a time period when the boat will not be used. Longer lay-up periods will result in lower annual premiums.
Other Coverages in a yacht policy include medical payments, personal effects, uninsured boater, and towing. You can receive boat insurance credits for completion of boating safety courses and for having safety equipment on board your boat.
Voyager Marine will be happy to discuss any questions you may have about your policy and make sure you are adequately covered.
Voyager is licensed in all states except AK, HI, ID, SD, WY
CA Lic. #OB99487