In order to better protect yourself and your property, it’s a good idea to have a discussion with your insurance agent and/or your maritime lawyer about your vessel, its intended use and operation, the potential for claims and the marine insurance coverage that may be available to you.
Hidden Exclusions
Many people with significant claims after an accident, that could and/or should have been insured against and covered from, are not covered because of an exclusion or limitation that was buried in the insurance policy. These denials often could have been avoided had the person purchased a more favorable insurance policy from a different carrier. The insurance policy need not cover just the vessel, but also needs to cover you, and your passengers, in the event of an accident. If there is a serious accident, any good personal injury attorney will want to go beyond the policy limits and try to hold you personally liable.
Who, What, Where
Regarding policy options, insurers will want to know where the vessel will operate, especially in areas that are known for having a hurricane season. Other factors insurers will need to know is the type of vessel, age of the vessel, length, value, condition, location of operation, and ownership. In addition, insurers will consider if the vessel will be captained, crewed, and/or chartered. It is important to note that coverage needs to start at the time the vessel is titled to you or your legal entity. In fact, if the vessel will be in route from the manufacturer’s factory but is in your possession, you will want it to be insured.
For more information on specific types of insurance for your boat, please check back to this blog. If you have any questions or concerns, please feel free to contact me at amanda.ross@henlaw.com or by phone at 239-344-1249.