Global Marine Insurance: Charter Boat Insurance
Due to this broad interpretation of the law charter boat owners need to carry two types of coverage. The first is Hull and Machinery, which includes the boat and its attached parts. The second is Protection and Indemnity (P&I), liability coverage. The reason for having Hull and Machinery coverage is to get your boat operational again and P&I insurance is for protect your assets if you are sued over an injury.
Global Marine Insurance: Reasons to Use a Yacht Broker
One benefit of working with a yacht broker is that they will be familiar with boat insurance rates and the type of onboard features that can drive them down. If you are buying a vessel this advice will be invaluable in terms of running costs, because a broker will also point out any ‘red flag’ features that could be expensive. Of course you will want to work closely with a specialized boat insurance company that can provide you boat insurance quotes on different yachts you are considering.
Global Marine Insurance: Boat Auction Tips
Similar to car auctions, you need to be fairly knowledgeable on the subject if you are to pick up the best deals. If you’re not, take someone along with you who knows what they are talking about. One of the biggest dangers is that you may not know the complete history of the vessel and unfortunately people that know their boat is going to be repossessed are more likely to ignore critical maintenance. You should consider getting a survey done on the boat in order to uncover any hidden damage. There is always the possibility, with used boats, that they are worth considerably less than what you pay or that the cost of repairs will outstrip the purchase price.
Global Marine Insurance: Regular Boat Maintenance
Inspections
Check the propeller on a stern-drive or outboard boat before you take to the water, making sure that its retaining nut is secure by testing it with a deep well socket.
The bilge pump is another critical piece of equipment. In the event of a swamping you will want to be able to rely on your bilge pump to remove excess water from the boat. To do this you will also want to make sure that your battery system can sustain it for a long duration.