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.
Global Marine Insurance: Used Boat Shopping Tips
When buying a used boat, just as when purchasing a used car, there are several basic points to remember, including the fact that boat insurance rates vary, depending on the type of craft being purchased. Be sure to check the boat out in order to avoid landing yourself with a bad investment or worse still, a dangerous craft that could leave you stranded on the water.
Global Marine Insurance: Living on Your Sailboat – Pros & Cons
Expenses are another area that demand careful consideration typically when you purchase a yacht financing will allow you to pay for it over a maximum of twenty years vs. thirty years for a home. If you are trying to stretch out your payments this could make your month-to-month living expenses higher than a home that’s the same price. On the other hand boat insurance rates are often lower than home insurance and it’s likely that the property tax will be lower as well. Of course you should plan for maintenance expenses and depending on the age of your boat they could vary significantly. Older boats may cost less to purchase but their maintenance costs can be significantly higher than a new boat.
Global Marine Insurance: Buying Your First Boat
Buying a boat is an exciting time, but it could easily become one of the biggest investments you will make besides your house, so it’s a good idea to bear a few things in mind before you set off for the showroom, auction or craigslist. Here’s some food for thought while you look for your […]
Global Marine Insurance: August 2012 Boat Shows & Auctions
If you are waiting for August to get a great deal on a 2012 model boat or eager to attend a large boat show and see everything that there is to choose from these are some excellent events to consider.
Global Marine Insurance: August 2012 Boat Festival Vacations
If you are trying to sneak in a late family vacation these 2012 August boat shows and festivals will not disappoint. For the ultimate vacation fun you may want to consider bringing your boat or if the distance it too far charter a boat and enjoy a once in a lifetime adventure. If you are considering traveling with your boat this summer make sure to check with your boat insurance company to ensure that you have ample boat insurance coverage. Features like on water towing and roadside assistance are automatically included in some boat insurance policies but not all so it’s best to double check before hitting the road with your boat in tow.
Global Marine Insurance: Things to Know Before You Go Boating
Before you boat there are a few things you should know including what condition your boat is in, what the forecast is, where safety items on the boat are located, if your passengers can swim, the maximum capacity and familiarity with the area where you will be boating. Taking the time to complete these simple steps can ensure that you will have a great boating experience. Here are some tips to help you brush up on the things you need to know before you boat.