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If you operate a charterboat you will need to find adequate commercial boat insurance coverage. The law places a large responsibility on the owner of the vessel, extending beyond any property that may be damaged by the boat to include any damages created by negligence which has been interpreted to include any situation where staff or a passenger are unintentionally hurt.

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.

When you are working with an insurance company make sure to share details about your business including what time of year it is operational, the different activities, and the locations in which you work. Boat insurance agents are often able to grant discounts for lay up periods when the vessel is in storage. You may also receive a better insurance quote if your boat is kept in a safe marina or has specific safety features.

When shopping for a Hull and Machinery policy look for an independent US domestic company that can place your policy with the boat insurance company that best meets your needs. Only consider insurance companies that hold a rating of at least an “A-” and consider coverage that is all risk and pays based on an agreed value, rather than covering only specific hazards, as this will normally be a better deal.

Some other important things to keep in mind are to select an experienced agent to work with that specializes in boat insurance. A specialist will have the necessary knowledge to help you obtain the customized policy that you need and will likely be able to obtain it at a better value. Also pay close attention to the deductible, higher deductibles mean lower premiums but they also leave you vulnerable to large out of pocket expenses should you need to file a claim. To obtain a charter boat insurance quote click here or call 1-800-748-0224.

Charter Boat Insurance

Charter boat captains get to share their love of the open water and fishing expertise with those who don’t often have the opportunity to track and catch the big ones. Charter boat insurance can help you protect your vessel and yourself while you focus on the task at hand. Whether you own and operate a six-pack or a smaller vessel, Global Marine Insurance Agency’s commercial underwriting specialists can help you get the coverage you need at a price you can afford. To receive a charter boat insurance quote, please contact us.

Charter Coverage Options

For charter owners, having the proper coverage for your boat or boats is a vital component in how you are able to run your business. Appropriate, but highly priced coverage can have almost as big an impact on your business as a lack in coverage can. At Global Marine, we understand the specific requirements and exposures charter owners and operators face when it comes to commercial boat insurance coverage as well as the need for that coverage to remain affordable. At Global Marine, we’ll work with you to find charter boat insurance that fits your budget and offers the coverage you need to effectively protect your business.

There are a variety of different coverage options to consider when it comes to charter boat insurance. Some of the most important include:

  • Hull Coverage – Protect against damage sustained to the hull, engine, navigation and other equipment
  • Protection & Indemnity – Coverage for legal liability for loss events occurring on a watercraft which is navigated by you or an authorized employee
  • General Liability – Protects a business from alleged bodily injury, personal injury, property damage liability claims, including services rendered and products sold
  • Bumbershoot Coverage – Protects against larger, catastrophic liability claims

To learn more about the commercial boat insurance coverage options or to request a charter boat insurance quote call Global Marine Insurance at 800-748-0224 today.

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