Marine Insurance for Your Boat

By: william clark

Boat ownership is usually either for pleasure or business, and sometimes both. From a small sailboat or motor boat to relax or host fishing trips from to large luxury yachts, marine insurance or boat insurance provides important, sometimes required, financial protection for your investment.

The ocean can be very unpredictable. While on the water, a boat can be subject to many hazards that could cause severe damage and possibly render the boat disabled. Marine insurance provides protection from the cost of damages to your boat, ship, or other water craft. Since boats come in many shapes and sizes, boat insurance must also be a very adaptable insurance policy. In addition, when a boat is purchased on a loan, marine insurance will be required by the lender to ensure the loan is paid for even if the boat is damaged or destroyed.

There are two basic types of boat insurance, and each offers a different level of coverage. The most comprehensive form of boat insurance is called hull coverage. Hull coverage protects the boat or ship structure from damage by covering the costs of repairs in the event of a covered accident.Marine insurance with hull coverage can be adapted to any sized water craft and the coverage can extend to everything onboard. Of course, the more expensive the boat and the contents, the more expensive the coverage will be. Marine insurance with hull coverage takes into account the fact that boats depreciate in value and insures the boat for the replacement value while taking into account how much is still owed.

If the boat is paid off, there is no need to pay for expensive boat insurance with hull coverage. While boat insurance with hull coverage may still appeal to some boat owners, a less expensive option is marine insurance with only liability coverage. Marine insurance with liability coverage pays to fix damages done to others and includes property damage and bodily injury coverage. Liability coverage is important because it protects the policy holder from the costs associated to lawsuits as well. Marine insurance with liability coverage also pays for the removal or salvage of a boat in certain situations, including fire, sinking, fuel spills, and grounding.

Finding the best marine insurance for your boat or ship can be very time consuming since there are so many factors that go into creating a boat insurance policy. Independent insurance agencies can shoulder much of the workload by shopping for the best marine insurance with their partner insurance providers. They have the ability to take the time to understand your situation and build the best marine insurance policy for you and your boat or ship.

About Boardwalk Insurance: Boardwalk Insurance Group is licensed to write marine insurance and boat insurance policies in over half the United States and has many other insurance solutions available through its affiliated insurance providers. For More Details visit

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Boardwalk Insurance Group is a rapidly growing Independent Insurance Agency system in the United States. Learn More at Marine Insurance

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