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Home | Finance | Insurance

Boat Insurance

By: Melissa Rice

The delight of possessing one's own boat is perhaps unparalleled in the world. The experience is such that it makes us reminiscence about previous times when man was the superior leader of his dominion being the commander of his ship.

In present times, there are countless places where a layman can be dominant and take control of his fate, and a boat is perhaps one of them. But the possession of a boat comes with its own perils and costs and insurance is extremely important so as to protect such an expensive possession.

Two major aspects of boat insurance include legal responsibility or security and insurance along with property loss. Boats are somehow managed in the same regard as automobile or home policies in certain aspects.

Upon insuring a boat for liability, an individual receives a guard against damage to another person's possessions caused by the boat. Provisions for lawful protection are also offered, considering that one gets charged for something that is guarded by the boat insurance.

On the other hand, there are particular differences between automobile policy and boat insurance policy regarding loss and damage insurance. The basic coverage for loss would either be "actual cash value" (ACV), or "agreed upon" value.

Boat insurance, which is "agreed upon" for value, has a cash value printed in the policy, which is the total amount to be remunerated for absolute loss. "For new" prices are used for limited damages, which means that no reduction is imposed, except for high wear material like sails and certain machinery. This perhaps is an over-expensive substitute to cover a boat.

On the other hand, an authentic cash value policy is indicative of the fact that if a boat goes through a complete loss, the individual would acquire the current market price, exclusive of the deductible and reasonable diminution related to the age and condition of the boat during loss.

Article Source: http://bytepowered.org/articles

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