Boat Insurance Considerations
Getting boat insurance coverage differs depending on what type of boat the owner is trying to insure. Insurance for a pleasure boat or a sporting boat will be very different from a charter boat. Understanding these difference is important to making informed decisions about how to buy boat insurance is right in a particular situation.
The first thing that should be noted about insuring a charter boat is that it will require more coverage than a pleasure boat. This is because the boat represents the job and source of income for the owner. If the owner experienced the loss of the vessel they would also lose income. Not only income but there could be secondary losses as well. The owner could lose customer contracts, making refunds to passengers, and loss of expected income. These things all influence the insurance needed for a charter vessel.
The main purpose of a charter boat is to carry passengers in exchange for a fee. The purpose of the short trip varies from boat to boat, it could be a day fishing trip or a sight seeing trip. Just having a third party on board the boat presents some liability risk for the boat owner. This is especially true if the boat is involved in an accident with a passenger on board. This could open up the boat owner to person injury lawsuits, property damage, negligence lawsuits, and many other financial risks.
For these reasons an owner of a charter vessel needs to have insurance that protects damages to passengers and by passengers. Insurance that would make sure any injury sustained by a passenger in an accident could protect the owner from lawsuits at a later date. Having passengers aboard the vessel can also create a risk of damage to the boat itself. Insurance against broken equipment, excessive wear to the interior, and vandalism will all be very valuable to any charter boat owner.
Why Get Boat Insurance
Just like any investment a boat is a very expensive and valuable things you own. That by itself is a reason to have insurance that will protect your boat. But one of the things that most insurance agents won’t tell you about is the risk of piracy on your boat. The number of attacks on water vessels seems to be rising every year. In 1999 alone worldwide piracy attacks rose by nearly 40%. If you look at the figures between 1991 and 1998 the number of attacks has nearly tripled as recorded by the ICC International Maritime Bureau on London (IMB).
The IMB conducted a report in 2000 that documented the property losses that were due to piracy attacks and that figure totaled over $200 million dollars a year. There also seems to be an increase in the use of weapons in these attacks. These days it is not unusual for a pirate to have the most sophisticated weapons that money can buy, so your personal safety and property needs to be insured. Internationally there are a large number of deaths and serious injuries linked to piracy every year.
Modern day pirates in this day and age are unlikely to be hoisting a sword or have a wooden leg but they are just as dangerous. Mostly these criminals are very ordinary looking people captaining very ordinary looking vessels. It is not unusual for them to be aboard the target boat before anyone realizes that something is wrong. The goal of a modern day pirate is one of three things, rob the crew, rob the vessels of its cargo, or hijack the whole boat.
Of course if you plan on taking your boat out traveling on international waters then you are placing yourself at greater risk for a piracy attack. Having the best boat insurance coverage you can get is necessary to make sure you are protected. This policy should cover all goods, cargo, and cash in addition to the boat itself. Having the best insurance you can afford will ensure that if you become a victim of modern pirates your expenses will be covered.
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