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Boat Insurance Issues - Who's responsibility?
How the Captain can helpBoat insurance is a complex financial transaction that is normally handled by the owner. But Captains can and will get involved in various insurance issues, and it is good to be well versed in the parts of the policy you might come in contact with. Probably the biggest issue the Captain can be involved in is making sure the vessel stays within the navigation area that is warranted on the policy. In order to do this, you must require this information from the owner, or be familiar with the policy yourself. Either way, as Captain, you can make certain that the boat stays within the boundaries set forth in the policy. For instance, many policies will require a boat be North of Cape Hatteras by early summer (before hurricane season). If the boat does not comply with this warranty, coverage may be denied if there is a loss. The captain should be aware of these restrictions, in case the owner is off running his business, and forgets about them. The captain can also make sure he knows how many paid crew members are covered under the policy. Many times extra crew are required for a tournament or special event. The captain can be sure to remind the owner to add the additional crew to the policy. The captain can also be familiar with the coverage provided for hurricane haul out and assistance. Most policies will provide some sort of reimbursement coverage in the event you can be hauled and blocked pending the approach of a hurricane. Some policies pay a flat amount (for instance $1000) and other companies just pay a percentage of the haul out bill. Finally, the captain should obviously be involved in the insurance company survey, and follow up recommendations if any. He might also know when the insurance policy renews, and it is not a bad idea to have a copy on board to refer to if necessary, as many foreign countries will require you to produce a copy upon entering the country. Most owners will gladly give you this information, and welcome your involvement in monitoring these conditions of the insurance contract The owner will deal with the majority of the insurance issues, but it is good for you as a captain to be knowledgeable about the above items. I would not say that it is the captain’s responsibility to know these insurance issues, but it sure can be worth a lot to the owner if you are on top of these items. Tom Byrne J. Byrne Agency Marine Insurance 609-522-3406 What you should know before purchasing Marine Insurance
Don't assume your boat or watercraft is insured under your home owner’s policy.Know your boat or watercraft! Know all of the operational characteristics of your watercraft or boat before heading out into the water. Obey the waterway rules! No matter the size of your watercraft, you need to obey the rules of the coastguard and other marine authorities. Your waterways may have specific rules and guidelines, so make sure you read up on those that are most current. Policies differ and have their specifics, but in most cases the policy will cover you, a spouse, and any other house hold member. Your policy will cover any injuries caused by the watercraft. If you are in a collision with an uninsured boater, you can get coverage from your policy that covers any medical treatments that are the result of a collision with an uninsured boater. If any physical damage to your watercraft or boat, you will be covered under watercraft insurance. These include collision, cases of theft, vandalism, and/or fire. There are some optional coverage's you can get with your insurance policy. One type of optional coverage is called "personal effects." This added optional coverage covers any personal belongings that you may have on your watercraft or boat. These items may include camera, binoculars, clothing, etc. Lastly, take watercraft and boating safety courses. Your insurance premiums will go down and you will be safer on the water! Agency History
The J. Byrne Agency has been in the insurance business, here in Cape May County, since 1946. Over the years we have grown in this area from a small agency working with a limited number of local businesses to a substantial firm handling every type of personal and commercial insurance. Over the past 40 years, the J. Byrne Agency has grown from $100,000 in annual premiums to their present volume of 39 million.John J. Byrne founded our firm in 1946, then called Sparks and Byrne. He entered the agency business after a long and successful career with Metropolitan Life Insurance Company. Several years later, Sparks and Byrne split and the firm became known as John J. Byrne Insurance. He built a solid foundation for the firm. James A. Byrne, CPCU, President, entered the firm in 1958. A new corporation was formed - the J. Byrne Agency, Inc. James Byrne has been an active leader in business and community organizations for three decades. He has served as President of the County Agents Association as well as the Independent Agents of New Jersey. Jim holds his CPCU (Charter Property & Casualty Underwriter) designation, one of the highest levels of distinction an insurance professional can achieve. In 1982, Thomas P. Byrne joined the agency. Tom is Vice President. Tom went to Rutgers University, then to a graduate program at the College of Insurance. COMMON BOAT INSURANCE ISSUES
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J. Byrne Agency, Inc.
5200 New Jersey Ave. Wildwood, NJ 08260 Phone 609-522-3406 Fax 609-522-2844 |
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J. Byrne Agency, Inc.
5200 New Jersey Ave. Wildwood, NJ 08260 Phone 609-522-3406 Fax 609-522-2844
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