General information about Personal Boat Insurance / Yacht Insurance
You want to relax when you are out on the water in your boat or yacht and the last thing you want to think about is insurance. So before you go out on the water get the right marine insurance coverage that fits your specific needs. J. Byrne Marine Insurance is dedicated solely to providing the best marine insurance available.
Most agents only work to get you the cheapest price. At J. Byrne Marine Insurance we take our goals one step further. We try to find you the best coverage for your needs at the most reasonable price. It is important that you know what is inside your boat or yacht insurance policy when you are looking to protect your investment. Things to take in to consideration when obtaining coverage:
- Is your policy agreed value or is it based on actual cash value?
- Are your liability coverage needs met?
- Is the navigational territory adequate for your boating needs?
- Does your lay up period or north restriction correspond with when and where you will be using your vessel?
- Are there requirements regarding the lay-up of your boat, will you be laid up afloat or ashore?
- Who can operate your vessel or does it require a named operator warranty?
- Is there towing/medical/pollution coverage, and is there sufficient coverage?
All of these are important questions that will dramatically impact how a potential loss is covered... or not covered. Our agents are boaters and are trained to address these important issues and provide you with a policy tailored to your needs. Few agents offer the type of personal marine involvement J. Byrne Marines agents offer and we will be there to help you and service all your needs along the way. We appreciate the opportunity to review your insurance needs and look forward to hearing from you. Please contact one of our agents today to discuss your options.
Buying Considerations:
Hull coverage: This is the coverage that protects the value of your vessel. Three basic types exist: Replacement cost, Agreed Value, and Actual Cash Value (ACV). If for example your 2002 Seacraft is totally destroyed under a replacement cost contract, the insurance company will buy you a used 2002 Seacraft in like condition, or give you enough money to go buy a 2002 Seacraft in like condition. Under an Agreed Value contract, the insurance company would just pay you the amount of the policy limit, and under an actual cash value policy, the insurance carrier will pay you the depreciated value of the boat. Each type of coverage should be examined to see which type of protection fits your needs.
Navigation Area: This is normally a warranty/guarantee on most boat policies. This means that if you travel outside a specific designated area, your coverage will be voided. This will affect the premium, and will help you pick the proper navigation area that fits your needs.
Lay-up period: How long your boat is "laid-up", and not used will affect the premium as well. This is a period that you will not be using your boat. It can be laid up on the land, or some companies will allow you to keep the boat in the water during the lay up period.
Removal of wreck: An important coverage some companies will exclude. If your boat sinks in a navigable waterway, you will be required to raise the boat and move it. These expenses can be significant, and you should be aware if you policy covers them or not.
Protection and Indemnity (P&I): This coverage is liability protection for yourself when someone gets injured, or their property gets damaged due to your negligence. Boats with bigger exposures should carry higher limits to protect the owner. For instance, if you will be carrying passengers for a fee, or have a tower on your boat, we will recommend higher P&I (liability limits).
Caution: Some policies will reduce the limits of P&I for property damage in a collision to the limit of your hull insurance. This means that even if you have purchased $1,000,000 P&I coverage, if you hit a $600,000 sportfish with your $12,000 Mako, you only have $12,000 of insurance coverage to compensate the owner of the sportfish for the damages you did to his boat during the collision. We can help you find coverage that does not contain this limitation.
Caution: Many policies carry warranties such as forbidding waterskiing or racing. We can help you make sure you get a policy that fits your specific needs.
These are just some of the items we will look for when we initially do a risk survey on your boat. We will assist you in selecting proper limits for items such as towing, fishing equipment, and hull limits. We can also assist you in determining the best navigation area, lay-up period, or even assist you with survey recommendations.
You need a professional who knows boats to protect you properly.
Annual Review
At J Byrne, we strongly recommend you review your insurance coverage at least once a year. Your driving habits or living situations may have changed. Or, maybe you've made a few major purchases throughout the year that should have extra coverage. Inflation or depreciation can affect the value of your properties and their contents. Call J Byrne now to review, renew or establish your customized insurance policy that fits your world.
