The Most Splendid Watercraft and Boat Insurance Services in Texas
Watercraft and Boat Insurance provides coverage for damages sustained by a personal watercraft on the sea. This is a general policy which has many further facets and nuances. Buying this policy is a necessity for those who own pontoons, pleasure boats, sail boats, yachts etc.
The sea is a dangerous place. There is no doubt about that. Every veteran sailor insists on safety first, adventure second. An accident can occur any time and any place in the sea. We cannot do anything for the casualties or injuries in a sea-based accident. However, any damages done to your watercraft are completely covered by Watercraft and Boat Insurance Services. It will provide coverage for physical damage done to your watercraft and equipment. Moreover, it can also cover your medical bills for any injuries you or your passengers may have suffered. You have to sign up for additional medical clause. Only then, this service is provided.
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Importance of Watercraft and Boat Insurance
Watercraft and Boat Insurance is a well-known Coverage Policy. It covers for boats and personal watercraft. Additionally, the policy offers a variety of relevant services. However, more often than not, they include towing and wreckage removal, as well as fuel spill indemnification. Sailboats, house boats and pontoon boats can benefit from this policy. You can buy coverage for other watercraft up to a certain size and value. All of these coverage’s can be provided by a competent insurance agency.
Personal watercraft’s are defined as motorboats which are less than 16 feet in length. They are powered by jet pumps, not propellers. A person or persons can stand, kneel, or sit on the deck, rather than inside the boat.
Benefits of Watercraft and Boat Insurance
1. Watercraft and Boat Insurance has many subcategories and types. All these types cover different types of watercraft. This difference is necessary because different types of watercraft’s carry different potential of risks. For example, a sailboat and a pontoon boat are completely different types of watercraft. A small sailboat cannot possibly compare in liabilities to a larger multi-passenger pontoon boat. The potential risk associated with either of them is different. Therefore, the need for difference in policies is necessary.
2. This Insurance Policy does not provide liability coverage for injuries caused in a watercraft. At least, not without additional addendum’s or clauses. New medical riders can be purchased specifically for the passengers. These riders carry a threshold of $10,000 of claim per person. However, the insurers are generally hesitant to offer these addendum’s because there is an inherent risk of fraud.
3. A Homeowner’s Insurance Policy provides limited coverage for the personal watercraft as well. But this coverage is nothing compared to the extent of Watercraft and Boat Insurance Services. Homeowner’s policy is likely enough for an amateur occasional sailor. However, someone who is serious about sailing needs a fully comprehensive insurance plan.
4. This Insurance does not provide coverage to canoes, kayaks, row boats or any such smaller vessels. This also includes jet skis.
5. A typical Insurance does not operate outside a certain area of influence. The geographic limits of the area are outlined within the policy. They often include inland waterways, rivers and lakes, as well as ocean waters within a limited miles from the shore.
6. This policy covers the equipment needed to operate a boat safely. It includes life vests, oars, snorkels, SCUBA gear and anchors. Additional coverage can be purchased for electronic equipment as part of the policy. It will cover tools such as television, GPS, radio etc.
7. Some States legally require liability coverage on certain types of boats. This includes Powerboats with more than 50 horsepower engines and the boats used in state parks or state marinas. It is prudent for boat owners to check their state or local regulations before purchasing a suitable boat insurance. Otherwise, they may be subject to penalties.
How Does Depreciation Affect a Watercraft and Boat Insurance?
This policy provides compensation for the damages sustained by a watercraft. However, the extent of damages depends on a very important factor, ‘depreciation’. Anything loses its value overtime, except perhaps gold or land-based property. Watercraft are the same. They also lose their value over time. In such cases, the insurance will provide coverage only up to the present value of the watercraft. An insurance holder may purchase additional clauses in the policy. It might provide a replacement boat if the damaged craft is within a certain number of years old.
What is the Necessity of Watercraft and Boat Insurance in Texas?
This Insurance Policy is very important in the State of Texas. Texas has the sixth longest coastline in the United States. It is also sixth in number of privately owned boats. There are major rivers, lakes, stream and bays. The insurance will insure most watercraft with motors, such as sailboats, pontoons, fishing boats, paddle boats, leisure boats and yachts. Most states do not legally mandate the watercraft to be insured. However, there are still some that do; Utah, Arkansas and Hawaii being most prominent among them. But that does not mean it is not important. Your bank would most likely refuse to give you a boat lone without insurance. Most marinas also require watercraft insurance before they allow you mooring or renting a slip.
Buy a Watercraft and Boat Insurance at Excellent Prices
SGA Financial Inc. is among the best to provide Watercraft and Boat Insurance in Texas. You can avail our services to buy the best possible policy for your benefit and set sail for the horizons.
