Watercraft Insurance: Rough Seas? - 04 Sep 2009 18:05
If getting away for the weekend means river, dam or coast, you’ll understand the importance of watercraft insurance. Without it you could be out a lot money in terms of damages – not only to your own vessel, but medical expenses for those on board, repatriation and salvage costs.
Typically, watercraft insurance protects you from accidental damage, theft and claims made by third-parties. This includes loss or damage to the motors, machinery or batteries in the event that accidental damage or sinkage occurs. Medical costs for people injured as a result of a watercraft related injury are typically covered as well.
Watercraft include yachts, catamarans, dinghies, motor boats, rubber ducks and jet skis. Like car insurance, these include a excess fee to be payed out in the event of a claim.
According to some insurers, you need specialist cover to protect your watercraft if it used for professional purposes such as races and competitions. Most conventional, direct watercraft insurance policies stipulate private, domestic or pleasure use of the vehicle. This is because the event of a collision or damage is less likely when you’re bobbing on the Vaal than if you’re ramping waves in the Argus.
If getting away for the weekend means river, dam or coast, you’ll understand the importance of watercraft insurance. Without it you could be out a lot money in terms of damages – not only to your own vessel, but medical expenses for those on board, repatriation and salvage costs.
Typically, watercraft insurance protects you from accidental damage, theft and claims made by third-parties. This includes loss or damage to the motors, machinery or batteries in the event that accidental damage or sinkage occurs. Medical costs for people injured as a result of a watercraft related injury are typically covered as well.
Watercraft include yachts, catamarans, dinghies, motor boats, rubber ducks and jet skis. Like car insurance, these include a excess fee to be payed out in the event of a claim.
According to some insurers, you need specialist cover to protect your watercraft if it used for professional purposes such as races and competitions. Most conventional, direct watercraft insurance policies stipulate private, domestic or pleasure use of the vehicle. This is because the event of a collision or damage is less likely when you’re bobbing on the Vaal than if you’re ramping waves in the Argus.