If you are a boat owner, you should also know as much as you can when it comes to maritime law. You should know that maritime law defines the responsibilities of the owner, as well as the boat operator, when navigating on the seas.
If you are both, then the smart move for you is to get charter boat insurance. This gives you assurance that if something unexpected happens to your boat, the insurance provider will help you cover some of the costs, if not, all of it.
Selecting the right charter boat insurance policy is very important to you as a boat owner and charter boat operator.
You should know whether the situation applies for the coverage or it will only give the people involve the impression that you were negligent.
It may be costly on your end but if the boat insurance policy states that the incident is covered, then you don’t have to worry about the bill that will burn a hole in your wallet.
But the question is, how can you then identify which components should be included in your charter boat insurance policy? Well, first of all, you need to identify your business activities as well as the risks that are involved when you operate your boat business.
In the following paragraphs are the information that you will need to help you decide on which boat insurance to get.
You have to look at the hull and machinery clause. This pertains to the coverage of the vessel and all its parts. The main purpose is to quickly get your boat operational as soon as the accident occurred.
If you can afford to get a kind of charter boat insurance policy that provides this feature, then make sure that it can sustain the combustion or sinking and collision of your boat, the boat engines, deck machinery, and electronics of your vessel, and the coverage for your engine just in case it breaks.
Another thing you need to look at is the Protection and Indemnity Clause. This clause allows you to pay for your passengers and other people who suffered injuries or personal property damages when they were aboard your vessel.
The following are the basic clauses that are included in your charter boat insurance that you should really check whether your plan has. The most important thing is the coverage limit.
Since your charter boat is a business, its worth determines how much the insurance provider can cover for you.
Along with the coverage limit is the shore excursion. If your insurance policy does not have this two basic insurance features, then you should definitely get another one.