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Boat Insurance Insurance Coverage

Insurance Considerations for Liveaboard Boaters

You are finally doing it; you’re realizing your dream and making the move from sticks-and-bricks to hull-and-deck living. Even if you have years of operating a boat for leisure, there are a few unique issues involved when deciding to make your boat your dwelling. Liveaboard boat insurance cost considerations are an important factor for people who choose to live either full time or for a significant portion of the year on their vessel.

The Impacts of Travel on Coverage

The extent you intend to travel plays a role in the types and levels of coverage you will need. For instance, staying docked for much of the year has a different risk profile than being out in open waters for long stretches of time. For those who opt to live and travel seasonally, it is important to acquire a policy that provides appropriate coverage for the times you are aboard versus onshore.

The Impacts of Location on Coverage

Another important element in determining policy costs is location. If you plan to stay in warmer climates year-round, you will not run into the same weather exposures and vulnerabilities experienced in cold weather climates. Likewise, additional protections will be needed if you intend to travel in international waters and dock in foreign countries.

Living aboard your boat can be an amazing experience, providing you with plenty of adventure while reducing your cost-of-living expenses. Making the right insurance decisions ensures you are adequately protected when you move aboard and allows you to live your dream.

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Boat Insurance

The Importance of an Insurance Plan for Boat Builders

Boats and yachts must be expertly constructed to meet the demands of sailing and withstand the harsh conditions of the sea. As design and construction standards increase, the process becomes riskier and more complex. The manufacturers of these vessels not only continue to improve their materials and techniques but also their insurance coverage. Learn more about why boat and yacht builders rely on insurance plans specially designed for their industry.

Preparing for Any Situation

Boating may be a relaxing, peaceful experience for their operators, but the seas, lakes and other bodies of water present dangers that ship designers and builders must consider, such as rock formations, animals and weather. Additionally, there are other factors that should be covered, including the construction of the vessel, injuries, boatyards and more. You can choose an inclusive plan or one that simply covers selected issues.

Coverage Areas

According to www.merrimacins.com, insurance plans for boat and yacht builders tend to cover three major areas, such as:

Liability coverage, which includes general, repairers and operators
Property coverage, which encompasses business property, builder’s risk, crime and more
Employee coverage, which mainly consists of workers’ compensation and the Longshore and Harbor Workers Act

Just as yacht manufacturers use their talents to construct a well-crafted vehicle, they also take the steps to protect it during and after construction. A detailed insurance plan will consider nearly every scenario and protect the builders.