Any boat that uses the wind as its primary means of propulsion is referred to as a sailboat. There are several insurance companies that provide insurance for sailboats; a boat owner should look around for companies that offer the most competitive rates and comprehensive coverage plans.
Sail boat insurance provides coverage for the following:
- Physical damage: This covers damage to the hull, machinery, electronic equipment used for maintenance, etc.
- Protection and indemnity: This covers liability arising out of damage to the property of other people and injury or death of others including the paid crew. This insurance offers coverage against liabilities that can be financially the most damaging for a sail boat owner with an uninsured boat. P & I is also crucial as it offers defense on a boat owner’s behalf.
- Medical expenses: Covers the expenses incurred due to injury on yacht. It extends to the yacht owner and the guests.
- Uninsured boater: This provides coverage for injury caused by an uninsured boater.
- Commercial towing and assistance: Bears the cost of hauling the sailboat back to the port if it has been rendered out of commission for some reason.
- Fuel spillage: It covers liabilities arising out of fuel spillage. This insurance covers for containment, cleanup, and damage to property.
It is advisable that the boat owner be aware of the warranties that are applicable to the policy. Warranties can be with regard to the area allowed for navigation, the seaworthiness of the boat at the time of leaving port, lay-up period, etc. If a boat owner defaults on these warranties, it may lead to voiding of the coverage.
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