Vital Benefits of Boat Insurance
Posted: Mar 21, 2017
Boart insurance is always a life line for the boats floating in the ocean or rivers as it protects your expensive boat from any kind of disaster or calamities. Over the years, the boat insurance has been refined and become far more comprehensive covering various aspects and situations. Boat insurance is not new; in fact it is more than a century old. Many years ago when there was no air network, most of the sailors and merchants were dependent on the sea route for the transportation of goods and passengers. At that time there was no single boat insurance company exist that provide the boat insurance, rather the group of sailors and merchants combined a mutual fund to help each other during the crisis and thus save each other from any financial loss.
The time has changed now, there are several insurance companies offering the best insurance policy for your boat. In order to get the best insurance, you must check out boat insurance quotes from the top companies in the UK. There are many insurance policies and one could choose based on their need and requirement. There are some policiesavailable in the market that only protect financial coverage to the boat while there are some insurance policies, that provide financial coverage to the boat plus its passengers on board and your personal assets on the boat. In the event of any boat accident the insurance companies are liable to pay full compensation on your boat including the loss of lives and loss of personal property on the boat such as mobile phone, television etc.
Basically in order to acquire the boat insurance policy, the owner of the boat has to select the boat insurance plans from the insurance company. There are two types of boat insurance policies one is the "agreed Value" and other one is the "Market value". In the agreed insurance policy, the boat insurance company and the owner of the boat mutually agree on a single amount to be payable as compensation on happening of any boat accident in the water or surface. On the other hand in the market value policy the boat insurance company pays the compensation based on the current market value of the boat that means the market value of the boat at the time of happening of the accident.
This article is written by Yachtsecure.eu Team. Yachtsecure.eu is your provider for Yacht insurances. Yacht Secure is far less known that there is also a variety of insurance options for the skipper.