You, your own boat and boat insurance:
Owning a boat is a great matter of pride as well as status symbol nowadays. Although people are buying boats for a numerous reasons like for business, renting their boat to others, fishing, travelling etc. Now, it is not necessary that everyone will be able to buy a huge mighty cruise liner or a big yacht for themselves. Everyone has their own limitations and reasons to buy their own watercraft. So, it can be anything from an expensive powerful yacht, a superfast speed boat to a rowing boat or simple small wooden boat for fishing. Now, in many previous articles we have talked about speed boats, yachts, pleasure boats etc. but in this one we will focus only on small wooden fishing boat and its need to have boat insurance.
Imagine a simple scenario that you have completed building and decorating your watercraft after a tiresome wooden work of many days to months. Your watercraft is ready for going out there on water and helps you in fishing. Every little thing seems to be fine and you proudly stand beside your small fishing boat with the reflection of pride and joy on your face. Everything starting from a single nut bolt to the motor of the watercraft has been fixed under your surveillance and you are pretty sure that your watercraft is the best fishing boat of its genre that has been ever made. But, have you ever considered the need of boat insurance for your boat? You might feel that since your boat is of moderate budget and not a very expensive one so it would be unwise to spend on boat insurance policies. But, remember though your boat may be of moderate price the damage which it may cause once on water while fishing may not be of moderate range.
Imagine on your first day of fishing you accidentally hit a luxurious yacht and caused a little damage to it for which you will have to cough out thousands of dollars. If you have third party liability insurance in your pocket then you need not have to a single penny extra other than your regular moderate premiums. All the cost of recovering the damage cause to a third party would have been borne by your insurance company. Suppose, you have got your watercraft wrecked by any unprecedented unlucky event in the middle of the water and your boat has sank into the bottom. You are already under a state of shock for losing your fishing boat for which you have spent a large amount of your money. But, according to the laws of most countries you will have to get you wrecked boat out of the bottom of water so that the ecological balance of the water body is not disturbed. Imagine the frustration and anxiety that you will have to bear if you need to spend a good amount of money for getting boat towed off to the shore even after knowing that it?s all over and your boat is now only few pieces of woods. A moderate boat insurance can save you from this nightmare and bear the cost of not only recovering your boat to the previous good old state but also to tow it up to the shore. Apart from these any damage cause to the hull, motor, or any part of the boat can be replaced by your insurance company if you have a valid insurance policy. Needless to say that having boat insurance will also guard you against damage caused by vandalism, fire, or theft.
Source: http://boatingguide.info/boating-guide/you-your-own-boat-and-boat-insurance.php
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Source: http://dyeralphonse.typepad.com/blog/2013/01/you-your-own-boat-and-boat-insurance-boating-guide.html
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