MARITIME INSURANCE

Owning a marine craft exposes you to a lot of risks both to the occupants of the craft and the craft itself. To guard oneself against such dangers, it is prudent to take an Insurance cover. Marine insurance is a very wide policy area. The policy covers a variety of items; damage or loss of marine crafts, cargo, and transport by which cargo is acquired, transferred between the origins and the destinations.

When you are looking at any marine insurance you should start with the basics.

This coverage will generally pay for repairs to your vessel that is necessary as a result of damage which can be caused by a wide variety of perils. The best policies should provide ?All risk cover? which means that you will be covered in all eventualities that are not specifically excluded by your insurance policy.? Typical losses covered include weather related, collisions with docks, submerged or floating objects theft or vandalism.

Loss Settlement
The most significant cover difference between physical damage policies are is it a ?agreed value? or ?actual cash value? loss settlement. An agreed value policy will normally pay out the amount that is indicated in the insurance policy.? An actual cash value policy will provide coverage up to the current market value. This type of insurance provides less cover, but is normally much cheaper.

Commercial Marine crafts
To run a marine business, you normally require a huge marine craft that is often costly to purchase and maintain. These vessels also get exposed to a lot of calamities in the tours they make around the world. Thus, commercial marine craft insurance is a safer way to ensure you make the maximum out of the activity without the worry of irretrievable losses.

Yachts
With such an expensive vessel, you need to ensure you have the correct insurance for your needs. You need to make sure that your insurance covers you for the areas you will be sailing to. Some insurance companies will refuse cover to you in areas beyond the coastal waters of the UK. You also need to ensure you can get cover for older boats with twenty years often being the limit of some insurance policies, so if you are considering purchasing an older vessel you should bear in mind it may need more regular boat surveys and you may need a special agreement with your insurance company. If you are looking for an online boat insurance quote try this site.

Boats
An avid boater understands the dangers they get exposed to in the day to day on goings in a boat. You can find cover for the passengers onboard and the vessel.
Sailboats
Avid sailors understand that sailing isn?t merely a simple recreational facility, it is a culture. The fact that it is a way of life, it means that obtaining an insurance cover is paramount. With a cover, you will get to enjoy your recreation without worrying about what you will do if anything happens to your sailboat.
PWCs
Not only are Wave runners and jet skis the first vessels to get an introduction into the boating world but they are also the first marine craft one would operate on their own. Though the price of purchase of these crafts is usually low, the cost of maintenance and repair are not that cheap. Getting a cover for such crafts is often the wisest way to go.

Marina and Boat Dealer Inventory
Businessmen dealing in marine craft understand the huge amount of capital one requires to operate such an expensive venture. Luckily, there are also Insurance covers for such ventures.After getting an overview of the marine craft that can be covered, it is important to know the type of policies that exist for these crafts and how to go about the acquisition of the Insurance covers.

Here are the policies available for Marine vessels;
Voyage policy
The policy covers the risks encountered by a commercial marine craft from the port of departure to the point of destination. The cover ends the moment the commercial craft docks at the destination. Usually, this cover is purchased for the cargo aboard the craft.
Time policy
As the title suggests, the cover is issued for a defined period. The implication is that all the marine mishaps that may occur during that period are given cover. Usually, these types of covers are taken for a full voyage. For instance; when a ship is sailing for two years, the owner will get an Insurance cover for the 2-year period. However, these policies are usually issued for a one-year time though they can be extended to enable a craft to complete a voyage. In some countries like India, a time policy is issued for a maximum of one year.
Mixed policy
This cover entails both the voyage and time policies. Often, the policy is insured for commercial crafts operating on a particular route. Thus, a ship can be covered during a voyage for a particular period.
Valued policy
In this type of policy, the value of the insurance is set at the time of signing the contract. In the event of a loss, the agreed amount is paid as compensation. For a ship, the value of the policy entails the value of the goods which includes the cost, insurance charges, freight, a margin profit and other expenses.
Unvalued policy
The term refers to an insurance policy where the value of the policy is not determined at the time of signing the contract. Thus the name, unvalued policy. The value of the loss is determined at the time the damage occurs. When finding out the value of the goods, an allowance of freight, insurance charges and some margin profit is applied.
Floating policy
The insurance policy applies for a person who ships goods on a regular basis. For every shipment that the person indulges in, they will purchase a marine policy after a declaration of the ship and the particulars being shipped. The name floating policy comes about due to the assumption of the value of goods; which is not defined.
Block policy
Such an insurance policy covers risks in both sea and land. A single policy can be issued to cover risks from the dispatch to the point of delivery.
Fleet policy

For a person or a conglomerate that owns a fleet of marine craft, they can sign a contract with the insurance company to cover all the ships.
Now with the knowledge of the policies available for marine crafts and an idea of what they cover, you can comfortably acquire a cover for your vessel.

You should always seek expert advice a get several written quotes before purchasing any type of insurance. This article is for information purposes only.??For further information on marine ?insurance see Wikipedia