Marine insurance policies are designed to cover loss or damage caused to boats and other watercraft. They vary according to the type of vessel being covered. The most common types of Private & Pleasure Boats:-
The types of cover that exist?
Cover may be defined by the vessel’s area of operation. If so, the most common areas of operation that are insured are while the vessel is:
Cover may also be defined by the period in which the vessel is kept in use. For example – most speed boats should be taken home, or at least out of the water, during certain months of the year (the exact dates can usually be selected but are generally November to March). During this time they should be protected from the elements and from the risk of the engine seizing due to lack of use. Other types of vessels, in contrast, will be in commission for 12 months of the year.