Boat surveys provide details on the condition and valuation of a boat. A survey may uncover hidden defects, mechanical and structural problems that are not always visible or detectable by the boat owner/operator. Before purchasing an older boat, you should always get a boat survey. We do not actually require a survey for a brand new vessel, although it would be very useful. We require a survey for other vessels.
How much will my insurance premium be?webster2017-08-08T01:42:11-05:00
There are two important covers to consider when insuring your boat. They are, Hull & Machinery (your boat and attached equipment) and Liability.
You should insure your boat (hull & machinery) to the current market value. This will ensure that in the event of a total loss to your boat, you will recover what the boat is worth.
Liability coverage protects you if you are at fault for property damage and bodily injury claims to third parties or passengers in your boat . The coverage has three key components. It will investigate your loss, defend you if you are not at fault and pay up to the policy limit if you are at fault.
Do I have to insure my boat?webster2016-09-09T18:59:26-05:00
You are not legally required to insure your boat. However, if you are financing the purchase of your boat, the lender will most often require insurance coverage listing them as a loss payee to cover their interest in your boat. Some marinas may ask you to provide some proof that your boat is insured when mooring it at their marina.