Yachts, sailboats and other recreational vessels pose unique insurance challenges. Even when safely docked, boats can be damaged by severe weather, theft or simple wear and tear over time. Moreover, insurance for California marinas often involves coverage for fuel spillage and salvage operations. While cheaper plans may be tempting, premium coverage can protect against some of the most expensive disasters.
Consequential loss is damage that results from a preventable accident. For instance, a corroded part may cause your craft to sink. Since this was likely due to poor maintenance, under a basic insurance policy, the part might not be covered, and neither would the resulting cost of recovery and repair. A comprehensive plan will not only cover salvage and restoration, but also the expense of fuel cleanup.
Many insurers offer policies that include defense costs within the total limit of liability coverage. Since attorney fees and court costs can quickly become exorbitant, you may find yourself paying much more out of pocket than you expect if you opt for less than premium coverage.
Protecting Your Assets
Another important consideration when choosing insurance for California marinas is the potential for theft. This is particularly important if your boat is equipped with pricey electronics, furniture or other valuable personal belongings.
The bottom line: Make sure to do your research. Don’t let a poor policy leave you stranded when the unexpected happens.