fbpx
Home > From Bow to Stern

From Bow to Stern

Boat Insurance

island-heritage-boat-insurance-caymanLiving on an island, with the sea visible at every turn, the lure of the sea is one we all experience. Whether you’re already a boat owner, or dreaming of becoming one, you know that when the ocean calls, there’s no better way to experience it than on your own boat.

There’s a lot to consider when purchasing, upgrading or maintaining your boat – but protecting your investment with insurance should receive the same consideration.

When boat owners think of reasons to insure, potential hurricane or storm damage is always top of mind. Depending on where you moor your boat though, insurance coverage is also sometimes a legal requirement. When deciding what level of coverage is right for you, consider policies that provide comprehensive protection for your vessel and also provide peace of mind against threats such as theft, fire and collision.

Covering your vessel alone is not quite enough though. You’ll also want liability coverage to protect yourself against third party risks such as damaging other boats/docks, swimmers and passengers. Most policies offer liability, but the standard limits vary by provider.

Most importantly, when discussing insurance coverage for your boat with your insurance provider or broker, do talk about how your boat will be used. The everyday Rum Point and North Sound cruiser will have different needs to the fisherman or charter operator. Have an open discussion with your insurance company or broker, so that they can structure a policy to suit your needs.

In the event of an insured loss, your insurer will bear the responsibility for the repair costs or the replacement of your boat, depending on the extent of the damage. You will be asked to contribute to that cost through the payment of a policy deductible. Your deductible can vary depending on what level of precaution you take to reduce your exposure to certain risks. For instance, if your vessel is trailered and stored in a professional boat yard, some insurance companies will offer you a lower deductible as your chance of wind damage, sinking at the mooring and theft damage is reduced.

Be sure you understand what you are protected against and whether you’ll be covered in the event of a loss. Additional covers you may also want to consider include:

Navigational limit: some insurance companies will cover your vessel outside the normal territorial waters of the Cayman Islands.

Non-emergency towing: coverage for the costs associated with getting to shore safely if you are stranded at sea.

Salvage: coverage for the cost of raising your vessel, if it’s submerged, and moving it to a place of safety.

Having the right insurance cover for your vessel and your needs ensures you’re heading for smooth waters.

For more information about  boat insurance contact Island Heritage Insurance: Call: 1.345.949.7280 or Visit: www.islandheritageinsurance.com


comments powered by Disqus

Read More

Beacon Farms, Cayman Islands

A place where people and produce grow.

Read More

Five Key Influencers for the Cayman Islands Real Estate Market

In the decade before COVID-19, the Cayman Islands’ real estate market had experienced st...

Read More

Five Key Influencers for the Cayman Islands Real Estate Market

In the decade before COVID-19, the Cayman Islands’ real estate market had experienced st...

Read More

Into the Unknown

What is financial risk?

Read More

Into the Unknown

What is financial risk?

Read More

Building and Supporting Communities: Davenport Development, Cayman Islands

Two partners, Ken Thompson and Paul Pearson. Fifteen years in business. Six residential de...

Read More

LIVING.KY - Shaking up the furniture scene in Cayman

Typically, when homeowners in Cayman shopped for furniture, accessories and lights, they h...

Read More

OtisHome, Cayman Islands

Breathe easier with OtisHome – a new, superior air-conditioning solution created specifi...

Read More

Reed Consulting Engineers, Cayman Islands

Frank Reed founded Reed Consulting Engineers (RCE) in 2015, after eight years in Cayman an...

Read More