A wise man had once proclaimed little boats should keep near shore. Not fair you say? Do not worry then. If you have Georgia boat insurance you can ignore this bit of advice. Your boat is one of you prized possessions so do shell out that extra bit of cash and keep it insured.
Although according to the Georgia laws boat insurance is not mandatory, if you want to take your little (or not so little) boat out into the open seas then insurance is an option you may want to consider seriously.
Constituents of Boat Insurance in Georgia:
Boat insurance has two major constituents Legal Responsibility /Security and Insurance and Property Loss. The insurance amount is based on the Actual Cash Value or Sum Agreed Over. A Boat Insurance Policy states a certain amount of money, as the agreed value which is to be paid in the even of a complete loss. An actual cash value policy is the one which will pay you the then prevailing market price of your boat. These kinds of policy though are hard to come by. Limited damages are also provided at new prices meaning that there are no reductions imposed other than on materials like sails and machinery which depreciate faster.
Boat insurance offers broader navigational limits when you are making a trip to ports further away. It provides you with cash value, rig coverage, scheduled tenders and outboards.
Medical expenses in the event of a boat accident can be sky high. Thus it is advisable that you get medical coverage also. You could also consider the option of getting uninsured boat insurance. This would cover you against damage of property or person by an uninsured boat.
Coverage by Your Insurance Policy: Choose your policy with care. Your policy should ideally provide the following coverages
Hull and Machinery Clause: This refers to the coverage of your vessel and all its parts. This policy should cover damages to your boat like:-
- Combustion, sinking or collision of boat,
- Deck machinery, engine, electronic components
- Coverage for damage of engine
Protection and Indemnity Clause: This policy helps you pay passengers who may be injured or hurt or might have suffered damage to personal property in you vessel.
Shore Excursion: If you don't have this clause in your policy it means that your passengers are not covered when they are not on board your vessel.
Crew Coverage: It is advisable to cover each crew member or you will be liable the injuries they sustain while performing their duty.
Here is a list of insurance companies that provide boat insurance in Georgia
Progressive Direct Boat Insurance
Progressive.com phone (888) 284-8869
All the Boat Insurance
Boat.Insurance.AlltheServices.com
Trustway Insurance
www.trustwayinsurance.com phone (877) 707-0728
