Are you considering heading south for the winter? Are you moving your boat to a new slip or marina? Have you decided to keep your boat at a friend’s dock, instead of on a trailer at your house? If you answered yes to any of these questions or something similar, please give us a call!
Anytime you change the mooring or move your boat, it has significant impacts on your insurance and the coverage provided to protect your boat.
Many factors affect your cost for boat insurance – the state in which you store and dock your boat, as well as the “navigation territory,” or the seas distance offshore in which you utilize your boat. Your policy premium may be higher if you keep or moor your boat in an area that is more prone to catastrophic weather disasters. Specific coverages and restrictions may be required by some states or marinas, which could affect your premium. Boats used exclusively inland typically have a lower rate than boats used on coastal waters
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One of the questions we will often ask our customers is, “What are your navigation needs?” Your marine insurance policy should meet your navigation needs as long as those are disclosed at time of quoting. And what we mean by that is, where are you going to be taking the boat and when are you going to be taking it there? What is your itinerary for the upcoming year? If you are in waters that are not covered under your navigational warranty, then you potentially have no coverage while you’re navigating those waters.
Once we determine where you’re going to take the boat and when you’re going to take it there, then we can define those limits within the policy to meet your individual needs. Many carriers will allow you to go to Florida, the Bahamas, Turks and Caicos, which is not a problem so long as you do not go from June 1 to November 1. Some carriers have other specific dates, like say November 11th, but you know for the most part it’s June 1 to November 1.
What that means is, if you’re in North Carolina, you must north of that Florida/Georgia border, or you may have no coverage. Navigation needs are always going to be changing. If you’re an avid fisherman and travel with your boat outside of your policy’s navigation limits, you will need to request a trip endorsement. If you think that you’re going outside of your navigation limits, just give us a call. We’re here to help you understand what you’re getting through us, because we want to make sure that you understand what it is that we’re selling you.
Do you need to insure your boat year round? Depending on the part of the country you are located, applying a lay-up credit could be a consideration if there is at least a 3-month period in which the boat will not be used. The lay-up credit will likely reduce your premium; however, coverage only exists while in storage. Coverage may be void if used during a lay-up period. Plus, most marinas require you to keep it insured while being stored at their facility.
It’s a good rule of thumb to stay in touch with your insurance agent if anything changes with your vessel. Communication is vital to ensure that you stay insured!
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If you have questions or concerns regarding your boat, dock, or marine insurance check out this article or please feel free to reach out us insurance@wellsins.com or 910.762.8551