Tag: Boat Insurance

As the saying goes, the two happiest days in a boat owner’s life are the day you buy your yacht and the day you sell it. It’s no secret, as a boat owner, you’ll have plenty of beautiful memories and fun trips on the water, whether it’s a pond, lake, or the ocean. However, owning a boat can involve a lot of work, maintenance, risk, and never-ending expense. And one vitally important thing to consider if you own a yacht is to insure it!

Often, boating lovers think they don’t need any additional protection in the ocean, especially if they’re experienced and have a safe track record on water. The truth is that boat insurance is just as important as car insurance, and yes, you’re more prone to risk on the water than on the roads due to the numerous uninsured boaters out there! So, no matter how much you’re on your guard or a how much of a crackerjack boater you are, unfortunately, you simply can’t protect yourself against these inexperienced and reckless boaters or nature’s wrath!

With reliable boat insurance, you can benefit from a whole lot of advantages! From protecting you financially to keeping your prized possession safe from all possible risks (injuries onboard, off-season damage, theft, etc.), it certainly brings utter peace of mind. (And let you sip your well deserved cold beverage while enjoying the gentle ocean wind!). Let’s have a look at why you should totally opt for boat insurance!

But, What is Boat Insurance?

Yacht, Crew and Passengers Insurance | Yacht Agent Montenegro

Let’s say you’re out on the lake, relishing a gloriously wonderful day, brimming with joys and proud for being finally a boat owner. Sadly, your happy day is abruptly ruined when you stumble upon a boulder that was hidden just below the water surface – yikes! Your gorgeous, well-maintained boat suddenly has an enormous wound on the side, hurting both your boat and your heart.

That’s where marine insurance comes on board! With valid yacht insurance, you can rest assured that your boat will be reconditioned to its original condition – with all expenses covered by the insurance company. Marine insurance can really be an amusing subject. Well, not exactly that enjoyable. But still, it’s more fun than having to pay thousands of dollars to repair your yacht.

And What Happens If My Vessel Is Not Insured?

Let’s just say you’re sailing down a stream without a paddle. (To be more precise, it’s more like you’re in a sinking ship since there’s a huge hole in there – but you get the point!). While you may think that marine insurance is only for the boating season, the risks linger all year round and even during winter. Of course, you could save some bucks by canceling your policy when your vessel is not in use, but just because your precious boat in storage doesn’t mean it won’t be stolen or damaged. Although “seasonal” coverage may be available, the best option is to retain full coverage year-in and year-out. Accidents happen on and off the water, and your significant investments deserve uninterrupted protection, no matter where they happen to be.

What Does Marine Insurance NOT Cover?

While the best times to enjoy your boat are those spent on the water, your prized possession may see dry days if you ever transport or store it ashore. Generally, (depending on your State), when a boat is offshore, it’s not covered by marine insurance! Refer to your existing insurance policies to find out what coverage you have in such cases. For example, if it’s hitched to your truck or car, it may be covered by your automobile insurance policy. And if it’s parked on your property, your homeowners’ insurance will often take precedence over boat insurance.

Be sure to check with an insurance agent to understand how your policies will cover your boat at different times. You can contact licensed insurance advisors at Mimbs & Associates Insurance for further information.

What lies in the future is a blurry picture that no one can really predict! (Unless you have “psychic visions” of the future like Raven in the TV series That’s so Raven). Just like those sudden (and unwanted) acne breakouts on our face, unexpected things can also pop up at any moment in our lives (whether we like it or not)…And suddenly, we end up in a situation where we have to struggle against the odds while frantically and hopelessly looking for an insurance plan to meet our needs.

But why wait for the worst to happen to get covered? Let’s take a look at some of the greatest perks of getting insured way before all the drama kicks off!

Powerful Guardian Angels 

Your current situation can be stable with a regular income stream adequate to support your family’s lifestyle. But have you ever wondered how your family would manage to meet their future needs when you are no more here? (especially if you are self-employed with no sick pay and death-in-service life cover)

This is where a life insurance plan comes in handy. From taking care of expenses like mortgage or college education to offering life coverage, availing of a life insurance policy will free your family from financial worries and secure their future even beyond your lifetime. (Like some sort of guardian angels sent by you from the heavens to look after your family’s well-being).

Sleep Like a Baby, Knowing Your Income Is Safe

What if you had to face a sudden medical emergency and not being able to work, or worse, deal with the unexpected death of your breadwinner? Where would you find the necessary funds to finance all of these unplanned expenses? 

Every cloud has a silver lining and so does the unpredictable and undesired events of your life. Buying insurance beforehand is always a smart strategy to secure your loan, business, house, vehicle and, most importantly, your most precious assets — your family and you! With an income protection policy, you will be able to earn a percentage of your average income on a regular monthly basis and thus maintain financial stability in your life. (and bid farewell to sleepless nights and siestas gazing at the ceiling, thinking about your debts and hefty due bills).

Protecting Your Home-Sweet-Home 

We all dream of owning our own lovely home somewhere, on a chunk of land and eventually stop paying rents one day…but investing in a property can come with a series of risks such as theft, fire, tornadoes, earthquakes, floods, (and who knows, alien attacks)! While protecting your home can be a significant financial investment, its the best way to ensure that you’re covered and your family is safe if anything happens. Buying the right homeowners’ insurance policy will make you feel at ease, knowing that your home-sweet-home is fully protected in the event of a disaster!

Your Piggy Bank Well Fed for The Future

As you strive to build a better future for you and your loved ones in this rocky economy, having permanent life insurance can be a great way to protect your savings and help you cash in. Life insurance can be a forced savings plan, which can sometimes curb your tendency to overspend (Of course, it’s nothing like living on the breadline either) …But let’s take a look at the bright side of things!

By setting aside some cash in life insurance, you can be sure that when you decide to realize your projects, the funds will be there and ready to be used. Whether you want to withdraw money in because of illness, take out tax-free loans or establish an additional source of retirement income.

Protect Your Vehicle

Do you think you would be able to afford to buy another car if someone stole yours and you couldn’t get it back? Whether your automobile has been stolen, hit by an animal, affected by natural calamities or fire, a damaged vehicle can be mentally, physically and financially devastating… And having auto coverage is essential to cover the costs of property damage or bodily injury that can occur in an accident. 

With the right car insurance, you can rest assured that your family members, passengers, other drivers and your dogs and cats are fully covered. Depending on the coverage limit, auto insurance may also cover veterinary and other medical expenses for your beloved four-legged family members!

Become Your Own Boss Without Loss!

Owning a business can sometimes be complicated and seem chaotic (more like navigating a maze) when you don’t have the proper business insurance plan to deal with ownership risks. Through the employers’ liability insurance, your business is fully protected from financial loss even if your employee suffers from a job-related injury or illness not covered by Workers’ Compensation. 

By providing accident and sickness benefits, life insurance, pensions and retirement plans to all your staff, you can be sure that the endless struggle and strife between your workers and you will be minimized! (They’ll feel happy to know that their well-being is being taken good care of and will, therefore, be more devoted to their jobs)

Ensuring 100% Peace of Mind 

What’s better than complete peace of mind? Buying insurance secures not only your assets but also protects your emotional health and that of everyone who benefits from it. Life is very uncertain and has a way of throwing undesired surprises when you least expect it.

With an insurance program in place to take care of unpredictable events, your mind can bid farewell to the stressors of the daily grind and focus more on the things that matter the most, like building your relationships and enjoying the little things in life! (And, yeah you can take those oh-so-long-awaited vacations without worrying about flight cancellations or emergency medical expenses abroad).

Better to be safe than sorry! You may not be able to stop the march of time, but buying an insurance plan can be an interesting way to reduce its ultimate effect on your wallet. Contact Mimbs & Associates Insurance and get your personalized rate. So that’s it. Lecture over! You can get back to having a good time now, having learned a thing or two about the benefits of getting insured. Meanwhile, I’ll just relax on my cozy couch. Oof!

Follow us

Partenaires