Coverage Terminology & Jargon Guide Launched

The recently released report provides clear explanations of commonly used jargon in the boat insurance world. An increased understanding of insurance terms supports boat owners in making more informed decisions when protecting their vessels.

For more details, please visit https://marineinsurancenow.com/explaining-boat-insurance-terms-and-jargon/

In their latest report, Marine Insurance Now explains the purpose of hull coverage in protecting the physical structure of watercraft. This type of coverage is vital for ensuring boats are financially protected in the event of accidents such as collisions, or storm damage. As explained in the report, hull coverage often affects insurance premiums due to the variation in size and value of vessels. Typically, larger, more expensive boats have higher premiums, so it is important to consider this factor before purchasing a new vessel.

Another term introduced in the report is that of ‘salvage rights’. The law of salvage rights refers to the ownership of a vessel once it has been declared a write-off by the insurance company. When this occurs, insurers have the option to sell the damaged vessel at auction, resulting in a potential loss of ownership and compensation. Salvage rights can affect how much money boat owners receive from insurance claims, the report explains, and is an important factor to consider when taking out boat insurance.

The report also covers the basics of liability coverage, an important option for financial protection from damages caused to another boat. Readers are reminded that liability coverage comes with limits, so it is important for boat owners to assess their vessel usage, risk potential and financial situation before choosing a policy. The experts state: “Some policies may exclude certain types of watercraft or restrict coverage to specific geographic areas. It’s essential to carefully review these exclusions and limitations before selecting a policy so you can make an informed decision about the level of protection you need.”

According to Marine Insurance Now, policies are often affected by navigation limits, meaning that there are certain geographical areas that may not be covered by insurance. These limits are agreed upon by the insurance company based on several factors, including boating experience, vessel size and local regulations. Readers are advised to be mindful of navigation limits when choosing insurance to ensure that they are adequately covered in the event of accidents.

Other terminology described in the report includes agreed value, medical payments coverage and deductibles. The full report can be viewed online at https://marineinsurancenow.com/

Marine Insurance Now

60 W 23rd St
Suite 638

COMTEX_442026692/2824/2023-10-17T14:32:22