So you Wanna Buy A Boat – Budgeting for Insurance
This month, Joe USI Florida Kolisch answers to questions, providing information for owners of the islands and cruise ships. As with previous input from experts, all their comments are general in nature and aimed at owners of private pleasure craft, commercial and boat owners / operators or insurance should contact their representatives for specific information for them. In addition, Premium Finance gives us a brief summary of how and where the financing of insurance premiums – good to know when working with a budget!
The process of obtaining insurance need not be a daunting one. Breaking the process into steps, asking questions along the way, and not be afraid to comparison shop. In an effort to make your job easier, I have summarized and listed below the common elements in all the observations of our experts.
● Educate yourself. The navigator is brilliant, not only a better insurance risk than people without an education, he or she – and the crew, ships and other sailors – will be more secure in the water. There is no excuse not to get information any way you can – the free navigation of the courses, books, Internet and experienced boaters.
● Do your homework! Use various resources presented in this series to help understand the terms of insurance requirements and cost. “The broader understanding of a man … the greater his power of knowing what to do.” Benjamin Disraeli, British statesman and writer (1804-1881).
● Locate and do business with a reputation for safe, that understands the needs of sailors and he has done business in the Caribbean. Do not be afraid to ask for references.
● Work with your insurance agent to ensure all their needs are addressed in terms of policy. A “global policy” is not optimal if you are offered one, keep shopping.
● When you choose an insurance provider, make sure you understand the terms and limitations of your policy. Read the fine print! If you do not understand your policy, ask for an explanation. If you do not get a satisfactory solution again – keep shopping.
● The purchase of a policy does not end your relationship with your agent – keep communicating! Report changes in your cruise destination, the browsing habits and level of education. Always report any accidents seem insignificant at the time.
● Keep a record of income and for all the work for your boat – including upgrades, repairs and routine maintenance. Your insurance representative may need in case of a claim.
● Doing everything possible to avoid losing your boat – make a hurricane plan, theft-proof – as far as possible – the boat and boat, and electrical systems, rigging, through hulls, engines, etc. regularly inspected.