What to Look For in Classic Boat Insurance – Collector Boat Insurance
Collector Boat Insurance is essential for the classic or antique boat enthusiast. Collector boat owners are among the safest, most conscientious boaters on the water. They deserve the most competitive rates, the most comprehensive insurance coverage and the best benefits available in the industry.
The recent seizure by pirates of the Saudi owned super tanker “Sirius Star” and its reported 0 million of crude oil cargo has highlighted the huge impact a few armed individuals in small boats can inflict on international trade.
This bulletin gives a brief overview of the current problem and likely coverage options for Hull and Cargo risks.
Introduction
The increasing incidents and boldness of pirate attacks in the Gulf of Yemen and around the ‘Horn of Africa’ recently has seen increased alarm and an international effort to try to secure the busy waterways leading to/from the Suez Canal.
Nigeria and Indonesia continue to feature heavily on Piracy Reporting Centre statistics and highlight the broad geographic spread of the problem.
Generally speaking the term Piracy is given to incidents of armed attack and burglary against ships. Kidnap of the crew and ransom demands are common, and in some cases an attack will result in the complete loss of the vessel.
Uninsured coverage
Uninsured boat insurance coverage is identical to the uninsured auto insurance coverage. When you happen to collide or meet with accident with some other boat and that happens to posses an expired insurance or without insurance, the repair on your boat will be covered through this coverage.
Medical coverage
The medical coverage does not include a huge amount. Generally, it ranges from four hundred to ten thousand dollars.
Marine Insurance – Cargo Cover
The ‘All Risks’ nature of the commonly used Institute Cargo Clauses (A) will include loss, damage or robbery caused by pirates.
General Average may be declared by the ship and contribution sought from cargo owners where sacrifice or expenditure is made on behalf of all parties to the adventure. Kidnap and ransom costs may appear as General Average where the ship has no specific cover for these losses.
Collector Boat insurers also offer a variety of discounts, such as:
• Multi-Unit
• Multi-Policy
• Safety Course
• Prior Insurance
• Renewal discount for maintaining continuous coverage
You will also find a wide choice of deductibles and payment plans available. Choosing higher deductibles will lower your premiums. Flexible payment plans will help you manage your budget
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