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Frequently Asked Questions
Boat/Yacht Insurance
Q: What is physical damage coverage?
- A: - This coverage pays to repair your boat if it's been damaged or destroyed by a peril (fire, theft. windstorm, lightning or vandalism). This coverage is very broad. Some exclusions do apply, such as wear and tear, dishonest, illegal, intentional or fraudulent acts. /back to F.A.Q.'s
Q: What coverages does a watercraft policy provide?
- A: -
The primary of objective of this type of insurance is to provide
protection for investment. A watercraft policy provides coverage for:
- boat (including machinery)
- outboard motors
- auxiliary equipment
- dingy (if under 16' and under 25hp)
- boat trailer
- personal property kept aboard the boat /back to F.A.Q.'s
- A: - Some boats under 15 years old are usually insured on an agreed value basis. In the event of a total loss, the company will pay you the full amount for which your boat is insured. The agreed value is shown on the policy and there is no deduction for depreciation.
A boat's market value decreases over time. The most you are allowed to insure your boat for is it's fair market value. Most insurance companies re-evaluate the market value of your boat every three years. Therefore, as your boat ages the agreed value listed on your policy will be adjusted to more closely reflect the current market value. /back to F.A.Q.'s
Q: What does the term new for old mean?
- A: - If your boat suffers form a partial loss, property claims are handled in the following manner: damaged property is repaired or replaced with no deduction for depreciation, In other words, "new" equipment replaces "old" damaged equipment, Please refer to your policy to determine how your claims will be settled. /back to F.A.Q.'s
- A: - Actual cash value means that you will be paid the market value of your boat minus depreciation, at the time of loss. Actual cash value is generally used for boats over 15 years of age. Also, some policies only offer actual cash value for certain damaged property such as sails, protective covers, batteries, outboard motors, outdrives, dinghies or trailers. /back to F.A.Q.'s
Q: What is not covered under a watercraft policy?
- A: -
There is no coverage for the following:
- non-conventional watercraft (hydrocycles, jet skis, kit boats...)
- moorings, cradles, boat lifts (or similar equipment)
- fishing tackle, scuba gear (optional coverage available)
- personal items (items not intended for the normal operation of your boat). For example: portable t.v.s', cellular phones, stereos, radios and cameras. /back to F.A.Q.'s
- A: - A deductible is the amount specified on your insurance policy that the company will withhold in the event of loss. Boat deductibles are usually determined as a percentage of your coverage and can range from 1%-10%, depending on the type and speed of your boat. The higher the deductible (the amount of risk you are willing to assume), the lower your premium. If for example, your deductible is 2% of $30,000 of coverage, you would pay $600 of the total loss.
A lower deductible may be available for special equipment such as trailers, personal effects and dinghies. /back to F.A.Q.'s
Q: What does boat liability mean?
- A: - The coverage protects you if you are legally liable for damages to property or injury to someone other than yourself or a family member. If you are sued due to your negligence, boat liability coverage protects you. The coverage amounts range from $100,000 to $1,000,000. /back to F.A.Q.'s
Q: Are there additional coverages available?
- A: -
The following additional coverages may be part of your watercraft
policy:
- uninsured boat coverage - which pays for injuries to you or occupants of your boat, caused by an uninsured boat or a hit-and-run accident.
- medical payments - covers reasonable medical costs should someone be injured while in, boarding or leaving your boat.
- commercial towing and assistance - you will be reimbursed for the reasonable cost incurred when you breakdown on the water and need to be towed.
- agreed value on outdrives (lower Limits) - provides replacement of lower drive units (without depreciation) if they are damaged or destroyed by a covered peril.. /back to F.A.Q.'s
Q: Are there any other optional coverages that I can purchase?
- A: -
Yes, the following options may be purchased for an additional premium.
If you require other coverages not listed here, please e-mail or call
Neefus-Stype Agency, Inc. at 631-722-3500.
- optional fishing equipment coverage - if you need additional converge for your fishing tackle and equipment, you may want to specifically cover this property.
- increase limits - for personal property, uninsured boater coverage or commercial towing. /back to F.A.Q.'s
Q: Do I need an inspection survey?
- A: -
We strongly encourage inspection surveys to prevent injuries and
maintain safe boating conditions. This is especially true for older
boats powered by gasoline. Gasoline vapors can be extremely dangerous
and as boat gets older, the fuel lines and connections can wear out
causing gas vapor to escape and settle at the bottom of container,
increasing the likelihood of explosion. The following are additional
safety measures to consider:
- install a vapor detector in your engine compartment
- inspect your boat on a regular basis, especially your electrical and fuel systems. Safety Equipment such as fire extinguishers and floatation devices should also be inspected regularly. /back to F.A.Q.'s
Q: Are there any premium discounts available on my policy?
- A: -
Yes, some companies offer premium discounts for the following:
- Completion of Power Squadron or Coast Guard basic or advanced seamanship course - on policies where all operators have completed the course. Copies of certificates will be required.
- Newer boats - usually have lower premium rates.
- Safety Equipment - certain safety equipment will generate a premium discount. Please e-mail or call Neefus-Stype Agency, Inc. at 631-722-3500 to determine discounts available to you. /back to F.A.Q.'s
Q: What are the ratings of our companies?
- A: -All of our companies are A rated or better with AM Best. This rating is determined by the company's financial strength, operating performance and market profile. Additional information is available at www.ambest.com . /back to F.A.Q.'s
