Types of Specialist Policies in Marine Insurance

Basically, there are several different types of insurance policies can be taken by a boat owner. Marine cargo insurance covers the entire goods that a boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. In addition, you can take several other general policies that cover the boat itself and its passengers, liability for damages to other moving vehicles and liability during an encounter with a non-moving object. These all different varieties come under the heading of a marine insurance policy.

A private ship owner who uses his large boat for pleasure cruising in a marina may wish to take out inland marine insurance, as well as specialty yacht insurance. A merchant ship sailing in politically unsure waters may find it necessary to take out cargo insurance as well as a specific war policy that protects the boat and goods in the event of unfriendly actions.

Marine Claims Procedure

It is quite important to be immediately informed of any event that may lead to a claim under your insurance. After getting the information, insurance companies look forward a claim form to you for completion as soon as they get the news of the incident. This should be returned to us, fully completed, as soon as possible.

When reporting a claim you will need to give complete information of the following:

• Name of the policy holder and the policy number;
• The date of the incident that is giving rise to the claim;
• A complete detail of the incident;
• The details of the damage, loss or injury that has occurred;
• Where the vessel is currently located or moored; and
• Any other information we may reasonably request.

In addition, you will need to be ready with;

• To obtain estimates for repairing any damage; and/or
• To obtain quotations for the replacement of any items loss or destroyed.

Follow the procedure legally and get the information easily!

Ship Damage Inspections

Ship damage inspection is an important task if you have come across a major loss. Many times due to bad weather or normal wear and tear can cause heavy damage to your vessel. Isn’t it? Such assignments are rather evenly distributed between undertakings within landbased industry and undertakings within maritime industry. Hence, it covers both ships in service and production of machinery and equipment for ships and off-shore industry.

Usually independent surveyors and inspectors execute hundreds of assignments comprising:

Industrial inspections and expediting tasks:
It includes various kinds of technical equipment on behalf of worldwide inspection agencies and purchasers of equipment and machinery. It further includes pre-inspection meetings, inspection of manufacturing stage, final inspection and witnessing of industrial equipment e.g. combustion engines, transformers, electric machines, electrical switch gear, pressure vessels, switch gear, valves and complete lien of manufacturing equipment that are available in various forms. After that, expediting services of machinery and equipment as mentioned here are included.

Marine Surveys - Necessary Inspections For Classic Boats

Many people love to collect classic boats and vessels. However, lovers of old vessel collectors perfectly know the fact that water and rot can wreak havoc on an old hull. They also are aware of the fact that the best insurance coverage can definitely save their interests to a great extent. So when it's time to buy Classic Boat, do not forget to enquire about insurance schemes and policies that can protect your interests largely.

Following tips represent a comprehensive Marine Survey that the insurance companies will accept to underwrite insurance on your boat.

It is important to obtain a full out-of-water and condition survey. It will help to understand the current market and replacement values for the boat, as well as detailed descriptions of the construction and condition of the hull as well as the boat's major systems (fuel, electrical and engine/drivetrain).

The survey should reveal the fact that the surveyor inspected the boat for compliance with The American Boat and Yacht Council (AYBC), the National Fire Protection Association (NFPA) and Coast Guard standards.

Why do you need a pre-purchase survey?

Nowadays, buying a vessel or inland waterways requires a lot of financial check-ups. It is considered as a major financial outlay. To protect your financial interests and investment, it is important for you to have proper awareness and knowledge of correct value.

Safety is a major concern while you buy a good quality vessel. The hull condition and internal services i.e. gas, electrics, appliances, fueling and ventilation are also of great importance as well. It is better to check everything properly before you take any decision. Ensure that the vessel you choose fulfills all your dreams without any impediment.

Different countries have different regulation when it comes to vessel buying and maintenance. In European countries, they follow European Recreational Craft Directive. It states that vessels should be marked with CE and has a boat mutual and declaration of conformity. Crafts usually over four years should comply with the British Waterways Boat Safety Scheme.