| Maritime law broadly defines the responsibility
of charterboat operator as being responsible for all damages resulting from
“negligence”. This all-encompassing definition leaves the operator exposed
to the possibility of costly and endless court cases. This why the value
of selecting a charterboat insurance policy which protects your legal
rights, property and that ensures damages to your boat are reimbursed, can
not be underestimated.
How can you identify which components should be in your policy? First,
identify all your business activities and the risks involved in operating
your charterboat business. This information will help you decide the types
of components, the range, and amount of coverage needed.
Charter Boat Insurance - Hull and Machinery Clause
This refers to the coverage of the vessel, and all its’ parts. Its’ main
purpose is to quickly get your business and boat operational after
accidents. If you afford to pick a policy, which covers the following
damages your charter boat, can sustain:
· Combustion, sinking or collision of your boat.
· Deck machinery, boat engines, and electronics.
· Coverage for an engine that breaks.
However, the following are not included in the hull and machinery
component: Damage to your engine due to inappropriate use or neglect, wear
due to every day use of the boat or reimbursements because your engine broke
down.
Charter Boat Insurance - Protection and Indemnity (P&I) Clauses
These clauses enable you to pay passengers and other people who could
have suffered personal injuries or property damage caused by your vessel. |
