Florida Yacht Insurance
Florida Yacht Insurance
Florida is a boating paradise. With access to the Atlantic and Gulf of Mexico makes Florida the top place to enjoy time on the water. And like your cars and house you need to protect your yacht or boat with right insurance. Barbee Jackson Insurance has partnered with the top insurance companies to find you the right coverage at the best price.
Insurance on yachts and boats in Florida can be a tricky business. Along with having beautiful water we also have devastating and unpredictable storms. Without the right insurance coverage you could be out thousands of dollars for costly repairs. That is why you need to work with an agency that understands the key components, policy restrictions and navigational guidelines so you don’t get caught flipping the bill.
Marine Insurance Program Guidelines
- Boats and Yachts up to $1 million dollars in coverage
- Hull damage up to $1 million dollars
- Liability limits
- Medical expenses
- Coverage for personal effects
- Haul out in the event of a hurricane
Agreed Value or Actual Cash Value
In the boating world there are two ways to value the hull of the boat and other items in the event of a claim. Agreed Value is the most preferred way to value a vessel because it allows you to explain to the insurance company all the money you put into the boat, what similar boats are selling for and why it may have more value compared to similar vessels.
Actual Cash Value is the less desirable coverage and works more like an auto insurance policy. Agreed Value takes in consideration work done on the boat whereas Actual Cash Value depreciates the boat over time based on the age of the boat and other factors.
Navigational Limits
All yacht and boat policies in Florida have navigational limits that need to be factored in when deciding on which insurance company to use for the insurance. Let’s say you have a boat located in South Florida and you want to take it for a couple of days to the Bahamas. If you have a loss outside the navigational limits the insurance company has the right to deny the claim.
Hurricane Season
In recent years we have seen policies where the boat has to be moved out of Florida during hurricane season and stored up north. This presents problems for the boat owner who wants to have full use of the vessel during the prime summer months.
If your agent isn’t aware of this condition you could be responsible for the loss in the event of a claim.
Why Barbee Jackson Insurance
If you read everything above you can see the multiple ways insurance companies can find ways to deny claims in the event of a loss. It is important to work with an insurance agency that understands the Terms and Conditions that insurance carriers put on a policy.
Our insurance agents will work with you to design a policy that fits your individual needs, so you can spend less time worrying about what’s covered and more time on the water. Call today to speak to one of our agents (850) 389-2001