Boat Owners Insurance is designed to provide comprehensive coverage for a variety of watercraft and the equipment required to be onboard a watercraft as well as coverage for the trailer.
The first coverage is called watercraft and equipment. Typically this includes all permanent factory installed equipment, the hull and the outboard motor and its connecting equipment. Watercraft equipment means anchors, oars, extra fuel tanks, extra batteries, electric trolling motors, life preservers, deckchairs and dinghies (tenders). Watercraft equipment typically does not include depth finders, fish finders, AM-FM radios, tape decks and ship-to-shore radios unless they are permanently attached.
Depending on the age of your watercraft there are three loss settlement options. The first settlement option is Actual Cash Value this option is usually written for older boats. For newer watercraft your options are Agreed Value and Replacement Cost. Deductible options vary from company to company. Keep in mind that boat insurance policies in Florida differ from other states and most insurance companies have a mandatory wind deductable that could range anywhere from 5% to as much as 25%. Review your deductable options carefully when comparing prices from different insurance companies.
There is also coverage for personal effects and miscellaneous boat equipment that may be included with your policy or may be added for an additional charge depending on the policy.
Personal Effects mean wearing apparel, sports equipment (such as skis, diving and fishing equipment) and other personal effects belonging to the insured, family members, guests. Miscellaneous boat equipment includes depth finders, fish finders, AM-FM radios and other equipment not permanently attached. Separate deductibles often apply to these items.
If your watercraft is disabled while afloat or away from safe harbor then your towing coverage would typically pay for:
• The cost of emergency towing to the nearest place where the necessary repairs can be made; and
• Emergency delivery of gas, oil or battery (excluding the cost of these items).
While most companies typically include a certain amount of towing automatically it is often recommended to check in to higher coverage limits for towing coverage.
As part of your boat policy you will see liability coverage. This very important coverage provides bodily injury and property damage coverage due to an accident for which an insured is legally liable. Once again there is a wide range of coverage options in most policies it ranges from $100,000 up to 500,000.
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Medical payment is another coverage that is included with a comprehensive boat owners policy this will cover medical expenses of any person while in, upon, boarding, or leaving the insured watercraft, including waterskiing.
Boat insurance isn’t always a requirement so it is a good idea to have uninsured boater coverage. This will pay for loss or damage that an insured is legally entitled to recover from an uninsured boater because of bodily injury to an insured, a guest or crew member.
When shopping for boat insurance ask your agent about any discounts that might be available such as discounts for safety courses or for having a captain’s license. Other discount that could apply are for safety equipment such as automatic fire extinguishing equipment, central station monitoring or alarms systems such as high water, fire or theft.
We at Hoffman & Associates take pride in knowing that we are giving you the coverage you need when you are on the water. As lifelong Brevard county residents’ boat owners and fisherman we have been navigating the inshore and offshore waters from Port Canaveral to Sebastian inlet for most of our lives and we fully understand your boat insurance needs.
Any vehicles owned by a business and registered in the state of Florida must comply with Florida's auto insurance requirements, just like a personally owned vehicle. If the vehicle is used to transport paying passengers, for example a taxi cab, additional requirements apply for coverage for injuries suffered by passengers or the public in an accident involving the vehicle.
In addition to the forms of auto insurance available for personal vehicles, business owners may require additional forms of auto insurance for their specific needs. For example, you can obtain coverage for damage to any property being loaded or unloaded from a company vehicle and specific coverage for any specialist equipment temporarily or permanently in a business vehicle. If you need to hire vehicles as part of your business activities, you can purchase specialized insurance to protect your company against costs resulting from a collision. Whatever your commercial insurance needs, we can tailor a policy to your requirements, giving you the coverage you need, at a price you can afford.
Just like homeowners insurance, Commercial Property Insurance protects against the costs of repairs to your business' property as a result of damage from factors such as wind, fire, explosions, vandalism and burglary. If your premises should become damaged, it is essential for the continued functioning of your business that they be repaired as soon as possible. By taking out adequate property insurance, you can be assured that your premises are covered and will be repaired or rebuilt as quickly as possible in case of damage, at no cost to you apart from the deductible.
Business Interruption Insurance protects your company against loss of income if your normal business activities are forced to cease for a period of time, for example due to damage to your premises. Consider what would happen if your business property was damaged by fire. You would lose business income, yet still have to pay employees, cover the cost of the insurance deductible and continue to pay many other monthly business expenses. Without Business Interruption Insurance, the continued costs with no income could cripple your business, and you may have to sell assets or even close down. Adequate Business Interruption Insurance will cover these costs until your normal business activities, and income, can resume.
In a similar way, Key Person Life Insurance protects your business against loss of income resulting from the death or disability of a specific person in a significant position in the company, such as a director or high level manager. Until this person is replaced or can return to work, the business' income will suffer while business expenses continue, and Key Person Life Insurance can cover these costs, protecting your business' solvency in this difficult time.
Hoffman and Associates Insurance looks forward to assisting you with all your commercial insurance needs. We understand that your business has unique requirements and that you need flexible coverage that both fulfills your current needs and anticipates future requirements. We aim to build a personal, long-term relationship with all our business clients and believe we offer the cost efficiency, convenience and service you are looking for to maintain and grow your business.
We look forward to the opportunity to help you with all your business insurance needs soon. Call 321-751-2511 to get a competitive quote today!
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Information contained within this site is the property of Hoffman and Associates Insurance Company and is provided for consumers looking to purchase insurance. Any other use is prohibited. We are not responsible for errors and omissions on this web site. All information contained herein should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is required. Please contact Hoffman Insurance Company at 321-751-2511 before making any purchase decisions based on information contained on this web site to check for validity. This content is copyrighted by Hoffman and Associates Insurance Company and will bring legal action on to anyone who copies the information contained here. PLEASE NOTE THAT COMPLETION OF A REQUEST FOR INFORMATION DOES NOT CONSTITUTE THE PURCHASE OF INSURANCE. NO COVERAGE MAY BE ADDED, CHANGED OR BOUND AS A RESULT OF SUBMITTING A REQUEST FOR INFORMATION. ALL COVERAGE MUST BE CONFIRMED BY THE AGENCY IN WRITING SUBJECT TO AN ACCEPTABLE SIG NED APPLICATION MEETING THE UNDERWRITING GUIDELINES OF THE INSURANCE COMPANY. Please read your policy carefully for your terms of coverage. No information in this website alters the terms of coverage in your individual policy. If you do not agree to these terms please exit this website