It goes without saying that the time to review your marine insurance policy is not when you have a situation that warrants using it. You should have felt confident about your coverage the moment you selected your protection package. While choosing the right marine coverage to suit your specific needs may be somewhat challenging and tedious, you have to determine what your needs are before you even begin looking for the right policy. Hopefully, the insurance company you deal with takes the time to research your needs in order to develop a suitable coverage package for you.
The first thing you want to remember is that your specific needs as a commercial vessel operator is going to differ considerably from the recreational boat owner. You’ll need an insurance representative who understands your specific needs and can recommend the right marine insurance coverage package to facilitate those needs. Nothing could be as stressful and worrisome as having a successful marine-based business that gets ruined by something you failed to get coverage for in your insurance policy.
One of the most common misconceptions made among insurance policyholders is that they feel all types of insurance (auto, home, life, marine, etc.) are basically the same. Nothing could be further from the truth. Consequently, many vessel owners make the mistake of seeing cost of premium as the decision-making or determining factor when shopping for a coverage package that fulfills their needs and protects them. Trying to cut costs on your marine insurance coverage could be a financially devastating mistake and one that could take years to recover from.
Cargo moving and commercial shipping sees its own fair share of risks ranging from your ship being seized by pirates to striking an iceberg and sinking your vessel. In other words, there is always the element of risk involving damage to or the loss of your cargo. No matter how hard you try to predict and stave off any potential dangers or hazards, there is always going to be the risk of something perilous or unforeseen arising when you are in transit.
In fact, the weather in and of itself can be a factor and pose a serious threat to your vessel and its cargo while on the water. However, weather damage to the vessel and its cargo can also occur on land as well. The financial devastation that could occur if you are not properly insured could threaten the life of your entire business. And that is something that you don’t want to do.
Being confident about your choice of marine insurance coverage allows you to have the peace of mind that comes from knowing that you are amply protected against all mishaps. Remember, it is just as important to understand the type of coverage you have as well as simply having it.
Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com.