{"id":549,"date":"2012-07-25T18:48:51","date_gmt":"2012-07-25T18:48:51","guid":{"rendered":"http:\/\/www.unitedmarine.net\/blog\/?p=549"},"modified":"2012-08-08T21:08:26","modified_gmt":"2012-08-08T21:08:26","slug":"debunking-some-boat-insurance-myths","status":"publish","type":"post","link":"https:\/\/www.unitedmarine.net\/blog\/index.php\/2012\/07\/25\/debunking-some-boat-insurance-myths\/","title":{"rendered":"Debunking Some Boat Insurance Myths"},"content":{"rendered":"

Water plays an important role in mythology, from water deities to lost islands. But, there’s more fact than fiction involved with boat insurance. Most of the reality involved in boat insurance comes from the word, “exclusion.” Since United Marine Underwriters<\/a> represents several insurance companies, it’s important for you to know how to tell fact from fiction when it comes to boat losses resulting from fires, sinking and collisions.<\/p>\n

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Boat Insurance Exclusions and Consequential Loss Coverage<\/h3>\n

\"Sunken<\/a>All boat insurance policies include exclusions and many include the wording “loss resulting directly or indirectly” or “loss resulting from.”<\/p>\n

The most common exclusion in a boat insurance policy\u00a0is wear, tear or gradual deterioration. So if you suffer a loss directly or indirectly from wear, tear or gradual deterioration, then your entire loss is excluded.<\/p>\n

This simple wording “directly or indirectly” or “loss resulting from” is very important, because it can cause almost every fire or sinking to be excluded unless your policy includes Consequential Loss Coverage.<\/a><\/p>\n

What is Consequential Loss Coverage<\/h3>\n

Consequential loss coverage basically removes the wording “directly or indirectly” or “loss resulting from” in boat insurance policies. So, if your policy includes consequential loss coverage and your boat sinks from a deteriorated sterndrive boot or thru hull fitting, your entire loss is covered. If your policy does not have consequential loss coverage, the entire loss can be excluded. Consequential loss coverage from a specialized marine insurance company is the best policy for your boat, otherwise almost every sinking, collision, or fire could be excluded as a result of “wear and tear.” However, even with consequential loss coverage not all fires, sinking or collisions are covered.<\/p>\n

Why? Because the loss must be from a sudden event. Losses that may still be excluded include:<\/p>\n