Boat Insurance Quotes for Marine Boat, Us Boat, Charter Boat, Commercial Boat and Fishing Boat

commercial boat insurance

Commercial boat insurance is required from the hundreds of ferries that shuttle from shore to shore to the cruise ships and fishing charters as well as the whale watching boats and any other vessels that are used to haul passengers for profit. The liability is immense and the range of possible scenarios on the water can almost boggle the imagination, yet for the right price an indemnity company will take on the risk of insuring the trip to that hot fishing spot or that secluded island paradise or just to another work day on the mainland. But is not just about hauling passengers, it’s about the lobster boats and the clammers and the vessels just used for hauling stuff up and down the Mississippi and other major rivers as well as the tugboats that push the giants in and out of the ports of major cities. Maritime laws, usually state mandated, require that every commercial boat, watercraft or ship be covered with the type of insurance that will at least cover basic civil liability in the event of accidents. For this lens, a look at the smaller commercial boat insurance issues will be discussed.

Business related boats, as opposed to ships that sail the oceans, are covered by policies that are in two parts. Policies state that their intent is to get the owner back out in the water as soon as possible. These policies are always broken down into two distinct portions: hull and mechanical and then P&I or protection and indemnity. Hull and mechanical cover the coverage of structure of the boat and mechanical refers to the engine and its main related systems. P&I insurance is third part insurance to protect the owner from incidents that occur onboard his vessel(s). Any agent attempting to sell a commercial boat insurance policy that does not include both components of a marine policy does the owner a great disservice.