Donald J. Medeiros Insurance Agency

Marinas Are Getting Busy, Time To Review Your Insurance On Your Watercraft

Wednesday, May 16th, 2012 | Watercrafts - Tips & Important Facts | No Comments

May is the month when the entire coastline from Connecticut to Maine starts to awaken after a long winter’s rest. The quaint seaside villages slowly become busy with visitors from both summer residents and day trippers alike. The true telltale sign that summer is near is when the marinas become crazy busy with the unveiling of boats from winter storage and slips quickly fill back to capacity. When this starts to happen, it’s a good time as any for you to start your Commissioning Checklist for your watercraft.

The following checklist was provided by Brewers Yacht Yards and consists of tips and recommendations to be used as a starting point to get any boat ready for a safe and enjoyable season out on the water.

• Documents: Review your license, registration, insurance and other important documents pertaining to your boat and trailer and store them in a watertight bag or container. When reviewing your insurance coverage, contact your agent and ask if you are realizing all the available savings, if your coverage is comprehensive and for them to double-check that the geographic limits on your policy align with your boating plans for the season.
• Life jackets: Each and every person on board must have a properly sized life jacket in good condition with no rips or missing parts.
• Fire extinguishers: Check all onboard fire extinguishers making sure they are fully charged and properly mounted and are the correct class for your vessel. Turn dry chemical extinguishers upside down to loosen the powder. Replace or refill any expired units.
• Flares: Replace out-of-date flares and keep the old ones on board as spares.
• Charts and maps: Review and update electronics as necessary.
• Plugs: Inspect and tighten drain plugs. Make sure rubber seals or gaskets haven’t cracked or dried out during winter storage.
• Hoses and clamps: Inspect and replace as necessary.
• Propellers: Inspect for dings, pitting, cracks and distortion. Damaged props can cause unwanted vibration and drive train damage. Make sure connectors such as cotter pins are secure, and grip the prop to check for looseness. If the shaft is loose, consider replacing the bearing.
• Inboards: Examine the rudderstock to ensure it has not been bent or compromised.
• Hull: Inspect for blisters, distortions, cracks and compromised rivets.
• Water intake strainer: Make sure your strainer is secure, unobstructed and corrosion free.
• Large inboards: Check the engine shaft and rudder stuffing boxes for looseness before and after launch. Make sure through-hulls don’t leak.
• Outboards and outdrives: Inspect outdrive bellows for cracks, dryness or deterioration, paying careful attention to the folds. Replace questionable bellows.
• Fluid levels: Check all fluid levels, including engine oil, power steering and power trim reservoirs. Replace worn-out zincs.
• Control cables: Inspect the outer jackets and replace cables showing cracks, swelling, corrosion or deterioration.
• Fuel lines: Inspect fuel lines, including fill and vent hoses, for softness, brittleness or cracking.
• Fuel tanks: Check your tanks and pumps and replace filters annually. Consider using a fuel stabilizer.
• Hoses: Inspect cooling, exhaust and blower hoses and pipes for stiffness, rot and leaks. Make sure hoses are connected tightly; double clamp them if necessary.
• Electrical connections: Inspect for cleanliness and tightness. Corrosion, especially on battery cables, could indicate a poor connection. Remove the terminals, and wire-brush them along with the cable ends.
• Running and navigation lights: Make sure all running lights work. Keep spare navigation bulbs on board.
• Emergency lights: Inspect emergency lights and signal devices and make sure you have spare batteries.
• Ignition kill switch: Ensure it’s working properly
• Bilge pumps: Check for leaks and corrosion and make sure the float switch works.
• Ropes and lines: Inspect for damage, chafing and deterioration and replace as necessary. Pay out and thoroughly inspect your anchor line. Keep lines untangled and coiled for ease of use.

Have a safe and worry-free boating season!

Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by suggesting solutions for all insurance needs. By no means can we address each reader’s specific concerns in every incident. So, we strongly advise to check with an insurance representative to address your specific needs. However, you can also contact us for any questions or concerns and we will be happy to help you. We are able to offer a complete line of personal & commercial insurance products for all of Massachusetts, Rhode Island and New Hampshire.

Come visit us at www.donmedeirosinsurance.com or give us a call at 508-678-1271. We look forward to hearing from you! If you have a Facebook account, fan us at http://www.facebook.com/donmedeiros.

Tags: boat insurance, insurance, insurance coverage, marina, marine insurance

Shopping for Boat Insurance? Important Facts You Should Know

Monday, April 18th, 2011 | Watercrafts - Tips & Important Facts | No Comments

Most companies provide limited coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy.

Coverage is usually about $1,000 or 10 percent of the home’s property value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy. Check with your insurance representative to find out if your boat is covered and what the limits are.

Larger and faster boats such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.

For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowners policy. But there are distinct differences between the two types of policies.

Actual Cash Value policies pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine the vessel’s approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.

Agreed Amount Value basis policies mean that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.

Boat insurance also covers:

• Bodily injury—for injuries caused to another person
• Property damage—for damage caused to someone else’s property
• Guest passenger liability—for any legal expenses incurred by someone using the boat with the owner’s permission
• Medical payments—for injuries to the boat owner and other passengers
• Theft

Most companies offer liability limits that start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. Higher limits may be available. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.

Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered and verify that towing coverage is included in the policy.

Boat owners should also inquire about discounts for the following:

• Diesel powered craft, which are less hazardous than gasoline powered boats as they are less likely to explode
• Coast Guard approved fire extinguishers
• Ship-to-shore radios
• Two years of claims-free experience
• Multi-policies with the same insurer, such as a car, home or umbrella policy
• Safety education courses, such as those offered by the Coast Guard Auxilary, U.S. Power Squadrons or the American Red Cross.

When you start to shop around, don’t hesitate to give us a call!

Happy and safe boating!!