Basics of Boat Insurance Explained By An Insurance Lawyer In Miami

It goes without saying that when you make an insurance claim, you should know the basics of it along with the procedures, whether it is against your property insurance policy or boat insurance. When it comes to claiming for boat insurance there are a few specific factors that you should keep in mind. First, you must know about the inclusions and exclusions in your insurance policy. This will enable you to make the right claim as per the limits of your insurance policy. This is the oldest form of insurance that prevailed in the ancient times when trade was facilitated by boats. The Insurance Lawyer in Miami will tell you about the latest developments since then.

Knowing about the coverage

According to the boat insurance policy, your vessel will be insured against almost every dangers of the sea. However, there may be a few factors that may be covered in your insurance policy and some may not be. It is only an Insurance Lawyer in Miami who will be able to point out the difference because no common man has the time and patience to read the entire terms and conditions page of the insurance policy, or, even if they do, they do not have the patience to read between the lines.

Variance in policy terms

The insurance policy can vary in terms and conditions and you must claim within the limitations of it to make a successful claim. In order to point out these variances, the experienced Insurance Attorney in Miami will consider the functions that your boat will perform and specify it in the claim. There are also several other contributing factors that may vary the claim amount even if the type of accident is the same. These factors are the type, size, and specification of the boat.

Physical damage aspects

You may think that you can claim for the entire amount of damage from the insurance company, but it is not so. The amount of claim received will also depend on the value of the insurance policy and the premium. Therefore, it is better to consult with an Insurance Attorney in Miami to know what type of physical damages your boat insurance policy will provide. The most common physical damages covered by any average boat insurance with average coverage will include storms, fires, sinking, theft and collision. There are few specific insurance policies that will even cover the hull and other permanent parts of the boat.

The components included

The boat insurance policy will cover some common and additional parts of the boat such as the fire extinguishers, motor, batteries, fuel tanks, onboard safety equipment and any other floating devices including the anchors. Whether it is a trailer or a boat, it is only a competent insurance lawyer who will make sure that you get all the repairing and replacement costs according to the policy to bring the boat to its original shape. If it has to be replaced, you will get the current market value of your boat according to the cash value policy. For more information visit here: KORIN LAW, P.A.