What’s It Like Getting A Wooden Boat Insurance

If you own a wooden boat and want to get it insured, know that a lot of insurance companies often cringe at the fact when they have to come up with such a scenario as they see your worthy possession as dried out wood full of oil and gasoline and consider it as an old piece good for nothing. But we being the owners know the worth that a wooden boat has; they are not only a piece of history but also mean it to you as a love of your life.

Since one may not be sure of the unforeseen events and there are high chances of risks and accidents which has boomed the insurance industry. And of course, cost for the insurance matters but if you go through any incident which damages your boat, wouldn’t you want every single penny back to replace or repair it?

Unfortunately, not every insurance company offer a wooden sailboat insurance Sydney since the marine insurance is partially regulated which is why there are a few rules which the insurers must comply with. It is due to this reasons we have gathered down the type of policy you purchase and what you will get against the claim you make on it.

Agreed Value

Many insurance companies do not offer the agreed value option, however, this is the only kind of policy that will ensure that your wooden boat is fully covered and guarantees to pay back without causing any loss to you.       

Home Owner’s Policy

Most people assume that if they own a home owners policy, there boat is also covered in it, but this is generally not the cause for wooden boats. The bottom line here is that one should opt for a separate wooden boat insurance that would actually aim to cover your wooden boat.

Who handles the Claim?

Generally, the sales agent who has sold the policy to you is responsible to handle your claim but when it comes to trusted boat insurance quotes in Brisbane, this is usually what doesn’t happens. Claims that occur for wooden boats are often dealt by giant marine underwriters who have great experience in this.

Boat under Restoration

When the wooden boat is under restoration process, most owners tend to not get a wooden boat insurance for themselves. Most people often wrongly assume that insurance companies don’t offer insurance for boats that are undergoing through the restoration process or that that shop that has been hired to do such a task carries such insurance with them to cover for any damage if there was an incident that would have happened. One should make sure that they have got themselves covered even when their boat is under the restoration process.