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People in a boatCommercial boat insurance protects your company assets. The key is purchasing the right policy for your business.

By clarifying specific details, you limit the risk of obtaining the wrong type of policy. Consider these topics surrounding the vessel to get the correct insurance.

The Type of Boat

The vessel itself impacts your commercial boat insurance. A larger vessel usually requires more coverage than a small boat. This is often due to their enhanced value. Always appropriately determine the value of the vessel before insuring it.

Additionally, a large boat often needs a larger crew, so you may need coverage to address risks to your crew.

By identifying the type of boat, you save time when looking for a policy. It allows you to focus on your needs rather than wasting time looking at inappropriate options.

Usage of the Boat

Commercial boats are not always used throughout the year. You may only use the boat for a portion of the year. For example, a fisherman may only fish during specific seasons.

When you use the boat for the entire year, you need a policy to fit your situation. Commercial boat insurance does not always cover the entire year. You may need to ask for more coverage or discuss alternatives for yearly coverage.

Consider the Location

If you plan to leave the country with your commercial boat, then you may need extra insurance. There are two reasons to consider the location and travel route. Insurance laws may differ from local laws and a policy may not cover your boat after leaving United States waters. Make sure your insurance covers your vessel when you leave the local area. You also want to consider international laws. Buy a policy that complies with the local, federal and international laws.

Coverage for Losses

Commercial boat insurance covers damage to your boat from certain risk factors. Read the policy to determine when it covers the replacement costs or cash value of the boat. You want a policy to cover the cost of replacing your boat in an accident. Obtaining replacement cost coverage may result in slightly higher premiums.

Before you buy a commercial boat insurance policy, consider you plans for the vessel. Your plans and use of the boat determine the right policy for your situation. It also allows you to focus on finding the right policy. You want a policy that covers your boat in international waters, protects your crew and protects against liability risks on the boat.

We've got you covered. Call Voyager Insurance Services, Inc at (972) 712-8000 to get an instant quote on an affordable Dallas commercial boat insurance policy.

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