Not all ships are used for business purposes or the purpose of transporting goods and so require a different insurance policy to a marine insurance policy. Marine insurance is usually taken out by companies which specialize in importing or exporting goods and covers the cargo and the hull among other perils associated with taking a vessel of such size into open water.
If you are the proud owner of a yacht or other luxury seafaring vessel, then you would opt into a marine boat insurance policy, which functions as a marine insurance policy for a private individual.
Watercraft insurance
Marine boat insurance covers the actual watercraft for accidental damage. As with car insurance, the watercraft is protected from accidental damage when being used for its manufacturer intended purpose. Most watercraft policies will also include legal liability cover, not just for the third parties? property that might be damaged in an accident, but also third party injury for anyone on the vessel or watercraft who might be injured in an accident.
Car insurance in South Africa does not include liability for personal injury as this is covered by the Road Accident Fund. No such fund exists for anyone injured on watercraft, which makes marine boat insurance or watercraft insurance important. This liability insurance covers the medical costs of the injured party.
Commercial boat insurance
Just as car dealers require specialist insurance, so do boat dealers. Marine boat insurance caters for them as well, by covering such perils as cargo, inland transit (of the actual watercraft), storage, fire, theft, accidental damage, motors and malicious damage among others. Marine boat insurance also provides cover for the boats while on the showroom floor, and not only on the water.
This type of cover is specially created to cover boat dealers boat builders, tour operates and import and export companies.
Marine boat insurance also include marine cover, that is specialist insurance to cover freight logistics, local and international transport of cargo and inland transit. Whether you have a yacht, jet-ski, inflatable boat or a cargo carrier, marine boat insurance will cover it.
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