How much do Boat and Watercraft Insurance go up as a result of Corona virus Outbreak Claims?
Watercraft and boat insurance in Dallas apply to any damage sustained by a personal watercraft. This policy provides coverage in a wide range of circumstances. Professional and amateur boat users all agree towards its necessity. Sea is a dangerous place. While it can be a lot of fun to go out on vast waters. But the danger can come from anywhere at any time. Importance of watercraft and boat insurance in corona virus outbreak can be gleaned from just looking at the incident of Diamond Princess.
Watercraft and Boat Insurance in Corona virus Outbreak
This is an extremely uncertain time. A sudden contraction of virus by a passenger on-board a liner may cause hysteria and panic. This will undoubtedly cause untold amount of damage to the craft itself by the scared and panicked passengers. Destruction of many tools due to mass hysteria, or misplacement of certain paraphernalia essential to sailing operation might happen. Watercraft and boat insurance will provide ample coverage under such circumstances if they are covered in the policy.
Change in Premiums for Watercraft and Boat Insurance due to Corona virus
Major or minor accidents always happen at sea. It is unavoidable. Many go to the sea for business, for entertainment and for adventure. Each purpose can be fulfilled through a different kind of watercraft. But the risk is similar for them all. Watercraft and boat insurance in Dallas provide coverage when, not if, but when such incidents occur. The change in premium size occurs when there is are too many claims being made. This particular coverage is unlikely to see any rush in the number of claimants due to corona virus. Therefore, it is also unlikely to change in premium payments.
Limits of Watercraft and Boat Insurance in Corona virus Outbreak
- Watercraft and boat insurance in Dallas provide coverage in varying degrees against damages to the type of watercraft being insured. Different watercraft carry different level of propensity of attaining damages. That’s why the policies are tailor made specifically for each watercraft. A sail boat is categorically different from a whaling ship. It is impossible for a small sail boat to compare to a large passenger pontoon ship in terms of potential liabilities. The same is true in case of corona virus epidemic. A small sailing boat has almost no chance of sustaining damages solely due to the outbreak. But a large passenger liner, like Diamond Princess can. The watercraft and boat insurance services in such circumstances would be extremely valuable.
- A watercraft and boat insurance do not provide liability coverage for injuries sustained on a boat without additional clauses. There are medical riders which can be added for a claim not exceeding $10,000 per person. These kinds of addendum’s can be extremely beneficial if corona virus spreads on a passenger liner.
- Watercraft and boat insurance usually do not provide coverage to canoes, kayaks, row boats or personal watercraft’s such as a jet ski. But it should not affect policyholders much in the light of corona virus.
- There is an area limitation in watercraft and boat insurance policy. This policy is usually held void outside of the area of limitation. This limitation is usually outlined in the geographical map provided with the policy.
- Watercraft and boat insurance provide coverage to the boat equipment such as life vests, oars, snorkels, scuba gear, anchors etc. The ad-dons can provide further coverage for electronic equipment such as television, GPS, radio etc.
Watercraft and Boat Insurance Services in Dallas Texas
SG Financial is the best provider of watercraft and boat insurance services in Dallas, Texas. We have long since worked in the industry and we know how this insurance may be affected during coronavirus outbreak. All our services are designed to give maximum coverage to the client. Our watercraft and boat insurance firm stand behind you every step of the way during this difficult time