Is That A Boat On Your DeskYour Most Prized Possession
Cooke Insurance Agency is a sound company. Our owner/president is a boatman, as well as his sons. So are his dad, grandfather and uncle. We know the importance of sound marine insurance policies. One that protects you from financial loss to your vessel. Damage can be costly. Cooke Insurance Agency will help you with differing policy types and tailor the best insurance and the best service to ensure coverage is top notch. We offer property coverage for most types of marine vessels from powerboats and sail, to yachts and fishing boats.
What Is CoveredPhysical Damage
Physical damage coverage pays for the necessary repairs to your boat as a result of damage caused by a wide range of perils. The best policies provide "all risk" coverage, which means that if the cause of loss is not specifically excluded, it is covered. Typical causes of loss that are covered include: weather-related perils such as wind, rain, hail, lightning and wave action; fire; loss or damage caused by theft or vandalism. Collisions with docks, submerged or floating objects or other boats. Your policy shoulld continue to cover your boat while it is stored on land as well as transporting your boat over land by trailer. 'All risk' coverage is ususally the most comprehensive coverage available.
The number and type of physical damage exclusions vary from company to company, so take the time to compare to avoid surprises later.
Policy TypesAgreed Value
An 'agreed value' policy typcially pays the amount shown on the policy if the boat is considered to be a total loss.
Under this policy the insurer agrees to pay the stated amount on the policy if there is a total loss.
Damage resulting from a partial loss is generally paid for on a replacement cost (new for old) basis; minus your deductible. Some items that are subject to higher amounts of normal wear and tear, such as canvas, sails, trailers and some machinery, may be subject to allowance for depreciation in the event of a covered loss.
An actual cash value policy provides less coverage than an agreed value policy but generally at a lower cost. Lower policy cost results from the coverage being applied to the current market value of the vessel at the loss event. Also taken into account is depreciation and the condition of the boat at the time of the loss. Payments made for partial losses are usually reduced based upon physical depreciation of the lost or damaged items. The policy deductible is also applied.
Actual cash value policy may suit the needs of one looking for an economical alternative. Cooke Insurance Agency can explore and advise with you the options available.
Total Replacement Cost agrees to replace your boat with a new boat of similar make and model. This coverage can be purchased only when the boat is new and is usually extends until the boat is two or three years old. An example under the Total Replacement Cost policy could be applied to a two year old boat worth $50,000 today but was worth $60,000 when new would be paid the total replacement cost of $60,000; this is in the event of a total loss. Please not that at some point when the vessel reaches the age when, usually more than 3 years, replacement cost is no longer available, the policy is modified to 'Agreed Value' or 'Actual Cash Value'.Personal Property Assistance
Personal Property coverage is an addition usually found in boat and yacht insurance policies. Personal Property coverage applies to items such as clothing, personal effects, fishing equipment belonging to you or your family while those items are being packed on or off your boat, and while aboard your boat. Like physical damage coverage, each company handles personal property differently so it is important to research your needs first.Towing Assistance
Towing and Assistance coverage reimburses you for the costs that you incur when you need emergency assistance for your boat, and you and your boat are not in immediate danger. Some examples of emergency services that you may need which may be covered include, towing to a place where repairs can be made; delivery of fuel, oil or parts; assistance in the event of running aground; or emergency labor while underway. Again, there are several different towing policies available so check carefully on what you are covered for.
On Reporting Claims
We have friendly, professional customer service representatives. For expedited claims, refer to the claim number on your policy. For normal claims service, 850 279 4643 or link to ourWebsite Claims Page. We will collaborate with your specific underwriter to ensure your claim is handled properly.