RSS

Monthly Archives: March 2019

BoatUS Report

BoatUS Report

Buying Boat Insurance: The Fine Print

Know your policy details about these 6 coverages

As boat owners prep for the coming season, it’s time to dust off the boat’s insurance policy and grab a magnifying glass to read the fine print. Unlike auto or homeowner’s insurance, recreational boat insurance has distinct coverages that can perplex boaters and leave them scratching their heads. What do you need to know? Boat Owners Association of The United States (BoatUS) takes a look at the fine print on six of the most important coverages.

BoatUS.jpg

Does your insurance policy cover this? It all depends on the fine print.

The consequential damage fine print: Half of all sinkings occur at the dock when some small part below the waterline fails. However, these parts – an outdrive bellows, for example – most often fail due to “wear, tear, and corrosion” or a lack of maintenance, so the policy won’t pay for a new outdrive bellows. But here’s the rub: As a consequence of the failed bellows, your boat has sunk and is likely a total loss. Who pays for that? That’s why you need “consequential damage” coverage that pays for losses that often start with a failed part that may be excluded under the policy. The small, inexpensive part that failed may not be covered, but most importantly, the rest of the repairs or total loss will be. One caveat: this consequential damage coverage often applies only to specific types of losses, for example, the immediate consequential damage resulting from any fire, explosion, sinking, demasting, collision or stranding.

The fuel-spill liability fine print: In addition to your policy’s standard liability coverage for physical damage or bodily injury to a third party, fuel-spill liability protects you from claims for cleanup or third-party damage due to the accidental discharge of oil or fuel that can occur in a sinking, fire, collision, or grounding. Some policies only pay the costs associated with a fuel spill up to the policy’s set limit of boating liability coverage. A better policy separates out fuel-spill liability and provides coverage up to the maximum amount you can be held liable for under federal law, which today is a whopping $939,800.

The on-water towing fine print: Many boat insurance policies offer some kind of on-water towing endorsement that provides a level of towing and assistance for routine breakdowns or soft ungroundings. Know how you will be able to use that coverage: Who provides the service? Does the company have 24-hour dispatch service to call for assistance? Is it easy to summon on-water help? Having an on-water towing endorsement or a stand-alone on-water towing membership plan could allow you to leave your credit card in your wallet, and you’ll get priority towboat service.

The salvage coverage fine print: When fires, sinkings, shed-roof collapses, or running up on a shoal damages your boat, you end up with a “salvage” situation. If the boat is not a total loss and needs to be recovered and brought to a repair facility, costs can escalate quickly. Most boaters assume the cost of raising or moving the boat to a safe location is covered by their policy, but some marine insurers will subtract salvage costs from the insured value of the boat, reducing the funds available to repair the boat or the amount paid in the event of a total loss. Also, in case of a total loss, you’ll receive a check for the boat’s insured value, but to pay for salvage you may only have a small percentage, perhaps just 5 or 10 percent of the insured value, to pay for recovering the boat which may not cover the salvage bill. That leaves your wallet short and you managing a potentially complex task. Better policies don’t let you go it alone and provide salvage coverage that is separate but equal to the boat’s hull value coverage.

The boat trailer fine print: Not all boat insurance policies automatically provide boat trailer coverage, so be sure to check. Also find out if there are geographic limits on where you may trailer the boat. Note that if you have an accident while towing, it is your boat policy that pays to repair or replace the trailer, but any third-party damage your trailer causes to property or injuries to people is covered under your auto policy.

The liability-only boat policy fine print: If you opt for a liability-only policy, make sure that it provides not only coverage for property damage and bodily injury to others but also coverage for salvage and removal of the wreck, and that separate coverage is available for fuel-spill incidents.

Need some help? The marine insurance specialists at BoatUS can help you review your current policy by calling 800-283-2883 and also offers free quotes at BoatUS.com/Insurance.

About Boat Owners Association of The United States (BoatUS): Celebrating more than 50 years, BoatUS is the nation’s largest organization of recreational boaters with more than a half-million members. We are the boat owners’ voice on Capitol Hill and fight for their rights. We are The Boat Owners Auto Club and help ensure a roadside trailer breakdown doesn’t end a boating or fishing trip before it begins. When boats break down on the water, TowBoatUS brings them safely back to the launch ramp or dock, 24/7. The BoatUS Marine Insurance Program offers policies underwritten by GEICO Marine Insurance that give boat owners affordable, specialized coverage and superior service they need. We help keep boaters safe and our waters clean with assistance from the nonprofit BoatUS Foundation for Boating Safety and Clean Water. Visit BoatUS.com.

Advertisements
 
Leave a comment

Posted by on March 25, 2019 in BoatUS Report

 

Photo Op

Photo Op

Dear Captain Ken: Our time here in South Florida is almost up and we are preparing to head our boat north for Virginia Beach with planned visits to the Chesapeake, Jersey Shore, and the New York City area later on in the summer. It was a pleasure meeting you at both Ft. Lauderdale and Miami boat shows. Here is a picture we snapped at our marina during a lovely sunset. We so love our traveling and boating lifestyle if just for these moments. But of course, there are so many more. All the best!

J. and S. Binder
Riviera Beach, FL

sunset

 

 
Leave a comment

Posted by on March 24, 2019 in Photo Op

 

Technology

Technology

Torqeedo wins Innovation Award at 2019 Miami International Boat Show for powerful new inboard electric propulsion system.

Torqeedo’s new Deep Blue 100i integrated inboard electric propulsion system was honored with a 2019 National Marine Manufacturers Association (NMMA) Innovation Award at this past Miami International Boat Show. The Innovation Awards were judged by a team of experienced marine-industry journalists from Boating Writers International (BWI).

2019 Innovation Award.jpg
“Torqeedo keeps turning up the juice with electric propulsion for two new target markets – one for large torque needs as well as one for high-speed applications like tow boats,” said BWI judge Pat Rains.

Torqeedo’s new Deep Blue 100i is the first fully integrated inboard electric propulsion system for larger and faster planing and displacement boats. This new efficient, reliable and environmentally friendly electromobility solution incorporates a combination of innovations never before offered in the boating industry.

Torqeedo.jpg

The Deep Blue 100 kW electric direct-drive motor has twice the power of previous models. It is available in two versions – 2400 rpm for faster planing boats and 900 rpm for heavier displacement vessels up to 120 ft. The electric motor is paired with a high-voltage 40 kWh marinized BMW i3-type lithium-ion battery, which has 30 percent more capacity than previous models within the same footprint. The batteries offer super-fast recharging up to 75 percent capacity in less than 1.5 hours.

The new Deep Blue 100i system is available for electric-power only and also in a hybrid configuration with DC generator and integrated onboard energy management system for longer-range cruising. The system can be integrated with onboard solar or hydrogeneration for clean, renewable recharging underway.

Dr. Christoph Ballin, Torqeedo co-founder and CEO, said: “The Torqeedo Deep Blue 100i is a turnkey helm-to-prop solution backed by our experienced application engineering team, providing an easy pathway for boatbuilders to meet the coming electromobility revolution. As consumers become increasingly comfortable with electric and hybrid cars and trucks, they expect the same clean, green systems in their boats.”

About Torqeedo: Torqeedo is the market leader for electric mobility on the water. Founded in 2005 in Starnberg, Germany, the company develops and manufactures electric and hybrid drives from 0.5 to 100 kW for commercial applications and recreational use. Torqeedo products are characterized by an uncompromising high-tech focus, maximum efficiency and complete system integration. Torqeedo is part of the DEUTZ Group, one of the world’s leading independent suppliers of diesel and natural gas engines. http://www.torqeedo.com

Contacts:
Tess Smallridge
Torqeedo

+49 8153 9999 060
Tess.Smallridge@torqeedo.com

https://www.torqeedo.com
https://www.linkedin.com/company/1341819/
https://www.facebook.com/torqeedo
https://www.youtube.com/user/TORQEEDOGmbH

 
Leave a comment

Posted by on March 24, 2019 in Technology

 

Yacht Spotting & New Launches

Yacht Spotting & New Launches

NOVA LUXE YACHTS LAUNCHES ELECTRIC POWER CAT

With the launch of its first build, New York-based Nova Luxe Yachts redefines the idea of a luxury cruising. The company converts new 35’–50′ power catamarans to all-electric, creating vessels of virtually unlimited range and zero emissions. Its introductory offering, an Aquila 44, is being fitted-out at a yard in St. Petersburg, Florida, and debuts on June 1 at the Westshore Yacht Club in Tampa.

Nova Luxe Yachts marries the proven reliability of Torqeedo Deep Blue drives, BMW i3 batteries and a massive rooftop solar array to an ocean-tested hull, creating an engineered package that outperforms its diesel-powered counterpart. The result with the Aquila 44 is an environmentally friendly luxury yacht that cruises for over 1,250 miles at 6.5 knots —vibration-free and quieter than a sailboat.

Because previous electric propulsion solutions on luxury yachts failed so publically and spectacularly, consumers are understandably skeptical. The difference between what’s been tried in the past and what Nova Luxe is doing is the battery.

“The automotive industry has advanced DC technology to where battery-powered marine propulsion doesn’t mean sacrifice, but is in many ways superior to diesel,” said Marc Hawxhurst, Nova Luxe Yachts president. “Torqeedo’s high-performance, high-voltage BMW i3 lithium-ion battery is completely waterproof, packs an astounding 40 kWh of power and comes with a nine-year warranty. It’s the perfect choice for our luxury yachts.”

The Aquila 44 was chosen by its owner because it strikes the ideal balance between stability, size, weight and the ability to be captained solo. With three staterooms, it makes the ideal Great Loop boat. The Nova Luxe build includes a requested 25kW genset to supplement the power generated by the 16 350W solar panels when cruising long distances in cloudy northern regions.

Even the Aquila’s tender, a ZAR Mini aluminum RIB, is green. Boasting a 50-mile range, it carries a Torqeedo Cruise 10.0 and is charged by a power supply station integrated into the yacht. At the 2019 Miami International Boat Show, Nova Luxe Yachts demonstrated the performance of an electric solution by reaching 20 mph and planing with two adults on the ZAR.

Aside from Aquila, Nova Luxe Yachts offers new pre-fitted electric Aspen Power, Bavaria, Fountaine Pajot, Havana, Leopard and Maine Cat catamarans. Workmanship and attention to detail complement the meticulous standards of quality these boats are renowned for.

Interested parties attending the June 1 event are encouraged to RSVP at bit.ly/NovaLuxeDebut. Space for sea trials is limited.

 

For more information, visit the Nova Luxe website at http://www.novaluxeyachts.com, or call at (516) 597-0098