Boat Titles and Seaworthy Policies
DID YOU KNOW?
That while all states have motor vehicle title laws, only about two-thirds have title laws for vessels? There is a bill, SB 1117, the Virginia Uniform Certificate of Title for Watercraft Act, that is currently making its way through the Virginia Legislature.
The passage of this legislation will create a uniform system of boat titling that will be recognized nationwide and by the United States Coast Guard. The benefits to the consumer will include protection for prospective boat buyers by clearly labeling the titles of damaged vessels, preventing the sale of stolen boats and provide a clear chain of ownership.
SELLING THE SEAWORTHY POLICY
“Consequential Damage Coverage” is featured on all of the Seaworthy Charter, Yacht and SuperYacht Polices. This covers immediate consequential property damage resulting from any fire, explosion, grounding, sinking, demasting, collision or stranding.
If wear and tear on a cracked hose causes a boat to sink at the dock, many providers won’t cover the resulting damage to the boat (or the cost to refloat it if it sinks) because the initial cause, the deteriorated (cracked) hose isn’t covered. This could cost a boat owner significant out of pocket expense unless their insurance policy covers the “consequential” damage.
A real PLUS for the Seaworthy customer!