Maritime law broadly defines the responsibility of charterboat operator as being responsible for all damages resulting from “negligence”. This all-encompassing definition leaves the operator exposed to the possibility of costly and endless court cases.This why the value of selecting a charterboat insurance policy which protects your legal rights, property and that ensures damages to your boat are reimbursed, can not be underestimated.How can you identify which components should be in your policy? First, identify all your business activities and the risks involved in operating your charterboat business. This information will help you decide the types of components, the range, and amount of coverage needed.Hull and Machinery ClauseThis refers to the coverage of the vessel, and all its’ parts. Its’ main purpose is to quickly get your business and boat operational after accidents. If you afford to pick a policy, which covers the following damages your charterboat, can sustain:· Combustion, sinking or collision of your boat.· Deck machinery, boat engines, and electronics.· Coverage for an engine that breaks.However, the following are not included in the hull and machinery component: Damage to your engine due to inappropriate use or neglect, wear due to every day use of the boat or reimbursements because your engine broke down.Protection and Indemnity (P&I) ClausesThese clauses enable you to pay passengers and other people who could have suffered personal injuries or property damage caused by your vessel.
