Are You A Boat Dealer? What Insurance Policy Should You Choose?
If you are a boat dealer than it is critical that you are properly insured. When you choose your boat dealer insurance policy it is going to be one of the most important decisions you’ll make for your business.
Obviously, any insurance purchase requires that you do some shopping around. Insurance rates vary pretty significantly, especially when you are requiring the high amount required for boat dealer insurance. You may want to visit several agents from several different insurance companies so that you are sure you get the right coverage at the right price. I’m going to give you some things you are going to want to consider when choosing boat dealer insurance.
1) Will you be choosing liability coverage for demonstration or will you be transporting for demonstration?
2) Will your boat dealer insurance be a flat rate or will it be based on your inventory?
3) Will you decide to have liability coverage for the work performed by you or your employees?
4) Will the boats you will be selling be covered on land or on the water, or both?
5) Will your boat dealer insurance policy cover fire damage?
6) Will your boat dealer insurance cover all risks, such as floods, waves, and wind?
7) Will your insurance policy include excess liability coverage that will pick up other areas that are not specifically covered?
8) Will your coverage also include real and personal property, including any items that you may have on the premises, rather than just your boat inventory?
9) Will your insurance also cover used boats that you have accepted as trade-ins, or will it just cover your new boats that are in your inventory?
These are just some of the questions you may want to ask when you are interviewing several agents from several different insurance companies, so that they can cover their various insurance policies in detail.
Once you’ve narrowed your choices down to one or two insurance companies as well as one or two insurance agents, it is also wise to talk to some of their customers. By this, I’m not talking about references, no insurance agent or company for that matter, will ever give you a reference that will tell you anything negative. Instead, it is better to find people on your own who have had experience with the insurance company you’re considering doing business with.
It may be kind of hard finding people who have used the same agent you are considering, but you should at least be able to find someone who has used the same insurance company. If at all possible, talk to someone who has filed a claim. You knowing how an insurance company works during the claim and payment process are critical in your feelings of comfort that you have chosen the right company to do business with. You first need to find out about the kind of coverage the person carried. Next find out how accessible their agent was during the claim reporting process. Finally, find out if they had disputes with their insurance company or if the claim was settled promptly.
In conclusion, make sure you steer clear of insurance companies with a reputation for delaying or denying claims. They may look like the best because they have the lowest rates, but they’re probably keeping them low by denying legitimate claims as well as giving their clients the runaround over what they will actually cover in the event of a problem.
