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April 2017
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By the time you read this it will be officially the Spring
season! Everyone in this part of the country seems to
come out of hibernation and the sparsely populated
boat clubs/marinas, bodies of water, walking and bike
paths, dog parks and sports fields become bustling
with activity and outdoor street fairs and parades are
scheduled. Motorcycles, boats, personal watercraft,
classic cars, RV’s, bicycles and golf carts are back on the
road. Vendors at street festivals may be selling items
they have made at home such as baked goods, jewelry,
toys, sewn or knitted items, art or items they have
purchased from manufacturers such as condiments,
spices, toys, or kitchen implements. What are the
insurance implications of these activities? They are
many insurance “worries” here, but I will briefly go over
a few you may want to consider to protect yourself with
insurance from a loss. The loss could be to a tangible
item you own where you would suffer financially if
it were stolen or damaged, or from a law suit where
someone is claiming your negligence and has suffered
bodily injury or property damage caused by you.
Your Insurance
with
Cathy Karas.
photo: newrochelletalk.com
Insuring the
Fun Stuff -
Your Spring/
Summer Toys &
Activities
BOATS & PERSONAL WATERCRAFT
- How
much did you pay for your vessel? Have you added
upgrades, additional equipment or done repairs?
Is your hull and machinery limit sufficient? Check
your policy to see what type of coverage you have
for hull and machinery. Is it on a replacement cost
basis, which is the best, or an actual cash value basis,
with depreciation for age taken into consideration?
With an older vessel, a claim where depreciation for
age is taken into consideration, there could be a big
reduction in your claim payment, which will already
be subject to your deductible.
MOTORCYCLES
- Some of these cost the same or
more than some car models! Did you add chrome or
any other options that were not factory standard? If
this is the case, without a special endorsement you
may have no coverage for this optional equipment.
If you have an “antique” or “classic” bike and it is
insured on a regular policy, you may have a problem
collecting the value of what you think it is worth and
may be paid “book” value, minus your deductible in
the event of a total loss. Depending on the age of the
bike this could result in a very small claim payment.
There are specialty companies that will insure these
types of bikes to their agreed value, (this limit would
appear on the policy),which is something you can get
a quote for from an independent insurance broker,
one that represents many companies.
CLASSIC CARS
- Same as motorcycles, the “antiques”
and “classics” can have very high values and need to
be insured with a specialty insurer. Due to the usage
being seasonal and the use usually limited to occasional
rides, car shows and parades, the annual premiums for
full coverage are often much less than on a standard
auto policy and will insure the vehicle up to the agreed
limit that will appear on the policy declaration pages.
kittyhawkwatersports.com
motorcycle.com
philstalling.com/