Old is new again: baby boomers are buying boats reminiscent of their childhoods, opening opportunities for marine specialty writers.Wooden runabouts, utilities, cruisers--even steam-powered launches--are becoming major attractions for boating enthusiasts. Baby boomers See generation X. are buying boats they remember from their childhoods in record numbers, and in many cases, the investment in a vintage classic runabout or cruiser cruiser, large, fast, moderately armed warship, intermediate in type between the aircraft carrier and the destroyer. During World War II, battle cruisers operated as small battleships, combining in one vessel maximum qualities of gun caliber, armor protection, and is equal to, or less than, the purchase of its modern<lay counterpart. Another hot trend is the purchase of older classic cruisers This is a so far incomplete list of cruisers 1860-present. It includes protected, light, armoured, battle-, heavy and missile cruisers. Dates are launching dates. Argentina
adj infinite, enduring, endless. design equipped with modern features found only at the top price range of new boat construction. Currently, more than half of all classic and antique boats in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. are covered under traditional marine carriers or homeowners policies, or are serf-insured. However, that practice is changing. Challenges facing the traditional insurance markets date back to Sept. 11, and the recent Florida hurricane disasters have forced more changes in the coverage of older boats, even by specialty marine insurers. Questions regarding coverage, costs, claims and even who qualifies for special rates can be confusing con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. . Throughout the marine insurance industry, there are three typical types of insurance coverage: * Actual cash value--pays out a depreciated Depreciated may refer to:
* Stated value--allows owners to "state" a value for a boat that's greater than its depreciated "book" value. Stated value Stated Value A value that, instead of being par value, is assigned to a corporation's stock for accounting purposes. Stated value has no relation to market price. Notes: policies, however, can still depreciate depreciate v. in accounting, to reduce the value of an asset each year theoretically on the basis that the assets (such as equipment, vehicles or structures) will eventually become obsolete, worn out and of little value. (See: depreciation) vessels because they generally require the insurance company to pay up to the stated amount. * Agreed value--guarantees an owner will receive all of his or her money back in the event of a total loss. There is no depreciation, but many companies will apply the deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). if a total loss occurs. For smaller boats, runabouts, utilities, skiffs and launches. specialty insurers cover the vessels for the requested value. If that value is higher than the "normal range" for a particular make or size, additional documentation may be requested to justify the increased value. Also, special models, prototypes, or boats with historical significance could warrant a higher agreed value. Most marine policies include specific lay-up periods that require a boat to be out of the water during the regional off-season. In addition, most policies outline specific geographical regions in which a boat may be operated, and many marine policies have vessel age limits of 15 to 20 years. Boats constructed of wood may be completely excluded from coverage. Specialty insurers offer coverage for almost any boat with wooden construction and also offer coverage to nonwooden boats that are 12 years old and older, 18 feet or longer, have a minimum value of $10,000 and don't exceed 45 mph. The boats also should be in above-average condition. "Agents should be aware that most marine insurance programs require an out-of-water value and condition survey for all vessels more than 26 feet that have any type of cabin," said McKeel Hagerty, president of Hagerty Insurance, a specialty watercraft insurer. "Because of the additional systems typically installed aboard cruisers and yachts, special care must be taken to determine overall condition and how it affects the true value of the boat. "Agents should also be aware that wooden vessels are at risk to unique perils,' said Hagerty, "and they want to be sure any policy will address all of their clients' needs in the event of a claim. Know exactly what is excluded and what limits may apply." Unlike auto insurance, which is regulated by each state, marine insurance is only regulated in a handful of U.S. states A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and . In many cases, grace periods for late payments don't apply to marine policies as they do for automotive policies. Being a day late could have costly results for customers. --Kristen Kazarian (Kristen Kazarian is publications editor at Hagerty Insurance.) |
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