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Sea insurance resources available down under are utilized by the people to the fullest. Marine insurance down under resources are plenty. The companies offer different policies in this regard to their clients and customers. Concept of insurance owes its origin to the very start of the sea trade. In the beginning only the ships and the commercial cargo was insured by the insurers. Later on as things grew and the time evolved motor boats, yachts, power boats, jet skis, sailing boats, cruisers and commercial boats were insured by the insurers and the companies. Companies also insure the different parts of the boat separately. It happens so that the engine and the related components are insured for a different amount and policy. The hull of the boat is insured for different amount and against different policy. The navigational equipment and the maneuvering equipment and tools are insured for different amounts and against different policy. The furniture, fixtures, artifacts, and other equipments are insured according to their fair market value or list price. Marine insurance is an amazing tool and it is carried on all over the world. Various insurance companies, asset management companies and multinational insurers insure the boats and other marine related equipment for a certain amount of money. Time and voyage insurance is very common in the marine trade and both are considered by the owners and the insurers. The crew of the boat is also insured from time to time by the owner. Boat Insurance Australia resources are plenty. They are commonly utilized by the people in seeking favorable policies. Some of the basic features of the insurance and the policy undertaken down under include the following; The value of the entire boat is ascertained according to the market value at the time it is presented for insurance. The market value is usually on the higher side and inflation tends to increase the value of fixed assets. Fair value of the boat or the list price of the boat is also used to insure the boat. The list price is usually on the lower side. Anti theft devices, GPS and tracking equipment may also be installed according to the will of the insurers. The owner may also be compelled to install the required components. Claims are usually processed according to the stipulated time period offered for disposal. The value of the damaged is assessed by the insurance agency’s team and the claim is processed according to the invoice value or the work shop receipt (in the case of damage to the boat) or the investigation report filed in by the insurance claims investigator. Other claims and covers are also offered by the insurance companies. These claims come at an extra cost and can be added when the policy is being made. These include; 3rd party cover, equipment cover, crew cover, general policy cover, racing cover and excess cover etc.
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Marine insurance, boat insurance Australia,
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