The True Cost of Owning a Boat

Owning a boat is the dream of many water-loving adventurers. Purchasing a boat should be an informed decision. While you many doubt your Loe for the water, there are many more things to consider and weigh before your purchase, such as the real cost of boat ownership.

Slip Fees or Storage

You don’t get to leave your boat in the water for free. Keeping your boat at a marina will cost you a monthly slip fee and these can vary greatly by the marina. It could be as much as a car payment. 

Unless you have a large boat pad, storing the boat on your property probably isn’t an option either. The marina offers dry storage, which might be more affordable than a slip fee, but is still going to be a monthly payment. 

Insurance

Just as you need insurance on an automobile, you need coverage for your boat as well. You’ll want to protect it on and off the water, but you’ll also want to protect yourself from liability, as accidents can happen on the water, too. 

Other Expenses

Other expenses that you’ll incur when you own a boat include

  • maintenance and repair costs
  • gasoline
  • a trailer to tow the boat

Talk to other boat owners and see what other things you might need to consider. Deciding whether or not boat ownership is right for you should be based on gathering the facts. 

Extend Protection to Contractors through Builders Risk Insurance

Every contractor knows the risks involved in a construction project. Hail could damage construction equipment. Vandalism can destroy the property. A rogue fire could cause a project to shut down for weeks. With all of the potential liabilities associated with a construction project, it is important for contractors to have builders risk insurance for protection.

What Does Builders Risk Include?

Coverage extends to a wide number of areas, including:

  • Theft and vandalism
  • Lightening
  • Fire
  • Accidents involving vehicles

Not every risk is covered with this particular type of insurance. For example, flooding and earthquakes are usually excluded. It is also important for contractors to take with an insurance agency before acquiring builders risk insurance to determine the full extent of coverage.

Asking for an Extension 

Depending on the situation, it is possible for contractors to ask for an extension on coverage. This is applicable when a project is shut down after an accident occurs or when construction is halted due to damaged property or equipment. No two incidents are the same, so contractors should work with their insurance agent to determine how builders risk insurance can best work for them. There is no way to avoid the various risks involved with construction, but protection is available through the coverage provided by builder’s risk.