Catamarans are a relatively new type of boat that are used for sports or leisure sailing. Since their introduction into sport boating and recreational use, they have become an instant hit. This is mainly attributed to its unique and interesting design. The catamaran design was being used primarily by fishermen from a southern Indian state known as Tamil Nadu. Ever since it was copied and modified by western ship designers, the catamaran has proven to be a very stable ship that can reach high speeds even in rough seas. Currently, the catamaran works with sails or with a motor. Owning a catamaran is definitely a unique and very rewarding investment. It allows you and your family to navigate along the seashore without having to worry about instability or rough seas. However, before you consider setting sail on your new catamaran, you need to decide what catamaran insurance you plan to purchase.

Purchasing catamaran insurance provides you with financial coverage for your newly purchased catamaran. Having financial coverage for your newly invented property means peace of mind when you’re out on the water. You don’t have to sit back and worry about your catamaran being damaged or catching fire. Since you have purchased an insurance policy, you can actually sit back and enjoy your time when you are sailing on the sea. If you are planning to charter your boat or start a charter business it is essential to have insurance, without this you will not be allowed to rent or lease your boat.

Now that we know how important it is to take out catamaran insurance, let’s look at the different types of insurance policies available for catamarans. The basic policy you need to buy is the accident or damage insurance policy. As the name suggests, the policy provides you with financial coverage in the event your boat is damaged or has an accident. Now there are many varieties of policies under this insurance. One policy gives you financial coverage only if you were involved in the accident, while the other type, generally known as second party coverage, allows you to claim insurance money even if the boat is damaged in an accident, regardless of whether you are there or not. .

The next important policy is the fire damage insurance policy. In the unfortunate event of a fire that significantly damages your boat, the policy provides you with the financial coverage required to repair the boat.