Category Archives: Boat Insurance

Be Prepared to Tackle Your Taxes This Season

It’s that dreaded time, Tax Season! You have those that prepare all year long, are organized and ready to pass everything on to their CPA or Tax professional and BAM taxes are ready to be submitted February 1st!  Then there is the rest of us who will wait to the last minute, scramble to find all the documents and still feel unprepared to file.

However, being prepared and confident is not a far reach. Whether you recently got married, had a baby, bought a home, changed jobs, or started a small business, there is no reason to delay filing. Waiting until the last minute and scrambling adds more stress to the already stressing task.

Here are a few tips and tricks to prepare yourself to rock your taxes!

  1. Don’t Delay! Remember the saying, “The early bird gets the worm?” well unfortunately when you delay it takes a lot longer to see your tax return. Filing early prevents you from scrambling to meet the deadline -eliminating errors and a quicker turn around on your refund.
  2. Gather Necessary Documents Having all your documents ready when you visit your tax professional or sit down to file saves time and eliminates the  Get a complete tax checklist here.
  3. Know Your Deadlines Deadlines are very important when it comes to your taxes. If you need to file an extension make sure you do so before the cut off. This will prevent you from acquiring more fees and penalties. Here are your deadlines.
  4. Get Help! Reach out to your local tax professional. Most will let you call or stop by and offer you some guidance. Seeking assistance is one way to guarantee that you are getting the most out of your refund and not making any mistakes. No one wants to get audited…

Tax season can be daunting, but it doesn’t have to be! Utilize your resources, do a little research if there was a major milestone in 2017 and don’t wait until the last minute! You got this! J

 

Boat Insurance FAQs

Summer in Texas is the perfect time to take to the lakes and enjoy sunny weekends on a boat. However, not having the right boat insurance could make you want to jump overboard, rather than enjoy the day on the waves. Whether you enjoy water sports or drifting along with the warm summer breezes, these boat insurance frequently asked questions (FAQs) can ensure your summer is smooth sailing.

  1. What are the different types of boat insurance coverage options?

Generally, boat insurance is broken down by the size of the boat. Small boats are considered 29′ or smaller while large boats are bigger than 29′. However, any boat over 26′ is considered a yacht and requires yacht coverage, which includes more expansive coverage as yachts and larger boats typically travel farther and carry unique attributes.

 

Small boats can typically benefit best from all risk coverage, which includes everything except what is explicitly excluded in the policy, like marring, animal damage, wear and tear, denting, scratching, etc.

Yacht coverage for large boats and yachts includes hull insurance, which is broad and considered all risk direct coverage with exclusions similar to those listed above for small boats. Yacht policies include an agreed upon replacement cost in the event of complete destruction of the vessel. Yacht coverage may also include protection and indemnity insurance-broad liability coverage that can be tailored to maritime law based on location. Harborworkers and Longshoreman’s coverage and Jones Act (crew) coverage should also be considered to cover losses that are not covered under other policies.

  1. How much should I insure my boat for?

Generally, we recommend insuring your boat for the value of what it would cost to replace your boat. This amount is often referred to as the Stated Value or Agreed Value. You do not want to insure your boat for the Actual Cash Value as that will be reduced by depreciation over the years.

 

  1. Can other people drive my boat under my boat insurance policy?

In most cases, anyone can drive your boat. However, it’s important to note that having more people drive your boat may increase your boat insurance premiums.

 

  1. Do I have to insure my boat year-round even if I only use it in the summer?

Most insurance companies require annual coverage; however, you can often benefit from a layup discount for the months your boat is in storage. Ask your boat insurance agent about the layup discount.

  1. Do boat coverage policies have deductibles?

Small boat insurance policies generally have standard deductibles while yacht coverage policies have deductibles that are a percentage of the insured value (i.e. if your coverage is for $200,000, a 1% deductible would be $2,000).

Learn more about boat insurance coverage here.