Answers - Insurance

There are many issues to consider when insuring a recreational boat. Many people view boating as a fun sport and don’t consider there to be enough risks associated with boating to make insuring the boat very important.

First of all, do you need to be reminded

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

that we live in a litigious world? Even though a friend or ‘guest’ on board your boat for the day may be very chummy, that would likely change if they or their child were to be injured while on a boating voyage on your boat. Wherever you go, accidents can ha

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

pen and boating is certainly no exception. And, when faced with enormous medical bills, it is normal for people to seek recovery from others, even though they may not have been ‘at fault’. You simply should not have a recreational boat without, at a minimum

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

a basic liability policy.

Most banks and marine finance companies require that boats covered under their financing are adequately insured. Likewise, you need to have this coverage for the protection of your other assets. If you are found to be at fault

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

for a drowning or loss of a limb, your entire financial future, and that of your family, can be ruined. It is simply not worth the risk.

Insurance on a boat is similar to insurance on an automobile. There is coverage for your boat, coverage for the liability

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

you have for persons in your boat as well as others who light be damaged by your boat or your actions regarding your boat. And, just like your car, the premiums are dependent on the dollar value of the coverage limits that you select.

Consider how you plan to

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

use your boat. Will you be trailering it from lake to lake to enjoy a variety of voyages? If so, you will also need to consider coverage while the boat is in tow. You need to check out this coverage in light of your auto insurance and what is covered by that

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

policy in the event of an auto accident while towing the boat.

If you will be storing the boat in your garage or at your dock, there are other considerations. For example, if you only use the boat during the summer season, many insurers allow you to declare

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

‘storage only’ coverage for that time of the year when the boat is not being used. You would need to notify the insurance company at the start of the season and then again at the end of the season. This will have a direct effect on your premiums and it will

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

nsure that you are not paying premiums for liability coverages while there is virtually no risk involved.

While your boat may very well be covered under your homeowner’s policy while stored in your garage, you may have to declare it on a supplemental schedule

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

o cover it. If you store your boat in a marina or other commercial boat storage facility, they will normally require you to demonstrate proof of insurance prior to storing your boat. The marina’s insurance will cover any negligence or damage to your boat that

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

results from the marina’s liability, but it very likely will not cover your boat in the event of a flood, fire, hurricane, tornado or other act of God. You must have insurance coverage for this sort of exposure. There were many thousands of bo

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ts damaged or destroyed by hurricanes Katrina and Rita on the Gulf Coat in 2005. A large number of the boatowners were shocked to learn that their boats were not covered by the marina’s insurance policy. Those that had their boats in storage without coverage

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

or storage suffered a complete loss!

In 10 years in the marina business, I have unfortunately seen several drownings, swimmers run over by a boater’s propeller, broken limbs and backs and 50 or so sunken boats. Most of this was a result of somebody’s negligen

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ce. Many of these boaters failed to have insurance coverage! Unfortunately, there is no legal requirement to do so. The risks can be huge.

Boat insurance can be obtained from several sources. Many people choose to add their boat onto their homeowner’s poli

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

y and the umbrella insurance provided thereon. That is certainly better than not having insurance. Marine insurance may, in fact, prove to be a better buy. It certainly pays to do your homework. When there are problems, the marine insurers are considerably

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ore conversant in the marine issues than the adjusters of the standard property & casualty commercial insurer.

It is surely advisable to take one of the safe boating courses offered by the U. S. Coast Guard or the U. S. Power Squadron. I would encourage your

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

whole family to take the course and think about the safety issues when around your boat. Also be certain hat you have the proper number and type of Personal Floatation Devices (PFD’s) for the crew of your boat as well as the other safety equipment that’s appro

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

riate and required by law. Just like in your car, be sure you have a designated driver along if you intend to consume alcohol while on your voyage! The sun and spray tend to exacerbate the absorption of alcohol into your bloodstream and many states now enforc

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

a “BUI” Boating Under the Influence law.

Do your homework before buying your boat insurance, but be certain that you get it. This is true even for the smallest of boats, especially personal watercraft (PWC’s).

Have a safe and fun time on the water this year

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Insuring Your Boat

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