 Boat Insurance |
 After your home, your boat may just be the most valuable item you own. Having good boat insurance is a must. Insuring Your BoatHaving the right boat insurance protects you, your boat, and and your bank account against damage caused by accidents, loss due to theft or vandalism, and the big worry, liability for property damage or injuries to others caused by your boat. When you're out enjoying your day on the water, you shouldn't have to worry about the financial impact if something should go wrong. Good boat insurance gives you peace of mind, so that you can concern yourself with boating fun. Types of Boat InsuranceWhat kinds of boat insurance are there, and what do most policies cover? What type of policy will be best for you? Physical DamageYour specific insurance needs will depend on the type of boat you have, how you use it, and how much risk you're willing or able to assume. In general, most boat insurance policies cover physical damage to the boat, including the hull, engine, furnishings, sails, and most equipment that may normally be used on a boat. Coverage usually applies for accidental damage, theft and vandalism. Liability CoverageMost marine insurance policies also provide liability coverage to protect you against financial loss if your boat causes damage to another boat, docks or other fixtures. Liability coverage also provides payment for medical expenses for injuries to you and your passengers while on your boat, as well as injuries to others who may be harmed by your boat. Most boat insurance policies also provide liability coverage for individuals who may work on your boat but are not crewmembers and are not employed by your marina or boatyard. This type of coverage would apply for marine mechanics, bottom cleaners and painters, boat detailers, and other similar individuals. Be sure to check the specific terms of any policy you might be considering for any exclusions or limitation. TrailersBoat insurance policies for trailerable boats generally include coverage for the trailer, as well, including physical damage and liability. Optional Policy RidersMany marine insurance policies offer optional riders for additional coverages that aren't included with the standard policies. Optional riders may include uninsured boat coverage, coverage for your personal property that may be aboard the boat, and coverage for high-end electronic equipment that may be excluded in the standard policy. Always Read the Fine PrintBefore signing any paperwork or paying any premiums, be sure to read the entire policy carefully, to be sure you fully understand what's covered, and more importantly, what's not. Any sort of boating accident is stressful enough that you don't want any unpleasant surprises from your insurance company. |
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