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"Understanding Boat Insurance: Is Your Vessel Properly Covered?"




Key Coverage Areas for Motorboat Insurance:

  1. Liability Coverage:

  • Bodily Injury: Covers medical expenses, lost wages, and legal costs if someone is injured in an accident involving your boat.

  • Property Damage: Covers damages to another person's property (e.g., another boat, dock) caused by your boat.

  1. Physical Damage Coverage:

  • Collision: Covers damage to your boat resulting from a collision with another boat or object.

  • Comprehensive: Covers non-collision-related damages such as theft, vandalism, fire, or weather-related incidents.

  1. Uninsured/Underinsured Boater Coverage:

  • Protects you if you are involved in an accident with a boater who does not have adequate insurance coverage.

  1. Medical Payments Coverage:

  • Covers medical expenses for you and your passengers in the event of an accident.

  1. Personal Effects Coverage:

  • Covers personal items on the boat, such as fishing equipment, electronics, and clothing.

  1. Towing and Assistance Coverage:

  • Covers the cost of towing your boat if it becomes disabled on the water.

  1. Fuel Spill Liability and Wreckage Removal:

  • Covers the costs associated with cleaning up a fuel spill and removing wreckage if your boat is involved in an accident.

  1. Agreed Value vs. Actual Cash Value:

  • Agreed Value Policy: You and your insurer agree on the boat's value at the time the policy is written. In the event of a total loss, you receive the agreed amount.

  • Actual Cash Value Policy: Pays out based on the boat's market value at the time of the loss, considering depreciation.

Additional Considerations:

  • Navigation Area Limits: Ensure your policy covers the areas where you plan to use your boat. Some policies have geographical limits.

  • Lay-Up Periods: If you store your boat for part of the year, check if your policy offers lay-up periods with reduced premiums during off-season storage.

  • Optional Coverages: Consider additional coverages such as coverage for trailers, fishing gear, or extended cruising areas if you plan to travel far from home.


Contact our office to understand your current coverages.


630-802-3301




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