top of page
  • urbanikadam

"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.


0 views0 comments


bottom of page