Another summer season is upon us and thousands of boating, sailing, yachting, water-skiing, jet-skiing, and general water worshippers will be happening on our lakes and rivers. Few recreational activities can compare with being out on the water with your boat.
Besides being safe on the water with your family, you’ll want to ensure you’re financially covered in the event something should happen. The cost of damaging someone else’s dock, scraping a hole in your boat’s hull, or having one of your passengers seriously injured can be high.
Certainty of what you’re covered for is important, and speaking directly to your broker is the right way to go. When it comes to insurance coverage, communication and clarity is everything.
So let’s take a look at boater’s insurance and what you need to consider if you’re going to insure your boat or yacht.
If your vessel is larger than 26 feet, it may be considered a yacht and insurance coverage and premiums may be different depending on its value and where you intend to go. Anything smaller is a boat.
You’ll have to agree with your insurer whether you should use an agreed upon value for your boat or the actual cash value at the time your claim is made. Your boat will depreciate over time.
Your homeowners insurance may cover your boat, canoe, paddleboat, or rowboat for some damage or liabilities but it likely doesn’t include what you need.
Boating isn’t a trouble-free experience. A boat insurance policy can give you peace of mind on the water and at the dock. Your policy will cover two elements: risk (you) and property (your boat). Your car driving record will affect your boat insurance premiums.
Liability – protects you and your estate if you’re held legally liable for injury or death of others and their boat and property.
Uninsured Boat Coverage – protects you when an uninsured boater collides with or damages your boat.
Medical – covers medical expenses if you or a family member is injured while boating.
Emergency towing/salvage – when your boat needs to be towed.
All Risk Coverage – covers fire, theft, capsizing, collision, windstorm, insect & rodent damage, and damage in transit.
To get the right boat insurance coverage, you’ll want to be certain of the type of boating you’ll be doing: fishing, cruising, sailing or water-skiing. Each activity comes with its own set of risks.
Have fun out on the water and be confident that you’re covered in the event of a boating accident.