From sea to shining sea…make sure your covered!
According to the Coast Guard, there were more than 4,000 reported boating accidents in 2014 that resulted in 610 deaths, 2,678 injuries and more than $39 million in property damage. These stats only solidify the fact that every boater should have insurance. If you aren’t familiar with boat policies, here’s a quick overview of what’s covered:
While you can certainly choose different levels and types of boat insurance, there are basic coverages that should be included in any one that you select. The standard policies cover:
- • Damage to your boat: You will be covered in the event that there is damage caused to your boat, including the hull, sails, machinery, motor and trailer.
- • Damage to someone else’s boat: This covers you in the event that you caused damage to someone else’s boat
- • Damage to someone else’s property: If your boat causes damage to someone else’s dock or their property, your policy will compensate them for the cost of repair or replacement
Protecting yourself against the threat of lawsuits by a third party is just as important when it comes to your boat policy as in your homeowner’s or your business policies. This aspect of boat insurance will cover the costs of medical bills, legal fees and judgments made against you in the event that someone gets injured on your boat or is caused to be injured by your boat.
Agreed value and actual value
When you are choosing your boat insurance policy, be sure to discuss the differences between a policy that provides agreed value and those that provide actual value. An actual value policy will only compensate you for the market value of your boat at the time of the incident if there is a total loss.
An agreed value policy, on the other hand, will provide coverage in whatever amount you select when you purchase the policy. Keep in mind how much the boat is worth and what it would take to replace it if there was a fire or you were involved in an accident that totaled the vessel.
Just like all other types of insurance, you can customize your boat policy to your specific needs and lifestyle. Many policies will provide coverage for fuel spillage liability, on-water towing, roadside assistance for your boat and the trailer, hurricane towing or removal from the water and even for your personal property that is on the boat, like fishing rods, etc. Another option to consider is adding on coverage for uninsured boaters, which will protect you in the event of a collision or any damage caused by a boat that is not insured.
Just like your home, your boat is an investment well worth protecting. In many states, boat insurance is required and if you plan on docking in a local marina, you may be asked for your insurance information. Be sure you are covered with the right policy. For more information or to get a quote, get in touch with us today.