Entries Tagged 'Boat Insurance' ↓

Boat Insurance Basics You Need to Know

A spin around the lake or a cruise down the river can be a great way to spend an August afternoon. Just make sure you have the necessary coverage to protect your boat (and your wallet).

The type and amount of boat insurance you need depend on the kind of vessel you own and how you use it. Simple craft such as kayaks, smaller sailboats, and small powerboats may be covered by your homeowners policy. Larger, more powerful vessels such as yachts and Jet Skis require separate coverage.

A boat insurance policy typically covers damage to the boat itself, theft, and general liability. Additional coverage, including protection for trailers and boating accessories, may also be available. 

These insurance policies typically offer one of two types of coverage: actual cash value or agreed amount value. Actual cash value pays for the cost of replacement minus the depreciation of the boat. Agreed amount value policies pay the total that you and your insurer have agreed upon as the value of the vessel. Under this coverage, old items are replaced with new without subtracting depreciation.

As a boat owner, you may be eligible for discounts to your insurance premiums. Common discounts include those for multiple policies with the same provider, safety equipment onboard the vessel, and crew’s completion of safety education courses. Remaining claims-free for a certain period of time may also qualify you for a discount. 

In addition to obtaining proper insurance, maintain best practices to protect your boat and its passengers. Equip your vessel with proper lighting, an emergency signal (horn, whistle, or bell), and life jackets. Stock your boat with an emergency kit that includes fresh water, a flashlight, a radio, flares, tools, and a first aid kit, and keep a fire extinguisher readily accessible. Lastly, always adhere to marine traffic laws.

Not sure if you have the coverage you need for your boat? Give us a call to review your current coverage and discuss the options available. We’ll make sure you and your vessel are well protected the next time you set sail.

Weigh Anchor with Insurance Coverage This Summer

Are you ready for another boating season with your favorite vessel? Of course. But don’t set sail without your anchor, your insurance anchor, that is.

While car owners usually ensure they obtain proper coverage for their vehicles, boat owners are often unaware of their options. Due to the risks and potential costs involved, insuring water vehicles is just as important as insuring land vehicles. In fact, your boat may well have a higher value than your car! Before you hit the lake with this valuable asset, talk to my office about insurance coverage for your boat. Options are available for a wide range of boating concerns:

  • Risk coverage: Insure your boat in case of fire, theft, storm, capsizing, stranding, collision, or explosion.
  • Property coverage: You likely have a lot invested in the equipment aboard your vessel, possibly more than you realize. Insurance can cover items such as tools, life preservers, seat cushions, anchors, oars, dinghies, extra fuel tanks, canopies, and skis.
  • Liability coverage: This will provide coverage in the case of an accident. You will be protected against legal liability if you injure someone with your boat or cause damage to others’ property.
  • Medical payments coverage: This provides payment of medical expenses if you and/or other boat occupants are injured in a boating accident.
  • Wreck removal: This coverage pays expenses incurred if you have to remove or destroy your wrecked boat.