Boat insurance is much like automobile insurance. The difference is that coverage is for a boat instead of an automobile. A boat’s policy generally protects the boat against damages that occur while on water. Liability is sometimes a part of the policy. Any boat owner, especially one who sails in public waters, can benefit from boat insurance.
Boat Insurance - Types of Coverage:
- Property Damage - This coverage will pay for boat repairs in the event of collision, sinking, accident or vandalism. It will also pay all or some of the cost to replace a boat that is beyond repair. The policy may not cover all parts of the boat, so it helps to know exactly what coverage includes. In most cases, the hull, sails, mechanical parts, electrical equipment and boat trailer is covered. The policy might also pay to have the boat recovered if it sinks.
- Liability Coverage - This coverage is for when the boat owner is at fault for property damage or bodily harm to another person. Coverage can help pay for damages, medical bills and legal fees. In addition to damage to other boats, this coverage might also cover damage to docks.
If a person is hurt on a boat because of the boat owner’s negligence, then liability coverage can pay legal fees, court costs and medical payments to the injured party.
- Uninsured Boaters Coverage - This type of policy covers damages done to the policyholder’s boat by another uninsured boater. It will also pay for the policyholder’s medical treatment if injuries result from the accident. This protects the policyholder from taking a financial hit when an uninsured boater causes an accident.
Riders are also available to cover specific situations the original policy does not. A boat owner might get a rider to repair or replace fishing equipment or personal property on the boat.
Some Benefits of Boat Insurance:
- Provides on the water towing in case the boat has a breakdown
- Replaces the boat owner’s belongings in case the boat sinks
- Protects the boat owner against fuel or chemical spill liability
Boat insurance is a good idea for anyone who owns and operates a boat in public waters.