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Boat Insurance
Most companies provide limited coverage for
property damage for small boats such as canoes and
small sail boats or small power boats with less
than 25 per hour horse power under a homeowners or
renters insurance policy. Coverage is usually
about $1,000 or 10% of the home's property value
and generally includes the boat, motor, and
trailer combined. Liability coverage is typically
not included – but it can be added as an
endorsement to a homeowners policy. Check with
your insurance representative to find out if your
boat is covered and what the limits are.
Larger and faster boats, yachts, and personal
watercrafts such as jet skis and wave runners
require a separate boat insurance policy. The
size, type, value of the craft and the water in
which you use it factor into how much you will pay
for insurance coverage.
For physical loss or damage, coverage includes the
hull, machinery, fittings, furnishings and
permanently attached equipment for an agreed
value. These policies also provide broader
liability protection than a homeowners policy.
Boat insurance also covers:
Bodily injury – for injuries caused to another
person.
Property damage – for damage caused to someone
else’s property.
Guest passenger liability – for any legal expenses
incurred by someone using the boat with the
owner’s permission.
Medical payments – for injuries to the boat owner
and other passengers.
Theft.
Most companies offer liability limits starting at
$15,000 and can be increased to $300,000. Typical
policies include deductibles of $250 for property
damage, $500 for theft and $1000 for medical
payments. Higher limits may be available.
Additional coverage can be purchased for trailers
and other accessories. Boat owners may also
consider purchasing an umbrella liability policy
which will provide additional protection for their
boat, home and car.
Boaters should also inquire about special
equipment kept on the boat, such as fishing gear,
to make sure it is covered and verify that towing
coverage is included in the policy.
Boat owners should also inquire about discounts
including:
•Diesel powered crafts. It is less hazardous than
gasoline since it is less likely to explode.
•Coast Guard approved fire extinguishers.
•Ship-to-shore radios.
•Two years of claims-free experience.
•Multi-policies with the same insurer, such as a
car, home or umbrella policy. |
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