Boats & Watercraft
How comprehensive is your boat insurance? Is it a named peril or an all risk policy?
If you own a boat or are buying a new or used one, take the time to understand the policy you are buying. A personal review with one of our marine insurance agents will help you, since not all policies provide equal coverage and often are difficult to compare. For instance, one major difference your business should understand is whether your policy is an 'all risk' or 'named peril' policy. Some policies provide coverage for only certain types of property damage, whereas others provide coverage for 'any' type of property damage unless specifically excluded. The slight difference in this wording could be the difference between whether or not your boat is covered if it sinks.
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Sinking
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Fire
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Storms
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Theft
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Capsizing
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Stranding
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Collision
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Explosion
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Anchors
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Oars
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Electric trolling motors
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Extra fuel tanks
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Tools
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Detachable canopies
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Seat cushions
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Life preservers
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Skis and their tow ropes
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Dinghies
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Permanently attached equipment
Covered accidents typically include:
Covered property includes your boat and:
Your policy will also pay to protect you from lawsuits if you injure someone or damage their property. Watercraft liability provides protection if you are sued due to an accident resulting from the ownership, maintenance, or use of your watercraft. The policy will pay to defend you and settle any damages if you are responsible for someone's injury or you damage their property.
Watercraft medical payments pays medical expenses needed for you, your resident relatives, and other passengers of the boat injured in an accident arising out of the ownership, maintenance, or use of your watercraft. You should discuss with an agent whether or not your limit is adequate.
Your policy should include the following additional coverages. If not, you should request the following to ensure your policy offers comprehensive protection:
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Newly acquired watercraft covers damage to a boat you recently purchased and have not specifically endorsed on your current boat policy.
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Reasonable repairs covers those repair costs necessary to prevent more extensive damage.
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Emergency service pays for reasonable costs that you are charged for emergency service to your boat, motor or boat trailer.
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Wreck removal pays the reasonable expenses you are charged for any attempted or actual raising, removal, or destruction of your watercraft when damage is caused by an insured loss and removal or destruction of your boat is required by law.
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Our marine insurance specialists are experts at reviewing and explaining these type of policies. Boynton Insurance Group has access to several of the most competitive marine insurance carriers with a broad array of coverage options. The typical auto and homeowners insurance carriers do not always offer boat insurance, or may not offer the best coverage. Contact one of our marine specialists to discuss how you should construct your next boat policy.