What is 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 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent 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 watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and 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
Boat insurance is a necessity for any boat owner, whether the boat is intended for living on or just for leisure use. A boat is considered just as much of an asset as a house or any other form of property. For this reason, more and more insurance companies offer insurance to boat owners. Whether on land or on sea, there is no telling what can happen to a boat. Therefore, it is important to be prepared for any tragedy that may occur. Most insurance companies provide boaters with a variety of coverage options. These options can range from covering the boat’s life to the life of its owner. Like car insurance, boat insurance usually consists of two primary phases. These include liability in regards to protection, as well as indemnity and property loss. Boat insurance can also provide coverage for physical damage to the boat. If the hull, machinery, and furniture are damaged, for example, they are all covered by boat insurance. There is also boat insurance coverage for poor workmanship on t
Boat Insurance is insurance for a watercraft, whether that watercraft is a boat, a sailboat, a yacht or some other marine vehicle. “In 2002, nearly nine out of ten of all drowning victims were not wearing their life jackets.” – U.S.Coast Guard Each year hundreds of lives are lost… thousands are injured… and millions of dollars of property damage occurs because of preventable recreational boating accidents on U.S. waterways. Too often pleasure outings turn tragic. The boat operator, passenger, or concerned individual — can make a difference.
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 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent 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 us to find out if your boat is covered and what the limits are. Larger and faster boats, yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and 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
