Boat Insurance, con’t

As promised, lets continue our discussion on boat insurance! 

Approximately 40% of boats are not insured properly, so the next time you are thinking of purchasing boat, there are a few things you should take into consideration.

Some homeowners policies will cover small watercrafts, under 26 feet and 50 horsepower, with limited coverages. If you are purchasing a larger vessel you will need to go onto a stand alone boat policy. Coverages found on either of these policy types can include:

Boat Liability: this coverage pays damages for bodily injury or property damage for which you, as the owner of the boat, are responsible for. Accidental Fuel Spill is often included in this coverage. This coverage is required in most states, much like auto liability for your vehicle.

Medical Payments: this coverage pays reasonable expenses for necessary medial and funeral service expenses incurred to any person while in, upon, boarding, or leaving your watercraft. You are legally responsible for all passengers on your boat. While not required by law, this coverage is crucial.

Uninsured Boater Coverage: this coverage pays bodily injury caused by a collision that you did not cause, in which you are legally entitled to recover damages, following an incident caused by an uninsured watercraft.

Boat and Auxiliary Equipment Coverage: this coverage pays for accidental direct physical loss or damage to specified property in the event of a covered loss. Mechanical breakdown coverage is often included in this coverage. Like liability coverage, this is a requirement in most states.

Personal Property Coverage: this coverage pays actual cash value for accidental direct physical loss or damage to personal property stored on your boat, including fishing equipment, in the event of a covered loss.

To find out more about your current boat policy, reach out to your Bouvier Agent anytime.
For a new quote on boat insurance, visit our website at binsurance.com