Boat insurance

/Boat insurance

BOAT INSURANCE

Safe harbor in open water

boat insurance from A.R. DavisWhile many home insurance policies offer protection for small watercraft, there’s a good chance it won’t cover everything it should. Boat maintenance is costly and frequent, so it’s worthwhile to purchase a more specific policy targeted to what you really need.

For example, fisherman who are constantly at risk of losing tackle and other expensive gear in rough waters may need an equipment replacement endorsement, while a yacht owner would probably be more interested in an umbrella liability policy to protect him if a passenger sues.  The possibilities for customizing your boat insurance policy are vast; you can even buy extra coverage just in case your boat is damaged or lost at sea. Remember, even sunken boats are still the responsibility of their owners to remove- and that responsibility can get very expensive.

If your speedboat, fishing vessel, jetski, or other watercraft vehicle is too big or too luxurious to be insured under your homeowner policy, you need separate boat insurance.

What is covered under a standard boat insurance policy?

Unlike home and auto insurance, boat insurance is fairly specialized. Coverage for your boat or personal watercraft will depend completely upon what it is and what it’s used for, as well as the owner’s state minimum requirements, the provider, and the person being insured. However, there are a few main categories that most policies will insure:

Liability: covers most lawsuit, property, and medical expenses if someone gets injured on your watercraft, or if your boat damages property like a harbor dock. Also protects you in the event that you damaged someone else’s boat.

 

Collision damage: pays for the repair or even the replacement of your boat in the case of total loss from an accident. Typically does not include wreckage coverage.

 

Comprehensive: covers damages from vandalization or accidents outside of collisions. Also pays for replacement if the boat is stolen.

 

Please note that these parameters are only examples of what the typical customer could expect to receive for this type of policy.  Actual coverage will depend on the provider and the person being insured.  Please talk to your A.R. Davis agent to find out what type of coverage you qualify for.

What categories can be added to a minimum policy?

Roadside Assistance: reimburses you for tow costs while your boat is still hooked up to your vehicle. Typically, no deductible is required as long as the boat trailer is covered.

 

On-the-Water Towing: covers the cost of towing if you’re unable to operate your boat while in the water. May also cover or partially reimburse the owner for repair costs if the work is begun while the boat is in the water.

 

Uninsured Boaters: covers costs incurred when an uninsured boater or PWC operator hits your boat or injures someone aboard your ship.

 

Wreckage Removal: pays for the salvage, wreckage, and removal of your totaled craft.

 

Fuel Spill Liability: covers the cost of unintentional fuel spills or oil leakage from an accident or from performing maintenance on your boat. Typically, this will pay for medical expenses and property damage costs. This boat insurance coverage may be included with your bodily injury coverage or property liability insurance.

 

Fishing Equipment: coverage for fishing equipment that is lost, stolen, or damaged while on board or leaving the boat.

 

Please note that these parameters are only examples of what the typical customer could expect to receive for this type of policy.  Actual coverage will depend on the provider and the person being insured.  Please talk to your A.R. Davis agent to find out what type of coverage you qualify for.

What can I expect to insure with A.R. Davis?

A.R. Davis offers full-scale boat insurance for most personal watercraft.  The exact parameters of your policy will depend on the individual needs and qualifications of the business or person being covered.  Please speak to your A.R. Davis agent to find out what your policy will entail.

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