There are many similarities to auto policies with boat insurance. The obvious difference is that rather than your car, your boat is what is covered. An insurance policy for your boat generally protects you and the boat from damages that might occur while on a body of water. Liability can also be an offered benefit of a boat insurance policy. Anyone who owns and/or operates a watercraft can be greatly protected with a boat insurance policy engineered for his or her specific situation.
Property Damage is an aspect of this coverage that will pay for the repair of the policyholder’s boat should there be a collision, a sinking, some kind of accident with another boat (or motor vehicle during a tow) or an act of vandalism. This kind of coverage can also provide compensation to help replace a boat that is damaged beyond feasible repair. As is always the case, it is extraordinarily helpful to be informed about one’s specific policy coverage as all policy types may not cover all parts of the boat. Generally the hull, the sails, the motor and other mechanical parts, the electrical system and even the boat trailer are covered. Some policies also provide financial help in recovering the boat should it have been sunk.
Liability Coverage purpose is to financially protect the boat owner who is at fault in the event of an accident in which there is property damage or bodily harm to another individual. This part of a policy can assist in helping to pay for any damages, medical bills and legal fees for which an at-fault party will held responsible. This coverage can also protect the insured from costs incurred from damage to docks and berths as well.
Should a person be injured as a result of boat owner negligence, then liability coverage is essential in helping to pay the often exorbitant legal fees, court costs and medical payments incurred as a result of the other party’s injuries.
Uninsured Boaters Coverage is a policy aspect that will cover damages to the policyholder’s boat by an uninsured boat operator. It will also cover the costs of the policyholder’s medical treatment if there are injuries as a result of the accident. This protects an innocent policyholder from a huge financial burden that is no fault of his own should an uninsured boater cause a mishap on the water.
There are also policy riders available to help cover specific situations that a basic policy neglects. A boat owner can often purchase supplemental coverage help repair or replace equipment for fishing or other personal items that are stashed on the boat.
Boat Insurance can also additional provide water towing should the boat have some kind of mechanical failure. It can provide financial assistance in replacing the boat owner’s personal belongings in the event the boat sinking and can protect the boat owner should there occur an accidental fuel or chemical spill for which he or she is liable.
Boat insurance is a smart move for anyone who owns and operates a watercraft.
Copyright Woodbridge Insurance Services 2016