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Tips on boat insurance

With permission from iii.org

Insurance can provide limited coverage for property damage to small boats such as canoes and small sailboats or small motorboats with less than 250 miles per hour of horsepower under a homeowners or renters insurance policy. The coverage is usually about $ 1,000 or 10 percent of the home's insured value and usually includes the boat, engine and trailer together. Liability coverage is usually not included – but it can be added as a recommendation to a homeowners policy. Contact your insurance representative to find out if your boat is covered and what the limits are.

Larger and faster boats such as boats and jet skis such as jet skis and wave runners require a separate insurance for the boat. The size, type and value of the boat and the water in which you use it take into account how much you will pay for insurance coverage.

For physical loss or damage, coverage includes hulls, machinery, fittings, fittings and permanently attached equipment as part of either a fair cash value policy or at an agreed value. These policies also provide broader liability protection than a policy for homeowners. But there are clear differences between the two types of insurance.

Actual cash value insurances pay for claims costs less depreciation at the time of loss. In the event of total loss, pricing guides for used boats and other resources are used to determine the vessel's approximate market value. Partial losses are settled by taking the total cost of the repair minus a depreciation percentage.

Based policies for agreed amount means that you and your insurance company have agreed on the value of your ship and in the event of a total loss, you will receive that amount. Agreed amount values ​​also replace old items in the event of a partial loss without deduction for depreciation.

Physical damage can include normal wear and tear, damage from insects, mold, animals (such as sharks), zebra mussels, defective machines or machine damage.

Boat insurance also covers:

  • Body damage ̵
    1; for damage caused by another person
  • Damage to property – for damage caused by someone else's property
  • Guest passenger liability – for any legal costs that someone uses the boat with the owner's permission
  • Medical Payment – for Damage to Boat Owner and Other Passengers
  • Theft

Most companies offer liability limitations starting at $ 15,000 and can be increased to $ 300,000. Standard insurance policies include deductibles of $ 250 for property damage, $ 500 for theft and $ 1,000 for medical payments. Higher limits may be available. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy that provides additional protection for their boat, home and car.

Boaters should also ask for special equipment stored on the boat, such as fishing gear, to ensure that it is covered and to check that towing coverage is included in the policy.

Boat owners should also ask for discounts for the following:

  • Diesel-powered boats, which are less dangerous than petrol-powered boats because they are less likely to explode
  • Coast Guard approved fire extinguishers
  • Ship-to-shore radios
  • Two years of injury-free experience
  • Multiple policies with the same insurer, e.g. car, home or umbrella policy
  • Safety training courses, such as those offered by the Coast Guard Auxiliary, the US Power Squadrons or the American Red Cross.

Boat safety

There are thousands of recreational boat accidents per year. Contributing factors to these accidents include traveling too fast for water or weather conditions, driving under the influence of drugs or alcohol, not following boat rules and regulations, carelessness and inability.

To prevent boat accidents we offer these safety suggestions:

Care and protection of the ship

  1. Check the weather forecast before you go out.
  2. Let someone know where you are going and when you expect to return.
  3. Check engine, fuel, electrical and control systems, especially for exhaust system leakage.
  4. Carry one or more fire extinguishers, adapted to the size and type of boat. Keep them easily accessible and in condition for immediate use.
  5. Equip the ship with the necessary navigation lights and with a whistle, horn or bell.
  6. Consider additional safety devices, such as a paddle or oars, a first aid kit, a fresh water supply, a tool kit and spare parts, a flashlight, stains, and a radio.

Care and protection of crew and guests

  1. Make sure that each person on board the boat wears a life jacket.
  2. Know and follow maritime transport laws, "road rules". Learn different emergency signals.
  3. Look out for other jet skis, swimmers, floating debris and shallow water.
  4. Pay attention to loading. Do not overload; distribute the load evenly; do not stand up or move the weight suddenly in a small boat; and do not allow riding on the bow, backrest or gunwales.
  5. Do not drive a boat under the influence of alcohol or drugs.

skippers can get free advice and courses for boat safety from the US Coast Guard. Extra. Upon request, the helper will conduct a Courtesy Marine Examination (CME) on your boat, check electrical and safety equipment and fuel hoses. Boats that meet safety standards are awarded the CME decal "Seal of Safety."

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