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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 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 homeowner's policy. Contact your insurance representative to find out if your boat is covered and what the limits are.

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

For physical loss or damage, coverage includes hull, machinery, furnishings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed basis value basis. 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 a total loss, pricing guides for used boats and other resources are used to determine the approximate market value of the vessel. Partial losses are settled by taking the total cost of the repair minus a depreciation percentage.

Agreed amount value basic policy 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 value policies also replace old items with new ones in the event of partial loss without deduction for depreciation. zebra mussels, defective machines or machine damage.

Boat insurance also covers:

  • Bodily injury ̵
    1; for damage caused by another person
  • Damage to property – for damage caused to someone else's property
  • Guest passenger liability – for any legal costs incurred by someone using the boat with the owner's permit
  • Medical payment – for damage to the boat owner and other passengers
  • Theft

Most companies offer limitations of liability 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
  • Multi-policies with the same insurer, such as car, home or umbrella policies
  • Safety training courses, such as those offered by the Coast Guard Auxiliary, 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 the rules and regulations for boating, 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 steering 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 the maritime transport legislation "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 when under the influence of alcohol or drugs.

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


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