Our Insurance experts can help assist you with your Boat insurance requirements, plain sailing!
Boat insurance is not always a legal insurance. It is contingent upon the state requirements. However, if your boat is financed the finance company may require insurance prior to releasing the funds for the loan. Most marinas also require coverage before us can use their facilities.
Irrespective if boat insurance is needed or not these can be expensive assets and you are responsible for damage or injuries you caused. We recommend to insure your boat so you are covered against collision, striking an underwater object, running aground, storm damage, vandalism and theft.
Vessels vary significantly from a yacht, fishing boat, sail boat and everything in between. You need to make sure the boat insurance policy suitably covers you, the boat and your accessories.
Understand the limitations of your policy. Your boat may not be covered when being towed or if you are a certain distance away from your slip or home.
Types of coverage to consider
• Replacement coverage –Full replacement or actual cash value.
• Limited liability protection – Covers you against damage or injuries to someone or their property.
• Physical damage coverage – Protects your boat if it is involved in a accident or strikes an underwater object.