Two Risks to Insure a Boat Against

If you own a boat — whether it’s a canoe, personal watercraft like a jet ski, a powerboat or sailboat — do you need insurance on it?

It all depends on the type of boat, says Jeff McCarthy, an insurance agent with Harrington Insurance Agency’s Woburn, Mass., office.

You’re insuring against two risks, he points out. First, there’s your liability, in case you or someone in your family injures someone else while boating. Second, there’s the risk that the boat itself could be damaged, stolen or destroyed.

The good news is that your homeowners or renters policy typically gives you full liability coverage for watercraft with up to a 25 horsepower outboard and sailboats less than 26 feet long.

Additionally, many policies provide $1,000 of coverage for the boat, outboard and trailer once your deductible has been met. But it’s only good for specified perils — for instance, sinking isn’t covered.

“If you have a small, inexpensive boat, you don’t need extra insurance if you have a home, renters or condo policy,” McCarthy says.

But if your boat or engine is too big to be automatically covered under basic homeowners insurance or is worth a lot, you’ll definitely need boat insurance. Without it, you risk taking a crippling financial hit if you cause injury or death on the water or damage your boat.

If your boat is modest-sized, you can normally buy a watercraft endorsement from your home insurance company, McCarthy says. The endorsement is an add-on that provides both liability and property insurance. If your boat is eligible, this is usually the cheapest, easiest route to take.

But if your boat is high-powered or is big and expensive, your home insurer probably won’t be willing to underwrite it, he adds.

Then, your agent will need to work with a carrier that specializes in boat insurance. Besides being willing to cover larger boats, these insurers also offer much more extensive coverage for watercraft.

For instance, most boat policies cover pollution, McCarthy says. If your boat sinks and leaks gasoline into a lake, you might be responsible for environmental cleanup costs if you’re not insured.

Additionally, you can get coverage for the personal property on your boat, such as equipment, clothing and fishing gear.

If you do buy boat insurance, check on how much liability insurance you need, he advises. For instance, some marinas require boaters to have $500,000 of liability insurance. If you have a personal umbrella policy, you’ll probably need $500,000 of liability coverage, he adds.

While boat insurance protects you financially, it’s wise to take other steps to protect you and your family.

“Anyone who spends time on boats should take a boating safety course,” McCarthy says.

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share