If you’re new to boat ownership, you might be expecting that an existing homeowner’s insurance policy will include a boat coverage extension. Unfortunately, this is not always the case. A modest amount of coverage may be available for small boats, such as paddle-powered vessels without an engine, or a very small dinghy or sailboat. In most circumstances, getting a specific boat owner’s insurance plan is a must to ensure the correct amount of protection for all-risks at sea, on the road, or on moorings is in place. Click here to find out more
Jon boats, ski boats, centre consoles, pontoon boats, houseboats, bass boats, deck boats, cruisers, and personal watercraft are all covered under boat insurance (also known as marine insurance) (PWC). Boat insurance covers physical damage to a vessel if it collides with another object or runs aground, as well as harm to a third party’s property, such as causing damage to other boats or dock structures, and bodily injury to passengers on board or elsewhere.
An all-risks or comprehensive insurance plan provides the most comprehensive coverage, including protection against fire, theft, and vandalism. Coverage for personal belongings like fishing gear or other items used frequently in association with the boat, as well as protection against uninsured boaters and even marine assistance for those times when a tow back to ‘home’ moorings is required.
One thing to keep in mind with marine insurance policies is how claims are handled in the event of a loss. Policies with a ‘agreed value’ declaration are recommended; this means that the insurable values are agreed upon at the time of the original quotation. The agreed value, as mentioned on the insurance schedule, is the amount paid out for a claim if you are unfortunate enough to experience a total loss. Other alternatives include ‘actual cash value’ plans, which assess claims based on the craft’s market worth at the time of the occurrence, which can make a significant difference in claim payouts.
Also, make certain that the policy allows you to make changes to the insurance as needed. A cruising range that includes local coastal and inland waters, with the possibility to increase the navigation restrictions for a one-off trip, is frequently requested. Look for features like a lower deductible on small-itemized things like the tender dinghy, outboard motor, electronics, life raft, road trailer, and so on. It may also be beneficial to be able to extend insurance coverage for special charters or racing events.