Setting off on a voyage along the Mexico coastline should be a beautiful, relaxing experience. However, as you pass into Mexican waters, you need a Mexico watercraft liability insurance policy to ensure you comply with maritime laws.
The boating industry is constantly changing and evolving with environmental and economic factors. Understanding the risks and trends within the boating industry can help you choose adequate insurance coverage.
Emerging Trends in Mexico Watercraft That Affect Your Mexico Watercraft Liability Insurance Policy
Mexico has a thriving boating subculture, with most boaters traveling from the United States and Canada. In the past few years, there has been an increase in yacht ownership in Mexico due to not only the rise in tourism but also a program introduced by Mexico’s government to encourage more domestically purchased boats and yachts.
In addition to the boom in boating, charter services have become more popular among tourists and locals alike. Running a charter service can serve as extra income for many boaters, but they must have appropriate licenses and insurance options to protect themselves and their patrons.
Other factors that can affect your policy choice include technology integration, mainly when it affects the safety of your vessel and the steps you take to protect the environment.
Mexico Watercraft’s Emerging Risks
In Mexico, you face various risks that could cost you more than you can afford. If you have U.S. insurance, your policies may not cover you in another country.
Imagine if your yacht were to become impounded after an accident. The fees could be more than you expected, and without a Mexico watercraft liability insurance policy, you would have to pay out of pocket.
Other emerging risks include:
- Hurricanes and other storms
- Maritime regulations changes
- Theft and vandalism
- Cyber threats
With climate change, the sea levels have been rising, coasts have been eroding, and the weather patterns have changed significantly. All of these factors affect your safety on the water and the amount of insurance you need.
Also, keep in mind that COVID-19 continues to present a problem globally. If your crew or passengers become sick, do you have insurance coverage to help pay medical expenses?
Why Mexico Watercraft Liability Insurance Makes Sense
Yacht and other vessel owners require comprehensive liability insurance. You must carry a minimum liability insurance policy to operate a vessel in Mexico.
However, in the event of an accident, injury, or property damage, you will most likely need more than the minimum requirement. Not having yacht insurance can become an undue financial burden.
Watercraft liability insurance can cover the following:
- Sailboats
- Powerboats
- Jet Skis
- Wave Runners
- Yachts
Discussing the type of watercraft you own with your insurance agent can help determine your needed coverage.
Choosing a Mexico Watercraft Liability Insurance Policy
Without a comprehensive Mexico watercraft liability insurance policy, you could suffer the consequences of an undue financial burden if you experience a boating accident, your craft experiences physical damage, or someone becomes injured on your boat. If you own a yacht, call us at Mariners General Insurance Group today to learn more about your insurance options.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
