As with any significant asset purchase, having the right insurance protection can make sure you are able to keep your investment when something unexpected occurs. With OC boat insurance, you can protect yourself from the financial liabilities that come from owning a yacht or a smaller sailing vessel. Whether from an accident or weather condition, quality insurance coverage can give you peace of mind when damage or injuries occur.

What Is Covered Under Boat Insurance?

Generally, personal watercraft, sailboats and motorboats are waterway vessels covered by boat insurance. Much like an automobile policy would cover the expenses of repairs, replacement or medical costs associated with an accident, boat insurance is financial support for similar instances if the watercraft is in an accident, stolen or damaged through a covered peril. However, as the construction of boats is different, a policy may have different inclusions and exclusions. Most often, the general coverage area includes:

• Permanently attached equipment
• Furnishings
• Machinery
• Fittings
• Hull

What Goes Into Finding the Right Boat Insurance?

When you are protecting your asset, you want the coverage to take care of the greatest risks you face. An insurer will take many factors into account when crafting a policy, but the overall protection or coverage limits should meet your needs. An insurance company will evaluate the following though there may be additional considerations as well:

• Age of the boat
• Dimensions
• Value
• Type
• Speed/Horsepower
• General area of operation (lake, river, ocean, etc.)

Once these factors have been reviewed, you may then be given the options of “agreed value” insurance or an “actual cash value” coverage. With the agreed value policy, in the event of significant damage, the policy will pay what the boat was valued at when the policy was initially written. There is no depreciation in the event of a total loss, but there may be a slight depreciation if partial losses occur. On the other hand, an actual cash value policy will pay out what the boat is valued at when the situation occurs that creates a partial or total loss.

Coverage Options

Where you plan to operate your boat can impact the type of coverage you should select. Liability coverage can pay for expenses if you are in an accident that damaged a third party’s property. Medical payments coverage can help with the costs of paying for medical care should you or a passenger be injured during an accident on the boat. Uninsured watercraft coverage can help with expenses incurred by an uninsured boater colliding with your vessel. Addons for things like trailers, special equipment, contractual liability and consequential damage are also things to consider, but the key is having the right coverage limit in each area.

The price of repairs or the costs of medical expenses are just a part of the liabilities with boat ownership. However, these are key risks that can be mitigated with a strong boat insurance policy.

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.