Boat insurance: Coverages vary widely
See if your policy covers you for moving your boat out of danger when a storm is approaching.
Boats are a unique line in the insurance industry, one that is not regulated. It is insurance for watercraft, whether a powerboat, a sailboat, a yacht or some other marine vehicle.
What does boat insurance cover? Insurance needs differ depending on the type of watercraft that you own. Your policy will explain what is covered and what is excluded.
It is getting easier to find limited coverage, for example the amount of the loan the vessel secures if it is less than book value and liability coverage. By limiting coverage, insurance can be more affordable.
Check with your agent.
Most policies cover physical damage to the hull, sails, machinery, furniture, and other equipment normally used on board. Most perils are covered, including vandalism, malicious mischief, even damage from latent defects of workmanship.
Policies also cover damage to another boat or dock, and injury or death to another person as a result of your negligent operation or ownership of the boat. Most policies cover boat trailers against physical loss or damage from any external cause.
If you, your guests or family are injured while on board, the policy provides payment for incidental medical expenses.
The policy coverage provides compensation liability for injury to persons employed by you who may work on your boat, but are not crew members. To be covered, they cannot be employed by your boat yard.
Most importantly, understand what your insurance includes when you purchase it.
Make sure you have contractual liability coverage, which many marinas now require.
Boats out of water fare better in storm
Don’t ever consider staying on your boat in a storm. Make arrangements now for how you will store your boat. Here are the types of places you should try: