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Boat Insurance Overview
Home » Boating » Boat Insurance » Boat Insurance OverviewMost policies cover physical damage to the hull, sails, machinery, furniture, and most other equipment that is normally used on board. Most perils are covered including vandalism, malicious mischief, and even damage that result from latent defects of workmanship.
You are also insured against liability losses, for damage to another boat or dock, and for bodily injury or death to another person as a result of your negligent operation or ownership of the boat.
In the event that you, your guests or family are injured while on board, the policy provides payment for incidental medical expenses. The coverage also applies if someone is injured boarding or getting off your boat.
Under most policies, the boat trailer is covered against physical loss or damage from any external cause.
The policy coverage provides compensation liability for injury to persons employed by you who may work on your boat, but are not crewmembers. Which includes mechanics, carpenters, painters, and cleaners.
Most companies provide limited coverage for property damage for small boats such as canoes and small sail boats or small powerboats with less than 25 mile per hour horsepower under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home's property value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowner’s policy.
Larger and faster boats, yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
Related Boat Insurance Articles
- Boat Insurance Overview
- Additional Boat Insurance Coverage
- Components of A Boat Insurance Policy
- Types Of Boat Insurance Policies
- Filing A Claim