Boat Insurance Policies
As a boat owner, you are not only putting yourself at risk, but it is important to keep in mind that in addition to you there is the actual boat itself, others with you on the boat and your stowed personal items. All is exposed to risk, financial and otherwise. There are a myriad of risk factors, such as accidents, weather, tides, operator negligence, to mention a few, that can result in injury or the damage or complete loss of your boat. This is why it is essential to purchase boating insurance coverage so that your watercraft, other property and, most importantly, people are protected.
No matter how big or small your boat might be, all owners are well-served by having some kind of insurance coverage to protect themselves, their passengers and personal property. If you were to injure someone else while on the water, you could be held legally responsible and this could very well translate into a significant financial loss for you if you do not have proper insurance coverage. A simple and reasonable monthly insurance payment can be astronomically less costly than paying for another’s medical and other expenses, including pain and suffering as a result of litigation, etc.
While insurance will require a modest financial outlay, imagine the alternative should you be held responsible for an accident and be the target of a lawsuit. Without boating insurance, you could very well lose everything for which you have worked so hard.
The kind of insurance and the level of coverage that you choose will be determined by many different considerations, such as the type and size of the boat, its appraised value, and the improvements you may have put into it. While most insurance policies cover the boat’s structure, some insurance companies choose to design the policy to primarily cover damage to the engine and its constituent mechanical parts. In order that you be confident of proper coverage, be sure you contact an insurance professional. Be confident that every aspect of your boat is insured in the event of theft, damage or loss.
Boating is a fabulous leisure activity but it is also an enormous investment that should be protected. Having boating insurance not only protects your investment but can also help with medical bills, property damage, to name just a few.