Boat Insurance

Is it a named peril or an all-risk policy?

If you own a boat or are buying a new or used one, take the time to understand the policy you are buying. A personal review with one of our marine insurance agents can be a huge learning experience, since not all watercraft policies provide the same coverage and are often difficult to compare. For instance, one major difference you should understand is whether your policy is an “all risk” or “named peril” policy. Some policies provide coverage for only certain types of property damage, whereas others provide coverage for ‘any’ type of property damage unless specifically excluded. The difference in this wording could be the difference between whether or not your boat is covered if it sinks.

Covered accidents typically include:

  • Sinking
  • Fire
  • Storms
  • Theft
  • Capsizing
  • Stranding
  • Collision
  • Explosion

Covered property includes your boat and:

  • Anchors
  • Oars
  • Electric trolling motors
  • Extra fuel tanks
  • Tools
  • Detachable canopies
  • Seat cushions
  • Life preservers
  • Skis and their tow ropes
  • Dinghies
  • Permanently attached equipment

What Coverages Do Watercraft Insurance Policies Provide?

Coverages may vary between certain watercraft policies, depending on their policy’s terms, conditions, and exclusions. This being said, watercraft policy provide many coverages similar to that of your personal auto insurance coverages, such as:

Medical Payments: covers medical expenses associated with injuries of a passenger or boater while the boat is in use

Bodily Injury Liability: covers medical expenses of other parties involved in an accident outside of your boat

Collision and Comprehensive: covers property damage that a boat or a trailer sustain in or out of the water

Property Damage Liability Coverage: covers damage cause to another parties property