What You Need to Know About Boat Insurance Coverage

Congratulations, you’re now the proud owner of a fine vessel. If it happens to be big enough to have a motor, you may want to consider insuring your boat not only for damages, but for any other hidden costs that would otherwise come out of pocket.
If you’re considering purchasing boat insurance, it is important to understand all types of coverage to get the best value out of your insurance plan.
Agreed Value Coverage
It’s simple: If your boat is totaled you will receive the entire agreed monetary value of the boat without having to pay any deductible.
Liability Protection
Otherwise known as protection and indemnity, this provides coverage for any legal defense costs, pollution fines, wreck removal, and Jones Act coverage for a paid crew. Any legal defense costs above your regular liability limit are covered.
Medical Payments
Any reasonable medical expenses are covered for all those on board and those either boarding or leaving your vessel.
Uninsured Boater Coverage
Any bodily injury to anyone on board your insured vessel injured by an uninsured owner of another watercraft is covered.
Pollution/Fuel Spill Coverage
In case of pollution or fuel spill, you are covered with up to $939,800 (the statutory limit of the Oil Pollution Act of 1990) for cleanup, in addition to liability limits.
Hurricane Haul-Out Coverage
If you happen to live in a storm-prone area, you are fully covered for the expenses of hauling your watercraft out of the water and into safe storage prior to a named storm.
Salvage Costs and Loss Protection
If you take measures to protect your boat from further loss or damage, or if the recovery of your watercraft is considered salvage, you will be provided with the same amount of coverage to your hull limit, in addition to hull coverage without an applicable deductible.
Marine Environmental Damage
You are automatically provided with coverage for environmental damage up to your liability limit, with an additional $10,000 for fines and penalties.
Are you unsure whether you have the proper insurance coverage for your boat? Give us a call 203.729.5261 to discuss what coverage is right for you.