Boat insurance is intended to safeguard your vessel, other vessels, and individuals on board. This can include protection against financial loss caused by damage to your boat, a third-party claim for damage caused to another boat owner's ship, or, in the worst-case scenario, injury or death to you or one of your guests.
Physical loss and liability are two types of coverage on the boat owners policy. Physical loss coverage covers your boat in the event of a fire, theft, vandalism, or accidental damage. At the same time, liability coverage protects you financially in the event of an accident involving another vessel. It pays the other party for any damages or injuries.
Physical damage to watercraft, motors, equipment and trailers are covered by most boat insurance policies.
The following items are usually included in standard boat insurance:
Most policies also permit an occasional operator who possesses a certificate of boating safety education to drive your boat. However, some boat insurance policies state that your coverage would be invalidated if your vessel is chartered, so check to see if this is permissible.
Before you embark on your next adventure, be sure that you have the right coverage out on the water.