Watercraft Insurance

Watercraft comes in various sizes, shapes and designs. Boats under 26” in overall length will usually qualify for most boat insurance programs. If the size of your vessel is greater than 26 feet, it is usually considered a yacht and therefore qualifies for yacht insurance. Jet skis are usually covered by a personal watercraft policy. Coverage is similar under all of these types of policies.

Boat insurance provides physical damage coverage to repair your boat if it’s accidentally damaged or destroyed by a covered peril such as collision, fire, theft, windstorm, lightning or vandalism. Most times, physical damage provides coverage for the boat, including its machinery and auxiliary equipment, boat trailers, and outboard motors.

Physical damage for your vessel can be provided on an Actual Cash Value (ACV) or an Agreed Amount Value basis. These two types of coverage are significant different. It is important that you understand which coverage that you have purchased.

Physical damage coverage is subject to a deductible. The deductible is the amount you choose will have an impact on your premium. The higher the deductible the lower you will find the premium.

Personal Effects coverage can sometimes provide protection for those items not intended for normal operation of your boat. Examples of these items can include portable TV’s, cellular phones, stereos, radios, cameras, etc.

Boat Liability provides protection if you are legally responsible for damages to property or injury to someone other than yourself or a family members. Boat Liability provides protection if you are sued as a result of hitting another boat, or if someone is hurt while onboard your vessel because you are negligent. Coverage usually can be purchased in limits from $100,000 to $1,000,000.

Medical Payments provides protection for reasonable medical, ambulance and hospital costs should someone be injured while boarding, in or upon your boat, or leaving your boat.

Uninsured Boat Owners Coverage provides coverage for injuries caused by an accident that you are entitled to collect from the operator or owner of an uninsured boat or “hit and run” boat.

Commercial Towing & Assistance reimburses the reasonable costs incurred by you in the event you break down at sea and need to be towed to a port. The tow must be a commercial tow and not a friend.