When purchasing a boat, insurance is often the last thing on new owner’s minds. When it does cross their mind, they usually believe the myth that their homeowner’s insurance covers their boat. Homeowner’s insurance often times will cover boats without engines, or those with extremely small engines—this usually only covers a sailboat. Most boats have more potential risk surrounding them, which is why boat owner’s insurance is important. Learn why you probably need boating insurance and the liabilities it protects against.
What Does Boating Insurance Cover?
Boating liability covers different financial obligations one has if they are responsible for a boating incident that damages other people or their property. Without an adequate policy many expenses will come out of one’s own pocket—and these costs can add up to hundreds of thousands of dollars. While each policy is unique, generally boating liability covers several costs.
Property Damage
Property damage liability, is coverage for the damages to another person’s boat, dock or any other possessions. This portion of the insurance policy normally only covers the boat while it is in the water. While the boat is being transported and is attached to a vehicle the automobile insurance takes over. When the boat is parked on one’s property, the insurance provides limited protection, it is important for the owner to discuss specific coverage with their insurance company. Property damage also includes a section for pollution liability. This is what covers a boater in the event of an unexpected fuel spill, either on land or in the water.
Injury Liability
Bodily injury liability is an important aspect of any policy. It covers the costs associated with another person’s injuries. This can include general medical bills, hospitalization, and rehabilitation. This part of the policy applies to the owner and other people as well. Having the policy cover other people besides the owner, can save the owner money down the road since they would have to potentially pay that money out of pocket to the injured parties if not for the policy.
Wreckage Removal
Wreckage removal is the part of the policy that covers the costs of removing debris after an incident. This a key element of any policy since boaters have a legal obligation to remove debris from the area where the incident occurred. This also can apply to the cleaning of fuel spills.
Legal Fees
Legal fees will also be covered by most policies. This is important in case another person files a lawsuit in relation to the boating accident. Even if one is found not to be responsible, there will still be legal defense fees that need to be covered.
Many Americans’ favorite ways to pass time during the summer require a boat, and the last thing anybody wants to happen is to have a bad time out on the water. However, just like with other vehicles things happen it’s important to have the coverage to pay for them if they do. To learn more about your coverage and policy options, visit our website’s boat insurance section. TJ Woods Insurance Agency can provide that protection at an affordable rate. Learn more about boating safety and get a free quote today!
