Owning a boat is fun and exciting. But it’s also a huge responsibility and investment. You’re responsible for acquiring boat insurance so you can protect your investment, and keep others on the water safe. Boat insurance is a smart move for any boat owner.
Boats can cause and receive damage just like any other vehicle. Collisions with other boats, sinking vandalism, theft, fire and weather-related losses are all possible. The best move is to insure your boat with the best coverage you can afford.
You might hear this coverage referred to as hull or hull and machinery insurance. This coverage is for the boat, equipment attached to the boat, and personal items on the boat. But hull insurance doesn’t include everything. For instance, personal property kept on the boat but later removed is not covered by your boat insurance.
The owner of a boat is responsible for any damages that it causes. Damage to another boat or property at a marina can lead to a liability lawsuit against you. So liability coverage is another excellent reason for having boat insurance.
Liability is purchased in single or split limits. Purchasing a single limit of $300,000 means the most available to pay claims is $300,000. But if you purchase split limits of say 100/300, the most any one claim would pay is $100,000. If there are multiple claims from the same event, then all claims are limited to $300,000 in total.
Don’t wait until the last minute. Get your boat the coverage it needs with good boat insurance.