Congratulations, boat owner – that gorgeous boat is yours! You’re nearly ready to head out on the water. Before the maiden voyage, protect your vessel and the passengers who’ll join you on adventures. Electing the proper marine insurance will give you and those passengers peace of mind. The best way to ensure you are fully covered is to discuss options with a professional who has experience writing personalized marine policies. Below are some general coverage recommendations you can expect to hear. Take a moment to read through them. With the help of a marine insurance agent, you’ll soon set sail fully protected.
Marine insurance options to consider include:
- Hull Coverage – Two options exist with this coverage: agreed value and actual cash value. Let’s assume that you experience a total loss of your craft. If you’ve opted for agreed value coverage, you will receive the amount listed on your policy minus any deductible listed, even though the vessel’s cash value at the time of the loss may be less than that recent number. An actual cash value policy holder is beholden to the craft’s current value. If depreciation has drastically occurred, the recovered amount will be much smaller. Talk through the options with your agent to learn which is right for you.
- Uninsured Boater – Let’s say you collide with another boat whose captain is at fault. If the owner of that vessel does not carry insurance for bodily injury, that uninsured boater coverage you carry will help with recompense for those who are injured.
- Medical Payments Coverage – Plan to pull friends and family on tubes or water skis? Should an accident occur, this coverage will pay out benefits to them (regardless of fault).
- Towing – We’re talking on-water needs here. Boats run out of fuel or experience a dead battery; it happens. Though it’s difficult to predict how often you might need towing assistance, this policy will reimburse you up to the policy limit if you do. Take note that there are usually navigation limits built into such coverage; this is again an example of why it’s important to discuss your policy completely with a knowledgeable insurance professional.
- Boat Liability – No one wants to imagine that his or her actions might result in bodily injury or property damage for which they may be held liable, but if it should occur, not having this coverage can be disastrous. The benefits from boat liability kick in if an accident results in injury, lost wages or even death. It can cover legal fees as well as damages the other vessel incurred. In today’s litigious society boat liability is a necessary marine insurance selection.
Call W3 Marine Insurance to speak with an agent who will write a policy specifically for you. Instead of a mass-produced, one-size-fits-all coverage plan, their agents compile plans for nearly every type of personal watercraft, boat and yacht. Call 727-522-7777 to speak with a marine professional or visit w3ins.com for more information.