Boat insurance is something many people do not think about while out on the water but it is as important as other lines of insurance when it comes to protecting your property. Similar to your cars and home, boats need insurance as well. They can be damaged and cause injury or damage to property and people just like any other vehicles. Many states require a boater to carry liability insurance and if there is a loan on the boat the lender will require you to carry physical damage (comprehensive and collision coverage) on the boat as well. Along with any legal requirements, boat docks, yacht clubs and marinas often require you carry insurance to be able to dock at these places. While some insurance companies will allow you to schedule (cover) boats on a home policy, our agency often tries to avoid this. That is because when a boat is covered this way, a claim on the boat counts as a claim on the home policy.

Typically most insurance companies offer policies for many types of boats including fishing boats, speedboats, sailboats, house boats and Personal Water Craft (Jet Skis). There are exceptions to this rule of course and certain boat types may require a company that specializes in boat insurance for unusual watercraft. These can include amphibious or exotic boats, houseboats used as a primary residence, boats capable of traveling over 75 mph as well as boats traveling large distances from Shore. Boat insurance is similar to auto insurance in terms of policy coverages but do vary from company to company. Normally coverages include:

• Property Damage (things an insured may have cause damage to)
• Bodily Injury (Injury to others in an accident caused by an insured)
• Uninsured and Underinsured boater coverage (for when someone hits you that doesn’t carry any or enough insurance, this can kick in to cover the boater and his passengers injuries)
• Medical Payments (small amount of coverage that is paid regardless of fault to cover medical or funeral costs for the boater and passengers)
• Physical Damage Coverage (Comprehensive and Collision Coverage to cover repairs to your boat when you are at fault in the accident)—These coverages are accompanied by deductibles

Often a company has additional special coverages for boater’s policies that can be chosen by and insured and they include:

• Personal Property Coverage (Items brought onto a boat)
• On-Water Towing Coverage (Towing)
• Accident/ Fuel Spill Clean Up (covers clean-up cost from fluid spills and debris form accident)
• Fishing Equipment Coverage (for those expensive rods, reels and other fishing related supplies)

Coverages under a Boat policy as well as Compensation in the event of a claim can vary by company and options chosen. Ask your Cupp Insurance agent about your options, contact us today!