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Boat Insurance

Purchasing insurance for your boat or yacht takes careful planning and research. Unlike other types of insurance, boat insurance coverage varies widely from company to company. In terms of cost, your boat is as much of a financial investment as your house. It is wise to find coverage that keeps your investment well-protected.

Understanding Boat Insurance
Boat owners have the legal responsibility to maintain the proper amount of insurance for their boats. A typical boat owner’s insurance policy protects them against liability and physical damage caused by the boat. When your boat is insured, you protect yourself against expensive financial losses and legal liability. As an owner, it is imperative for you to remain insured throughout the year.

Types of Insurance Coverage
There are two types of insurance coverage for a boat policy. They are physical damage and liability coverage.

Physical damage covers issues related to:
Weather-related issues (wind, hail, lightning, waves)
Fire
Theft/Vandalism
Collisions with other property or boats

Liability coverage protects against damages associated with:
Removal and disposal of wreckage
Clean-up expenses resulting from an accident
Injuries to paid crew members
Expenses for people who were injured as a result of an accident involving your boat

In addition, there is also coverage for towing expenses, medical payments and uninsured boaters. As you compare insurance policies, it is important to determine whether your physical coverage policy pays for the agreed value or the actual cost value of your boat.

Benefits of Insurance Coverage for Boats
Whether you are operating a sail boat or a large yacht, there are benefits of having full insurance coverage for your boat. Insurance can save you thousands of dollars in replacement costs for your damaged boat parts. It covers your financiall responsibilities if you are liable for injuries.






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