Boat and Watercraft insurance policies protect several kinds of boats and personal watercraft (PWCs). A standard homeowner’s policy may not cover your boat or PWC as they may be too big or too expensive. Therefore you need watercraft insurance for protection.
For example, Progressive will cover boats up to 50 feet long and up to $250, 000 in value, as well as personal watercraft up to 15 feet long and $27, 000 in value.
Watercraft insurance goes beyond what a homeowner’s policy covers. These benefits include Roadside Assistance, which covers towing of your boat for free, as long as your trailer is covered; on-water towing in case you are stranded on the water; uninsured boaters coverage; fuel spillage liability and wreckage removal coverage. You may also want to consider Personal Effects and Fishing Equipment coverages.
Some insurance companies limit where you can go with your watercraft and still be covered, or you are charged extra if you travel. Progressive covers you at no extra charge on all inland lakes, rivers and navigable waterways of the US and Canada including ocean waters within 50 miles from the coast of the US and Canada.
You should be covered in case of an accident that involves injury to another person or damage to someone’s property. Your insurance company will pay for the cost to replace or repair damaged property, as well as medical bills and loss of wages by an injured person, as a result of an accident.
Several coverages can protect you if you are hit by someone who does not have insurance, or is underinsured. You would want to rest assured that you have coverage for medical care you receive as a result of a boating accident and can be used regardless of who is at fault. Another option which is available is comprehensive and collision coverage, whereby you can choose how a claim can be resolved if your boat is ever damaged beyond repair.
Replacement Cost Personal Effects coverage pays for loss of or damage to personal effects while on board an insured boat or while being carried on or off an insured boat. This coverage does not apply to permanent or portable boating equipment. Personal effects include: binoculars, cell phones, coolers, cd players, scuba equipment, cameras, portable radios and clothing.
Allstate Insurance has coverage for your personal effects with the addition of fishing equipment under that coverage.
On-Water Towing and Labour Coverage Service – pays towards towing and labour costs, depending on the amount of coverage chosen. Labour coverage applies when work is performed at the time and place of disablement, while the boat is in the water.
Roadside Assistance coverage, is usually included in many boat insurance policies. It provides towing to the nearest qualified repair facility and covers necessary labour at the time and place of disablement when the tow vehicle or boat trailer is disabled due to any of the following: – mechanical or electrical breakdown, battery failure, insufficient fuel, oil, water or other fluids, flat tyre, lockout, or lost or stolen keys, entrapment in snow, mud, water or sand within 100 feet of the roadway.
Fishing equipment coverage pays for loss or damage to fishing equipment while on board, or while being carried on or off an insured boat. There will be a deductible for each loss and this can vary according to the different insurance companies.
Fuel Spill Liability coverage is included with Bodily Injury/Property Damage Liability Coverage. Fuel Spill Liability covers unintentional oil or fuel spills resulting in bodily injury or property damage for which you are legally responsible because of an accident arising out of ownership, maintenance or use of your insured boat.
Wreckage Removal Coverage is usually included with Comprehensive and Collision coverage and will pay any reasonable costs you incur for any attempted raising, removal or destruction of your insured boat or private watercraft.
Water Sports coverage is usually included with Bodily Injury and Property Damage Liability at no extra cost, for bodily injury or property damage caused by someone towed by the insured watercraft for activities such as waterskiing, knee boarding, wakeboarding or tubing.
Activities usually not included in Water Sports coverage include parasailing, hang gliding, kite skiing or any other activity involving a device designed for flight.
With Coastal Navigation coverage, you are covered when you boat on all inland lakes, rivers and navigable waterways in the United States and Canada, including ocean waters 50 miles or less from each country’s coast.
If you have Comprehensive and Collision Coverage, then your pets that join you on the boat will be covered for injuries arising out of a boat incident, such as crash, theft, fire or flood.
AIG offer a range of yacht loss prevention services to assist the insured to minimise injury and costly damage. For example:
1. Crew background checks which assess crew members who will have access to your vessel, family and valuables.
2. Hurricane Preparedness Reviews: Specialists can review your hurricane preparedness plan and provide recommendations and contacts for service providers in your area.
3. Safe Harbour, Dry Dock and Repair consultations: You can be connected to the best-in-class facilities if you are cruising, out of port or faced with a storm.
4. Yacht Safety Awareness Material: A range of towing tips and safety and security materials will help your family and crew stay well-informed.
5. Safety at Sea Awareness Programs: AIG produces informational sessions to share security, fire and general safety tips as well as advancements in search and rescue technology and equipment.