Boat Insurance

Boat Insurance Basics May Help You Stay Afloat

Although getting the right insurance may not be the most exciting aspect of owning a boat, it is important to use it wisely since it can help you avoid unnecessary costs, delays, and hassles in the event of an emergency. Boat owners should examine their existing plan, make sure they have the insurance that best suits their needs, and familiarize themselves with the fundamentals of the many forms of insurance coverage before a new boating season begins. This season, some important coverage regions to think about are as follows:

Salvage savvy

Nobody wants to lose a boat, but if it does, do not automatically believe that salvage is covered by your insurance. Some yacht insurers will deduct the cost of salvage from the boat's insured value, according to the Boat Owners Association of The United States (BoatUS). This implies that owners get less money for repairs or less money back if the yacht is a total loss. Therefore, look for a policy that includes salvage coverage that is distinct from and equal to the hull-value coverage.

Consequential concerns.

Boat insurance's problematic area is consequential damage. According to BoatUS data, roughly half of all sinkings take place when a tiny component below the waterline fails while the boat is docked, frequently as a consequence of wear and strain, corrosion, or poor maintenance. The failed part may not be covered by an insurance policy, but it must guarantee that it covers "consequential damage," such as significant repairs or the cost of the boat in the event of a total loss as a result of a failed part. Typically, catastrophic or entire losses are the only ones covered by this consequential damage coverage. For instance, it is common to pay for any immediate consequence damage brought on by any collision, stranding, demasting, fire, or explosion.

Rescue review.

Some boat insurance policies include on-water towing help; however, know which kind is best for your requirements. If you simply own one boat, find out from your insurance provider if it provides a towing service. Some businesses, like BoatUS, have their own fleet of towing vehicles. Important inquiries to make to your insurance provider:

  • Who is providing the towing service, if not their own fleet ?
  • Is there 24-hour service?
  • Will you have to pay out of pocket and seek reimbursement

For more tips and information to optimize your boat insurance, visit for quotes or contact marine insurance specialists at 800-283-2883.


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