Sorry, you need to enable JavaScript to visit this website.

杏吧原创

Triple-I: Boat Show Attendees Have Coverage Options

SPONSORED BY

For immediate release
Michael Barry, 917-923-8245,听michaelb@iii.org

听

听

NEW YORK, Jan. 23, 2023鈥擶ith听boat shows being in Louisville, Houston and New York, the听(Triple-I) reminds prospective boat owners to secure the right type and amount of coverage when buying a recreational vessel.

听

Boat insurers typically assess risk and price their policies based primarily on the boat operator鈥檚 operational experience; the boat鈥檚 make, model, age, and value; and the boat鈥檚 primary cruising areas, also known as navigational territories.

听

Beyond covering a boat owner in the event of theft, boat insurance policies typically provide coverage to repair a boat if it is accidentally damaged or destroyed due to a collision or because the boat struck a submerged object.听 Property damage to a boat caused by fire, vandalism, a windstorm, or lightning are also typically covered under most boat insurance policies. However, you may need to purchase separate windstorm and storm surge coverage for your boat in hurricane-prone states such as Florida.

听

Other coverages incorporated into boat insurance policies may include:听

听

  • Damage your boat caused to someone else's property
  • Medical payments for injuries incurred by either the boat鈥檚 owner or its passengers
  • Hurricane haul-out provisions to keep the boat out of harm's way and dry-docked before a windstorm听
  • On-water towing and assistance for unexpected breakdowns or running aground
  • Fuel spill liability protection for damages caused by a boat's accidental discharge
  • Personal effects coverage for expensive equipment (e.g., fishing gear)
  • Ice and freeze coverage for damage to a boat's engine and water systems

听

The winter months are a good time for existing boat insurance policyholders to review whether they have policies which address these three issues, according to Triple-I.

听

Agreed Value versus Actual Cash Value policies: Ask your insurance professional if your policy provides either Agreed Value (AV) or Actual Cash Value (ACV) coverage. An AV policy means you and your boat鈥檚 insurer have听agreed听on the听value听of your recreational vessel. In the event of a total loss, you will be paid that听amount. ACV coverage is typically less expensive than an AV policy but only pays up to the value of the boat at the time the boat was either lost or damaged. Depreciation and wear and tear are factored into the claim payout鈥檚 amount if you have an ACV policy.听

听

Lay-up period: Make sure your boat is covered during the off-season. Even when a boat isn鈥檛 in the water, there is still the risk of property damage.

听

Navigational territory: Ask your insurance professional if this issue is specifically addressed in your boat insurance policy. If you are navigating the boat in a territory not specified in your policy, you may not be covered if something were to happen there.

听

听

RELATED LINKS:

Article: Boat 杏吧原创 and Safety

Video: Boat 杏吧原创 Basics

Back to top