With summer in full swing, it’s time to make sure your boat or other personal watercraft is insured before you take it out for a day on the waves. Our job at D. Ward Insurance is to protect you from the liability created by weekend warrior boaters, on-water towing expenses, boat and trailer damage, and much more.
Boatowners insurance is designed to be simple and cover your needs. One our carriers, Auto-Owners, has an all-risk policy, meaning that with the exception of a few specific inclusions in the policy, you are covered for all direct physical loss or damage from any external cause. You have the option to add coverage to your existing Auto-Owners home policy or create a new policy specifically for your boat.
Some of the most common and popular coverages you can request for your boat are as follows:
· Agreed value loss settlement – this means the insurance carrier will agree to a value of your boat upfront. Therefore, in the event of a total loss, the insurance carrier will compensate you based on the value stated in the policy versus actual cash value which takes depreciation into account. This is the gold standard of loss settlement. This settlement does not apply to sails, canvases, canopies, batteries, or tires.
· $150 per emergency for towing or other emergency services, with the option to purchase increased coverage.
· $250 for your personal property or the personal property of a guest (some exclusions apply).
· Coverage for the cost of recovery or destruction of a sunken boat.
· An additional $500 for boat related equipment including anchors, oars, fuel tanks, and batteries.
Don’t forget that accessories can add up! You can purchase coverage for:
· Anchors and oars
· Seat cushions & life preservers
· Extra fuel tanks and batteries
· Detachable canopies and tarpaulins
· Deck chairs and other furniture
· Cook stoves and refrigerators
· Emergency signaling devices
· Electric trolling motors
· Dinghies and their outboard motors
· Citizen band radios
· Additional equipment as described in your custom policy Declarations
Boat owners and operators also need to be wary of the possibility of legal liability in the case of an accident or injury. Boatowners insurance will cover you for legal damages due to bodily injury or property damage resulting from the ownership, maintenance, or use of your boat. If a claim is made or lawsuit is brought against you for liability related to your boat ownership, the insurance carrier will defend you at their cost.
In addition, each person injured in an accident because of the operation or use of your boat will have coverage for medical expenses if this coverage was purchased. Medical expenses include medical, surgical x-ray and dental services as well as prosthetic devices, eyeglasses, hearing aids, and more. Carriers will also cover ambulance services, hospital and licensed nursing services, and funeral services in the event the unthinkable happens.
D. Ward Insurance would be happy to answer any questions you may have about Boatowners Insurance or to begin the process of getting a Boatowners Insurance Policy. Call us today at 770-974-0670 or click the button below to fill out a quote request form. We look forward to doing business with you!
Disclaimer: This report is for information purposes only and is not to be construed as definitions of policy coverages or limits. This report does not alter, amend, or change the policy wording and the intent of this report is to bring attention & to have a conversation with D. Ward about your needs.