No law or regulation requires you to have insurance for your boat or personal watercraft. However, the purchase of a boat can be costly, so you want to think about how you are going to protect it. While having an insurance policy doesn’t mean that a claim won’t come up, it can help you financially recover in the event that your boat is damaged, or a claim is made against you for damaging someone else’s property while you are operating your watercraft. While the state may not require insurance, if you have borrowed money for the purchase of the boat, then the lender may require that you have protection.
Your standard home insurance policy may provide some coverage for a smaller boat, but it’s generally not enough to protect you. You can get a separate boat owner insurance policy from an agent at ACG Services LLC that gives you broad coverage for your boat, equipment, and trailers used for towing them. Many of these policies will provide coverage for the physical loss of property unless it is excluded in the policy.
What is covered under boat equipment can vary by policy. Usually, items such as anchors, life preservers, seat cushions, depth finders, boat furniture, masts, and ship to shore radios are covered. Not only does this policy cover your boat, but it also covers your liability and medical payments coverage. The medical payments coverage will extend to the boat owner and family members on the watercraft.
There may be navigational water limitations on your policies. You should be aware of any territorial restrictions on your policy so that you don’t void any insurance coverage. Each policy is going to cover different things, and it’s vital that you discuss the policy with an agent so that you have the right coverage for your needs.
Contact ACG Services LLC to get a quote on boat insurance.