An insurance approach that is quite similar to what is used to protect cars and homes, is boat and boating property coverage! When purchasing insurance, you are basically offered a package. By this we mean that there is more than one coverage. The package includes coverage for physical property as well as protection against the legal and financial consequences of injuring others or damaging property that belongs to others.
Typically, a boatowners policy covers: the boat itself along with its permanent equipment, spars and fittings; boating equipment (this includes a wide variety of the boats property and accessories including its radios, navigation, sonar, radar, outboard motors, dinghies, sports equipment, etc.); and boat trailers that are specifically designed to transport boats, as defined by the policy. In order to receive coverage, this property must be owned by the person who is named as the policyholder. There are limited instances when such property that is temporarily in the policyholder’s possession also qualifies for coverage. Items and situations that aren’t covered include boating property that is used in business activity, losses that involve races or competitions (an exception is made for sailboats) and boats that are used full-time, as residences.
Liability coverage is included in a boatowners policy as well. Besides protecting all property of the boat, a boatowners policy responds to claims or lawsuits caused when another person is injured, and/or when another person’s property becomes damaged or destroyed. The perfect example is if there were to be a collision where the owner of large speedboat crashes with a person on a jet ski, seriously wounding the rider and demolishing the jet ski. In such a case, this policy would handle both portions of such a loss and the liability portion would also provide a legal defense against lawsuits.
Under the liability section of a boatowners policy, there is an important coverage specifically for medical payments. Typically, emergency or immediate medical treatment expenses will be reimbursed. Take this example into
consideration: a person who slips on the deck of a boat needs transportation to an emergency facility for treatment of a broken bone or concussion. These costs would qualify under medical payments.
Similar to property coverage, not all liability situations are covered under a boatowners policy. This includes loses that involve business activity, the transmission of disease, unauthorized operation of boat and property, intentional acts and activities involving crime. Boating property is an important investment and all boat owners should purchase boatowners coverage, as it is an efficient, affordable way to protect against accidental losses.
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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