Boat Insurance: What it Covers, What it Doesn’t

If you are a boat owner you are most likely getting ready for Spring so you can head out on the open seas. However, before coasting away from land- do you know if your watercraft insurance is current and valid?

Not only that, but do you really understand what your boating insurance covers, and sometimes more importantly, what it doesn’t cover?

Boat insurance, officially known as watercraft or yacht coverage, is an insurance policy that provides protection for a personal-use watercraft or yacht.  This type of policy does not provide coverage for boats-for-hire, charter boats or water taxis.

Boat and yacht insurance typically covers the following types of coverages:

• Hull Insurance- covers damage to the insured watercraft itself.
• Boat Trailer Insurance- provides coverage for damages to the trailer
• Protection and Indemnity- provides coverage for bodily injury and property damage that you may cause to someone else
• Medical Payments- covers medical payments (up to a limit) for injuries sustained by parties on your watercraft.