Many recreational boaters head out on the water and don’t worry about their yacht insurance, trusting they will be fine. The thing with life is that the unexpected can – and does – happen and proper boat insurance coverage can be a safety net in case of accident or mishap.
There are downfalls to being uninsured or under-insured – because insufficient coverage can leave you financially strained or strapped in the event of a disaster.
Having the right boat insurance with comprehensive coverage for standard and specialized situations can help boaters recover from scenarios like these:
- If you or someone piloting your boat injures someone or damages property on or near the water
- If the wake from your boat causes injury or damage
- Your boat is capsized and you need to proceed with marine salvage and wreck removal
- Your boat or yacht is vandalized
- A flood, high winds or fire damages or destroys your boat and personal property onboard
- You collide with another boat or an object while boating
- Your boat is hit by an uninsured boater and you sustain personal injury as well as damage to your vessel
- Your boat or equipment in it is stolen
Protecting your boat and guarding yourself against liability is important when your boat is in use on the water, but it can be equally important to have coverage when it isn’t on the water or as you transport it.
Some people cancel boat insurance during the off-season to save on the cost of premiums but you still run the risk of damage, theft and vandalism. Similarly, natural disasters can strike whether your boat is on the water or stored for winter and if someone is injured on or near your boat on land you may be deemed liable for damages.
Need help navigating the best boat insurance coverage for your needs? Contact the marine insurance specialists at Global Marine Insurance for expert advice on yacht insurance and boat insurance coverage to meet your unique circumstances.