Things That Can Void Your Boat Insurance Coverage

Boat insurance is a wonderful thing. Knowing that you’re covered in the event of any damage or accident that may occur can really help you to relax and enjoy your time on the lake with your friends and family.

However, there are a few things that can void your boat insurance coverage and leave you on the hook for accident claims or repair costs. Here are some common things that can void your boat insurance:

1. Leaving information off your insurance application. It’s important to be upfront and honest with your boat insurance company. If you’ve had past boating or auto accidents or damage claims, you must list them. Otherwise, you take the risk of your insurance company not honoring future claims.

2. Renting your boat to others. If you’re going to charter your boat, you must let your boat insurance company know. This applies even if you’re only renting the boat out occasionally. Charter boats are covered under charter boat insurance, which is a different type of marine insurance than pleasure boats, so any damage or liability incurred while the boat is chartered would not be covered by your pleasure boat insurance policy.

3. Letting your policy lapse. Make it a habit to review your boat insurance coverage at the same time each year. Insurance claims on policies that have lapsed will not be honored.

4. Signing a boat slip contract with an indemnity clause. Many marinas use slip rental agreements that include an indemnity clause releasing the marina from any liability for loss or damage to your boat. This can even include negligent acts by marina personnel.

When a boat owner signs a contract including this type of clause, they may inadvertently void some provisions of their own boat insurance. It’s vital to have your marine insurance company review your boat slip contract before signing. You may need to purchase an additional policy rider to insure your boat while it is in the marina.

5. Breaking the law. Breaking maritime law by operating your boat while intoxicated or exceeding maximum capacity could also void your boat insurance coverage.

Since all types of boat insurance have different regulations, every policy will differ. That’s why you need to read your marine insurance policy carefully and work with your marine insurance agent to understand the reasons why a claim may be denied.

Make a plan to call your boat insurance company once a year or whenever your personal circumstances change. Life events like getting married, the birth of a child, moving or even retirement can make a difference in the type of insurance coverage you need to protect your assets.

So take the time to review boat insurance rates or get a boat insurance online quote. Don’t take the risk of boating uninsured. It’s just not worth it. Let your marine insurance agent find the perfect boat insurance for you.