Understanding Your Marine Insurance Policy Can Require a Little Work

Marine insurance , like most other types of insurance, is usually made up of several different components. In most policies, the main components are coverage, deductibles and coverage limits.

When reviewing your policy, remember that the details will vary depending on the marine insurance company issuing the insurance. If you still have questions after you’ve read our descriptions of the main insurance policy components, get in touch with your marine insurance agency.

Marine Insurance Coverage

Here are a few of the most common types of marine insurance coverage:

Watercraft Liability – Designed to protect your assets, watercraft liability boat insurance covers you when you’re legally responsible for damage or personal injury caused by an accident.  This can include repair or replacement of damaged items, medical expenses, funeral costs and loss of income.

Uninsured Watercraft – This coverage helps if you’re involved in an accident with an uninsured boat owner who cannot cover the property damage or medical costs.

Watercraft Medical Payments – This coverage expands on the medical expenses covered in basic watercraft liability and may cover areas that other health insurance policies do not. Your marine insurance agency can help you design a medical payments policy designed to compliment your existing health insurance and provide you with complete coverage.

Property Coverage – This is insurance for your boat that covers damage to your boat from accidents, theft, fire or vandalism. It may also be called Hull Insurance. You can also expand this coverage to include boat trailer coverage, boat equipment and accessories coverage, emergency services and towing coverage and personal belongings coverage.

Boat Insurance Deductibles

Much like auto or homeowners insurance, your boat insurance policy will also specify a deductible amount. This is the amount you will have to pay when making an insurance claim.  For example, if you’re involved in an accident and have a policy with a $500 deductible, you will be required to pay the first $500 of repair costs.

Some policies will also have a separate electronics deductible. Read your policy carefully or ask your boat insurance company for details.

Marine Insurance Coverage Limits

Your insurance policy will specify coverage limits in each specific area. For example, your watercraft medical payment coverage may specify a limit of up to $100,000 in medical expenses per person. That is the maximum amount the insurance company would pay out in the event of a claim.

Boat insurance rates will vary depending on the type of coverage you require, the amount of your deductibles and your coverage limits. So if you’re researching boat insurance quotes, get in touch with us today for a consultation. We’ll answer your questions, review your current marine insurance policy and coverage or get you set up with new boat insurance. Then you can get back out on the water with the confidence that you’re fully covered.