Boat Insurance Can Protect Your Liability Risks

Whether you are out for a day of high speed or want to cruise along the river in your pontoon, there is nothing more enjoyable than a day on the water. Like driving an automobile, operating a boat comes with risks. What happens if while you are having fun on the water, you hit another boat and damage the hull? Worse yet, what if as a result of the accident, someone else is severely injured? Did you know that you can also be liable for injuries that occur while you are driving a boat with a tuber or wakeboarder behind it?

Many boat owners are only concerned with protecting their own vessels. They are worried that they will lose the joy of using their boat because of theft or structural damage. Thus, they focus on property damage insurance and don’t give a lot of thought to liability insurance. 

What type of water vessel requires I have liability insurance?

Should you have an accident with a water vessel with no horsepower such as a canoe, kayak or paddleboard, you can file a claim under your homeowner’s policy. However, if your watercraft has a motor or is a larger vessel such as a sailboat, you should have a separate policy. Although you’ll need a lot less coverage, it is also advisable to get personal protection for a jet ski or some other type of personal watercraft. 

What does boat liability insurance cover?

Boat, watercraft or marine vessel liability insurance is very similar to auto insurance liability coverage. It protects you, the boat owner, as well as anyone else driving during an accident if you’re at fault. It will cover any damage that you cause to another boat or dock. More important, it covers any costs associated with bodily injury including hospitalization, medications, doctor bills, and loss of income. Should you need an attorney, your legal fees might also be covered.

How much boat liability insurance should I have?

Because medical costs and legal fees can add up quickly, you’ll want to make sure that you are adequately protected. At the time of purchasing your policy, you will be asked how much liability insurance you require. Remember, watercraft liability insurance is quite inexpensive, so too much is better than not enough.

For more information, reach out to your Insurance Broker or contact us today.