If you choose to own and operate a speedboat, sailboat, yacht or personal watercraft without insurance you may run into some marinas and yacht clubs who won’t let you dock your craft unless you have insurance coverage. If you keep your boat on your own property, a homeowner’s insurance policy may have some coverage for your watercraft but it can be very minimal. A typical homeowners policy may pay up to $1,000 or $1500 to repair damage to your boat.
Often, during winter or stormy weather, owners must leave boats docked in the water. It is difficult sometimes to leave behind something that is so valuable, especially a sail boat that can cost up to several hundred thousand dollars. Standard policies for boats can cover damage to the craft, including damage caused by fire, lightning, theft, vandalism, collisions, and windstorms, the cost of repair and medical needs
Some policies also provide coverage for injuries caused by uninsured boaters or by boaters who don’t have enough insurance. If this sounds like uninsured motorist coverage in an auto insurance policy, it basically serves the same purpose.
It is very crucial to understand what the policies provide in order to choose the best and most appropriate coverage. Owners need to be sure and get all terms and requirements upfront before applying.
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