Boat Insurance Coverage

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What is Boat Insurance?

Similar to Commercial Auto insurance, Boat insurance is there to protect you should an unforeseen event arise out of the use of your boat. Coverage usually includes injury to others, damage to your boat, or if the boat is stolen. You should keep in mind that Boat insurance is designed to cover watercraft that has a motor, not things like kayaks or canoes. If coverage is needed for watercraft without a motor, check your homeowner's policy for some possible limited coverage. If this concerns you, talk to your insurance company about it. There is a possibility that they can add an extra endorsement to your policy to give broader coverage.

What Types of Businesses Need Boat Insurance?

If your business involves using a boat regularly, in addition to Ocean Marine insurance, you surely need to obtain a Boat insurance policy. Any charters, fleets, workboats, diving, farming, and any other business that owns a boat is included. Repairing or replacing a boat that is responsible for generating an income can cost a fortune, so having Boat insurance is the best option to keep your business up and running. If you are in a boating accident, or it is stolen, you would end up with a total loss. Do you have the money saved to replace your income generator? More than likely you don't.

What is Covered?

A Boat policy is pretty comprehensive and will cover, at a minimum, the following insurance coverages.

  1. Bodily Injury Liability - Provides coverage for bodily injury to others sustained in a boating incident where you are at fault. This will also include medical bills, pain and suffering, any legal expenses you may incur as a result, and lost wages of the person injured.
  2. Property Damage Liability - This is where you will find coverage for damaging someone else's boat, or any other property like a dock.
  3. Physical Damage - Your boat will need to be repaired as well should there be any untoward incident. Vandalism, theft, and collision coverage are available.
  4. Extras - Are you concerned about another boat not being insured and hitting yours? Possibly about medical bills for a passenger who is slightly injured? Roadside assistance is even an option with most insurance carriers. Be sure to discuss all of your needs and desires with your insurance agent.

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What is Not Covered?

Exclusions are something you should pay attention to, as much as the inclusions. A lot of people make the mistake of assuming what is covered, without really knowing. Read your policy, as each one will be different. Some common exclusions you will see with Boat insurance are wear and tear, engine damage, insects, and some weather-related events depending on your location.

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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