Most people buy boats for pleasure, adventure, or an opportunity to bond with their family. Unfortunately, an enjoyable moment in the boat can turn tragic, highlighting the need to manage unforeseen losses.
Boat insurance protects boat owners from losses in the event of an accident. More importantly, it can protect you from the devastating losses of storm damage.
Boat insurance offers coverage for hurricane or storm damage. However, a boat insurance provider doesn’t include hurricane damage by default. In most cases, your insurer may recommend a hurricane or storm add-on if you’re in a hurricane zone.
Therefore, you need to check with your provider before the storm season, as many exclusions and conditions may apply to your boat regarding hurricane damage. Some insurance providers may offer to reimburse you for hauling the boat in preparation for a hurricane.
Most comprehensive insurance boat policies cover components of your vessel, including hull, mast, outboard mast, sails, and other permanent features in your boat from a list of potential sources of damage.
In most cases, comprehensive boat insurance covers the following sources of risk:
Fire
Theft
Lightning
Sinking
Vandalism
Hurricane damage
More importantly, check if your insurance provider has included hurricane damage in your plan.
Types of Boat Insurance Coverage
Property Damage Liability Coverage
Property damage liability coverage provides financial protection to you and other boat owners in the water. If you cause an accident, having property damage liability coverage covers repairs or replacement to someone else you may be responsible for after the incident.
For example, due to a raging storm, you could damage someone’s dock or boat after crashing into it. As a result, your insurance provider can cater to the associated repairs.
Property damage liability usually offers coverage for wreckage removal and fuel spill cleanup. The coverage may also cater to the wreckage removal cost if law enforcement requires you to remove the wreckage.
Bodily Injury Coverage
Bodily injury coverage covers medical bills and injury-related expenses if someone sustains an injury in a boat accident. You can obtain liability insurance as independent coverage or as part of the comprehensive boat insurance plan.
Collision Coverage
Collision coverage offers financial protection when your boat is involved in an accident. Your insurance provider can pay for the boat’s damages depending on its value, according to the policy terms.
Speak to an Experienced Boat Insurance Provider Today
Hurricane damage can trigger a series of losses, including collisions, boat sinking, and bodily injuries. If the boat owner is uninsured, they may be forced to dig deeper into their pockets to cover the losses.
Consider speaking to an experienced professional from Panorama Insurance Agency to discover your coverage options regarding boat insurance.
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