Boat Insurance

Although many states do not require boat owners to get insurance for their watercraft, there are many benefits of doing so. Boat insurance is the financial protection that boat owners get in order to cover a replacement or repair to their craft in cases of loss. Here are some details about boating insurance coverage:
Policy Details

Boating insurance policies generally cover the full or partial loss of a marine craft both in and out of the water. Losses include damage by hurricane, tornado, tsunami, fire, theft, sinking and collision. There are specific policies that cover different types of vessels. For instance, there are policies that cover losses of yachts as well as those that cover fishing boats. Boating insurance policy coverage differs, but many include payment of the damaged vessel’s agreed hull value or a liability payment starting at $500,000. Supplemental policies could include payment of medical bills caused by boating accidents, extended coverage for boating internationally or premium towing packages.

Boaters Who Get Insurance

Owning a boat can be a huge financial responsibility, and boating insurance policies help to mitigate the risks of owning boats. Boaters who financed their vessels are generally required to obtain at least the minimum liability boating insurance coverage. Since the lender owns a partial stake in the vessel, the owner is required to maintain insurance to cover any lender losses. Also, boaters who do not dock their boats on their own waterfront property but rely on marinas to park their craft may require boating insurance policies.

Key Benefits of Boating Insurance

One of the major benefits of boating insurance is the peace of mind knowing that one’s investment is protected against all types of risks. Boaters who experience boating emergencies while on the water can conveniently call their insurance companies to collect their boats, contain any fuel spills and start the process of repairs or replacements. With generous coverage amounts, boaters can be confident that their boats will get adequately repaired or replaced.


Boating is an enjoyable hobby, and having the right boat insurance policy helps to keep it that way. Having boating insurance is a great way to mitigate risk for boat owners and lenders alike.

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