Despite the popular saying, “A boat is a hole in the water into which you pour money,” owning a boat can bring great pleasure. A boat or other watercraft can be a great way to escape the stresses and pressures of everyday life and enjoy time—alone or with family and friends—on the water. Having a personal boat or yacht is, for many, tangible proof that they’ve achieved The American Dream.
With boat ownership comes a high degree of responsibility. One of the things you’re responsible for is making sure your boat is properly insured. That’s important because, as you probably know, operating a boat or other personal watercraft can cause substantial injury to other people. It also can result in heavy damage to other people’s property.
Sometimes people who need protection for watercraft and its related liability handle things by modifying their homeowner policy. However, we believe a separate policy is a smarter way to do this. In addition to offering broader coverage, which is especially important for successful people with substantial assets to protect, a dedicated policy may be needed because many types of boats don’t qualify for coverage under a standard homeowners policy.
While coverages vary from company to company, a good boat owner policy generally will help protect your assets in several ways:
• Property coverage on boats, motors, equipment and trailers covers the cost to replace or repair these when they’re damaged by a covered event. Deductibles can be adjusted to what you believe you can comfortably absorb if a loss does occur.
• Liability Coverage insures your legal obligations—for instance, lawsuits and their related costs—that arise from an accident. We encourage boat owners to purchase limits high enough to handle the potentially serious injuries and loss of earnings a victim or victims may sustain.
• Uninsured Boater Coverage protects you when you’re involved in an accident caused by a boat operator who has no insurance or other financial source to handle the loss he or she causes. It makes sense to select the same limit for this coverage as your liability limits.
• In certain instances, damage caused by your use of non-owned boats is covered.
At Trovato Associates, we do our best to make sure you enjoy your time on the water without having to worry about what could go wrong, at least from an insurance standpoint. Our team specializes in writing boat insurance policies, so you can be certain we’ll get you the best protection available.
We understand the differences between power boaters, sailors, and commercial fishermen, so we can tailor an insurance policy to your unique needs. And we can get you protection from any one of a number of great insurance companies that know the ins and outs of boating and boat ownership.
Whether you’re a lifelong boater or you’re just getting started, it’s always a good idea to take a close look at your new or existing marine policy. We can help. Simply fill out our quick and simple online form to learn how Trovato Associates can keep you safe and secure with a boat insurance policy. Happy boating!