Boat Insurance Basics

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Are you a first time boater looking for information about insurance coverage? Maybe you’re a veteran of the open water and just need a quick refresher on important boat insurance policy items. Either way, you’ve come to the right place.

As North America’s leading provider of boat and yacht insurance, Dockside Insurance Group knows boats and understands the key components that make up solid marine insurance coverage. Below is some basic information that will help you better identify your particular boat insurance needs.

Once you’ve read through these basics, give us a call to discuss your specific situation and we can tailor the correct coverage for you and your vessel. 

Policy Basics

The following is a list of some important factors that can influence the type of boat insurance coverage that best suits your needs.

  • Personal vs. commercial use – It’s a simple idea, but identifying whether your watercraft is for personal or commercial use will help guide the insurance policy you require.
  • Is it a boat or a yacht? – For most cases, a boat is defined as a vessel that is 26′ or smaller while a yacht is classified as 27′ and larger. Policies vary between the two and clearly identifying what type of vessel you need coverage for will determine the specifics of your policy.
  • Boat Liability Insurance – Liability coverage helps protect you in the event you are responsible for property damage other than your own boat or bodily injury to someone other than a family member. The amount of liability coverage needed will depend on your specific situation.
  • Agreed Value vs. Actual Cash Value – While most of the policies sold at Dockside Insurance Group are agreed value policies, it’s important to know the difference between the two. Agreed value policies pay a predetermined agreed value of the watercraft when it’s involved in a loss, while covered losses in actual cash policies are subject to deprecation.
  • Medical Coverage – In the event of bodily injuries sustained in association with your boat, yacht or other watercraft, the medical coverage included in your insurance policy will help cover resulting medical expenses.

The above are just a few basics to help get you started. For more information about yacht and boat insurance coverage options available for your particular boating needs, please feel free to contact Dockside Insurance Group.