Boat insurance is a unique category in that not all states or jurisdictions require it. Depending on where you plan to sail, you may not necessarily be bound by law to have this type of insurance. That doesn't mean it is a good idea to go without, though. There are still several scenarios in which you may be required to have it. Many marinas require liability insurance in order for you to maintain docking privileges. In addition, if you took out a loan to fund your boat purchase, your lender will almost certainly require you to have insurance coverage until your loan is paid off.
This is the most important aspect of coverage, and the one your lender or marina will be most likely to require. If you cause an accident with your boat, this coverage can apply to the medical bills of the injured parties. It can also cover any legal expenses the person incurs over the course of the lawsuit.
In addition to injuring people, boating accidents can damage docks, marinas, boats, and structures along the shoreline. While your marina may not require this coverage, your lender probably will. Property damage coverage can be applied to those damages, helping to cover the costs of any necessary repairs. Any damage to your own boat, however, will fall under a separate category of coverage, explained next.
This is the coverage component that applies to damage to your own boat in an accident. If you financed your boat purchase, your lender will undoubtedly require this coverage so they don't lose their money if your boat is destroyed. Be sure to include enough coverage to accommodate the full replacement cost of your boat in case of emergency.
You can also elect to include coverage for damage due to causes other than boating accidents, collisions with other boaters who do not have insurance, and cleanup following fuel leaks or other dangerous spills. Your boat insurance professional can guide you through these options to help you choose the most appropriate for your needs.
Stover Strong Insurance Brokers is here to help with all your boat insurance needs. Whether you own a small sailboat or a mega-yacht, we'll help you find the right coverage for you from our vast network of insurance providers. Call 480-336-9648 today to get started.