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Insure your boat with suitable insurance policy

Boat insurance is an agreement in which insurer takes the responsibility for the vessel of insured person. In the case of property or bodily damages, insurer provides financial compensation to insured person. If you want to buy an insurance policy for your sailboat, yacht or canoe etc., then you need to know following details –

For big vessels – For your yachts or jet skis etc., you can buy a separate insurance policy. Coverage provided by insurer depends on the type, size of vessel and several other factors. It provides coverage in the case of –

  • Damage – In the case of physical damage to boat, insurer will pay for the boats equipment, structure, furniture, fittings and tools etc.
  • Injury – Insurance Company will pay for the medical expenses, if owner or other passengers get injured in an accident. It also includes medical expenses, when someone else (other than owner) gets injured while sailing boat with permission.
  • Liability – If other people get injured or their property gets damaged by vessel, insurer will be liable to pay for the damages and medical expenses.

These policies usually cover theft too, however, you will need to buy additional coverage for accessories. There are limits for liability and other payments in these policies.

For the small vessels – For sailboats or canoes, you can buy coverage in your homeowner’s policy. Many renters insurance also cover owner’s boats (under 25 mile per hour horse power). You can also get liability protection for vessel in homeowner’s policy, but it can be added only as an extra option.