Just another Juridicum.net Wise Blogs! weblog

Do you know the about the various kinds of Boat Insurance that is available on the market today?
When shopping for boat insurance, you may be surprised to find that there are different types of boat insurance policies available. Many insurance companies will only offer one standard watercraft liability coverage policy, while others will offer optional coverage that you can purchase. In fact, if you have financed your boat, your lender may require you to carry specific optional coverage. There are several different types of coverage that you can add to your policy.
The standard insurance is the watercraft liability insurance coverage which is required by many states. This insurance will cover you in the event that damage is caused to another person or another person’s property by actions taken with your boat – whether it is during transport or on the water. Again, many states now require this liability coverage, and each state has its own requirements as to how much liability coverage you need to have. Check with your insurance agent to find out what you are required to have.
Many states also require you to have medical compensation coverage. This insurance will pay for all medical costs up to a certain amount, both for your medical expenses and the medical expenses of any passengers on your watercraft during the time on an incident. Even though this insurance is not mandatory, you may want to think about purchasing it. Medical costs can be very high. If for any reason you doubt whether you will be able to pay for the boat insurance, consider the expenses that you will have to undergo without this insurance coverage in the case of an incident.
You should also give consideration to the coverage for pollution and wreck disposal. Legally, in the case that your boat is destroyed or goes under water permanently, you are required to dispose of it. You cannot just leave it at the site of the accident. If you cause an oil or petroleum spill into any body of water, you will have to pay a penalty, much like the large oil producing companies. If you do not carry pollution and wreck coverage, you can end up paying some very hefty fines. Do not assume that this will never happen with your boat!
You should insure yourself against uninsured watercrafts as well. This works just like uninsured motorist insurance when you purchase coverage for your automobiles. If someone who does not have insurance – or adequate coverage – collides with your boat on the water, your insurance will pay for the replacement of your boat, or for the needed repairs.
Towing and assistance coverage should also be strongly considered. Getting towed back to shore often costs more than having a car towed to a garage! Especially if you are out in the middle of the ocean! You should also ask about coverage to recover your boat and protect it from further damage after a mechanical failure or an accident. These costs do indeed add up. Again, don’t make the mistake of thinking that nothing bad will happen, and don’t make the mistake of thinking that you cannot afford the coverage. If you can’t afford the coverage, you certainly won’t be able to afford these expenses!
Most insurance policies should cover your boat, the motor, and the trailer used to transport the boat. Liability coverage isn’t the only type of coverage that you need in most cases. You should make sure that you protect your boat, just as you protect your automobiles with coverage that includes theft and vandalism, as well as losses caused by storms, fire, sinking, capsizing, stranding, collision, and even explosions. Talk with your insurance agent to find out what type of insurance is required by your state and what type of coverage they offer. Also talk with your boat dealer and lender to find out what type of coverage you are required to have as well.
Click here for more information on Boating Insurance