| There are different types of watercraft
coverage that can be matched to your needs.
- Outboard Motor and Boat Insurance – this type of
insurance covers physical damage on boats only.
- Boatowners/Watercraft package – This type of coverage
is developed by individual companies. It is a package policy because it includes Medical
Payments, Property and Liability insurance on an open peril* basis. This type of insurance
is utilized with boats under a specific length (such as 30 feet) or under a specified
dollar value, such as $30,000.00
- Personal Yacht - This is a special type of insurance that
comes under the Ocean Marine insurance heading. It is used primarily for large pleasure
boats that are in excess of the requirements established for a Boatowners policy listed
above.
Under your homeowners policy the personal property section
covers several different items of personal property including boats; however, boat
coverage, along with some other coverages, has a special limit of liability. In the case
of watercraft there is a total limit of $1,000.00 including trailers and equipment.
Therefore, it is important to get special coverage on your watercraft.
* Open Peril or All Risk Coverage – This type of
coverage insures against physical loss by all risks except those specifically excluded in
the policy. If it is not excluded in the policy then it is covered. |
Did you
know that your standard homeowners insurance provides very limited coverage at best for
personal watercraft? The dollar amount of coverage is limited and certain perils may be
excluded. Depending upon the size of your watercraft, the liability covergage may be
excluded entirely for larger boats.