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Boat Insurance

From hurricanes to wrecks and even things like piracy and war risks, there are boat insurance plans that can help captains prepare for the worst. Every boat from huge cargo ships to small yachts can get insurance to fit their needs.

Boat insurance policies can include the following: collision damage, bodily insurance liability, property damage liability, comprehensive coverage, and other coverage for personal items, fishing gear, oil spills, and uninsured boater insurance.

The type, amount, and deductible of maritime insurance are decided when the captain buys their boat. When the captain faces a problem, they can file a claim with their insurance provider to get compensation for their damage or loss.

For instance, if a boater accidentally rammed another boat, the at-fault boater’s insurance would cover the damages of the second boat. If the at-fault boater didn’t have insurance, they would open themselves up to hefty lawsuits and an angry boater.
If an insured boat was accidentally rammed due to the fault of another boater, their insurance would pay for the damages. If the at-fault boater wasn’t insured, the damaged boater could use their uninsured boater insurance to pay for the damages.

The cost of maritime insurance varies based on several factors, but it is always cheaper than having to pay for boat damage out of pocket. The cost depends on where the boat will be used (on open seas or a calm lake, for instance), how big the motor is, the age of the boat, and the state it’ll be operated in.

Depending on the state, maritime insurance may or may not be legally required. Many states require boaters to have liability insurance at a minimum, and individual marinas may require boaters docking there have certain types of insurance. In addition, if one gets a loan to buy a boat, the loan provider often requires the boater to purchase insurance. Check your state’s requirements before hitting the water.

Boating insurance is necessary because no matter how savvy a captain is, there are plenty of newcomers sharing the water with them. Keep your boat safe and damage free with appropriate maritime insurance!