While boat insurance can’t keep you from getting into an accident, it can help protect you against a variety of risks, such as hefty medical bills or repair costs, that may come from a serious collision.
It is valuable to understand the different types of boat insurance coverage and how they protect your interests.
"All Risk" Coverage
"All risk" references a type of coverage that provides coverage for any risk that the policy does not explicitly exclude. This means it includes coverage for common perils like fire, theft, collision and more.
Example: If an "all-risk" boat insurance policy does not expressly exclude flood coverage, then the boat should be covered in the event of flood damage.
Bodily Injury and Property Damage Liability
Bodily injury liability provides protection if you’re in an accident and liable for injuring others.
Property damage liability can help you pay to repair or replace others’ watercraft or property you have damaged while boating.
Example: You crash your boat into a privately-owned dock, causing property damage and injuring people that were on the dock. Bodily injury and property damage liability coverage may help you pay for the dock damage, as well as for the damages arising from the injuries (up to the policy limit).
Medical Payments Coverage
Medical payments coverage may help pay for the medical bills of your guests and other third parties if someone is injured in an accident involving your boat.
Example: While out fishing a friend accidentally cuts his hand. Your friend needs stitches but hasn’t yet met the deductible on his health insurance policy. The medical payments coverage on your boat insurance policy may help him out with this expense.
Personal Property and Equipment
Personal property coverage can protect against accidental, direct loss or damage to certain portable equipment and gear aboard your boat. This type of coverage refers to unattached items on the boat - such as fishing equipment, portable electronics, and other personal items that come and go.
Example: Your wakeboard is stolen from your boat. SkiSafe may help you replace those items with the same model or a similar one.
Environmental / Fuel Spill / Pollution Coverage
A sunken boat, leaking tank, or blunder at a fueling station can all cause a fuel spill.
Fuel spill coverage can be included in your SkiSafe boat insurance policy, which may help you pay for the costs of an accidental fuel spill.
Example: Your jet ski sinks while docked. The Coast Guard may require you to address any resulting fuel spills. You can contact SkiSafe to file a claim if you have fuel spill coverage.
Towing & Roadside Assistance
Towing and roadside assistance is a type of insurance coverage for towing your boat on land or water. It comes in handy if you need a tow to safe harbor or assistance with a broken trailer.
If your boat is inoperable, call a rescue service for a tow. SkiSafe may cover the costs of that tow subject to the coverage limit on your policy.
Example: You’re hauling your boat to the water and your vehicle breaks down on the way. SkiSafe may pay to tow the vehicle and watercraft to the nearest repair shop.
Uninsured/underinsured Boater Coverage
If you’re hit by a boater that does not have insurance or does not have enough insurance, uninsured/underinsured boater coverage may pay for your injuries.
Example: Another boater without insurance hits you and you break your arm. The boater can’t afford to pay out-of-pocket for your injuries and has no insurance that will help. Your policy’s uninusred boater coverage may pay for what the boater is liable for up to your policy limits.
Other boat insurance coverages
- Named Storm Coverage: protects against damage caused by a tropical depression, storm, or hurricane named by the National Weather Service.
- Hurricane Haul-Out Coverage: may pay for a portion of the costs to have a boat hauled and secured in advance of a storm.
- Cruising Endorsement: many policies do not extend coverage into international waters unless it is specifically endorsed. For instance, if you’re a Florida boater who enjoys cruising to the Bahamas, you can request coverage for the trip with a Cruising Endorsement.
- Dinghy Coverage: dinghies can sustain damage or theft just like larger boats. Adding coverage for a dinghy is very similar to adding personal property coverage for marine electronics, fishing gear, etc.
- Watersport Coverage: includes coverage for using the boat in activities like water ski tournaments.