6/19/2013 2:01 AM

Boat Insurance

Some companies provide limited coverage for damage for small boats such as canoes, sail boats or small power boats under a homeowners or renters policy. Liability coverage is usually not included but can be added as an endorsement on homeowners’ policy. Call us to find out if your boat is covered and what your limits are.

Yachts, jet skis and wave runners require a separate policy. For loss or damage, coverage’s include the hull, machinery, fittings, and furnishings which are part of an actual cash value policy or an agreed amount value.

Actual Cash Value pays for replacement costs at the time of loss. In the event of a total loss, used boat pricing guides are used to determine it’s approximate market value.

Agreed Amount Value means that the policies you and your insurer have agreed on the value of your boat and if there is a total loss, you will be paid that amount.

Damage exclusions may include normal wear, insects, mold, animals, or machinery damage. Insurance also covers:

• Bodily injury

• Property damage

• Passenger liability

• Medical payments

• Theft

Boaters should ask if equipment that is kept on the boat is also covered and inquire about additional discounts.

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