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COVERAGE FOR YOUR BOAT
Boat insurance also known as watercraft insurance. To be eligible for insurance,
it may be required that the watercraft be 26 feet or less in length. If it longer it might be considered a yacht. If you own a small power boat with a motor that performs at less than 25 miles per hour horsepower, it might be covered under your homeowner’s insurance policy.
Small sail boats and canoes might be also covered under your homeowner’s policy.
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Types of Insurance Coverage (This list is not comprehensive)
Policies available for this type of insurance are as well typical to those for car insurance.
Liability Coverage – The amount of liability coverage can range. For example, it can begin as low as $10,000/20,000/10, 0000.
• $10,000 is for bodily injury coverage per person
• $20,000 is for bodily injury coverage in total per accident
• $10,000 is for property damage liability coverage
NOTE These amounts listed above are for illustration purposes only; to give you an understanding if not aware what the number sequence stand for.
Policy coverage amount will depend on your needs or maybe other factors.
It is imperative that you consider carrying liability coverage because if another person is injured or killed due an at-fault accident with your boat, or another’s personal property is damaged you can end up suffering huge financial losses.
Collision and Comprehensive Protects in the investment in your boat. Some of the protections are:
• Both depending on the policy will cover the cost to repair or replace your boat, motor, trailer,
and any equipment that is permanently attached to your boat in case of loss.
• Collision coverage is for in case your boat collides with another boat or other property and you are at fault
• Comprehensive coverage is for other types of loss, such as storm damage, theft, fire, and vandalism.
Claims of these type are subject to a deductible that you choose when you take out your policy.
The amount you can receive form a collision or comprehensive claim is based on the type policy you choose. An actual cash value policy = Replacement cost of your boat – Any depreciation up to the date of loss.
Note: Claims are paid out for this amount MINUS the deductible.
•Agreed Amount Value – Another type of policy that does not factor in depreciation.