In the event of boat damage or complete loss, boat insurance not only offers coverage to a boat but also to its owner. The term ‘boat’ encompasses every motorized water automobile including, but not limited to pontoon boats, jet skis, yachts and fishing boats. This policy not provides coverage for paddle boats, kayaks and canoes.
Along with typical coverage, it also has some specialized coverages which you may not be aware with. But, these extra coverages can really come in handy at the time of loss. As we all know, wreckage removal and emergency towing are very expensive in case you do not own the coverage included.
Make sure that it has total loss replacement coverage because it is essential to replaces policyholder’s boat with a new one of similar quality. Disappearing deductibles is another specialized coverage that decreases the deductible by 25% for each claim free renewal. Boat owner may get replacement cost fishing equipment up to certain amount for rods, reels and tackle.
To insure the policyholder’s personal stuff including cell phones, clothes, cameras etc, it has replacement cost personal effects coverage. Insured is eligible to get 24 hour roadside assistance which covers trailer & tow vehicle along with emergency towing & labor. This coverage serves on-water towing service and not to forget, its wreckage removal coverage.
Some boats are insured for actual cash value or agreed value. Wreckage removal coverage is necessary because insurance firm will pay sufficient amount for attempted / actual increasing, removal / destruction of the wreckage of a policyholder’s boat leading from some loss for that damage coverage is offered. The liability depends on the whether or not the policyholder is legally needed to increase, destroy or remove the boat.
But, ensure that as a policyholder, you know how your boat is covered, so that you feel not surprised at the time of claim. In case you want a simple boat policy, then make clear this point to your insurance agent while buying a policy. It saves your extra bucks and sometimes, these services are included automatically at free cost.
So, if you don’t want turn your fishing trip sour, then contact your insurance agent to prepare for the worst.