Some of our staff is working remotely from their homes. We are committed to continuing to provide the service you have come to expect, and will still be answering phone calls and responding to emails in a timely manner.
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
JMG Insurance Corp Logo

JMG

Personal, Business & Specialty Insurance Brokerage

Our Locations 1-844-304-7332
  • Personal
    • Auto Insurance
    • ATV Insurance
    • Boat & Yacht Insurance
    • Motorcycle Insurance
    • RV Insurance
    • Snowmobile Insurance
    • Flood Insurance
    • Homeowners Insurance
    • Rental Property Insurance
    • Renters Insurance
    • Umbrella Insurance
  • Business
    • Business Owners Policy
    • Auto Insurance
    • Flood Insurance
    • Cyber Liability Insurance
    • Errors & Omissions Insurance
    • General Liability Insurance
    • Workers Compensation Insurance
  • Life And Health
    • Client Services
    • Employer Benefits
    • Individual Life and Health
    • Medicare
    • Student Accident & Specialty Coverage
    • Travel Insurance
  • Specialty
    • Arborist Insurance
    • Franchise Insurance
    • Public Transportation Insurance
    • Car Wash Insurance
    • Garage Insurance
    • Rage Room Insurance
    • Commercial Marine Insurance
    • Habitational Insurance
    • Restaurant Insurance
    • Condominium Insurance
    • Homebuilders Insurance
    • School Accident Insurance
    • Construction Insurance
    • Limo Insurance
    • Sports Insurance
    • Contractors Insurance
    • Pool & Spa Contractors Insurance
    • Special Event Insurance
    • Daycare Insurance
    • Police Protective Liability Insurance
    • Woodworkers Insurance
    • Farm & Ranch Insurance
  • Surety
  • Certificates
    • CSR 24 Login
    • High Volume Certificate User
    • Indemnity Agreements
  • Claims
    • First Notice of Claims
  • About
    • Blog
    • Contact
    • Community
    • Our Companies
    • JMG and SAN Network Partnerships
      • SAN Network Partnerships
      • Baio Insurance
      • Beacon Insurance
      • Burlington Insurance
      • Frazao Insurance
      • Lambert’s Insurance
      • Max Fitelson and Son
      • Premier Insurance
    • Testimonials
  • Client Login
  • Make a Payment

What Does Boat Insurance Cover?

Request a Quote! An insurance quote does not impact your credit score.

Request a Quote

April 24, 2023 by JMG Insurance Corp

boat insurance conceptAs a boat owner, safeguarding your valuable investment from potential hazards and unexpected events is critical. That’s where boat insurance comes in. When something happens, the right boat insurance coverage can offer peace of mind and financial security.

However, understanding the intricacies of boat insurance and determining the necessary coverage can be challenging. We detail what boat insurance covers to help you find coverage that meets your needs.

Understanding Boat Insurance Coverage

Four primary types of coverage are generally included in boat insurance policies: property coverage, liability insurance, medical payments coverage, and uninsured/underinsured coverage.

Property Coverage

Property coverage shields you against physical damage to your boat and attached equipment, such as anchors, oars, or fuel tanks. Additionally, it covers theft, vandalism, and damage resulting from collisions with other boats or objects. The level of coverage you require depends on your boat and equipment’s value.

Liability Insurance

Liability insurance comes into play when you cause bodily injury or property damage to someone else while operating your boat. This coverage can assist with medical expenses, property damage, and legal fees if you face a lawsuit. However, it’s crucial to understand that liability insurance does not cover your injuries or damage to your boat.

Medical Payment Coverage

Medical payment coverage is designed to cover medical expenses for you and any passengers if injuries occur while aboard your boat, regardless of who is responsible. This coverage becomes particularly significant if you lack health insurance or if your health insurance doesn’t encompass boating accidents.

Uninsured/Underinsured Coverage

Uninsured/underinsured coverage protects you if you’re involved in an accident with another boater with no insurance or inadequate insurance to cover damages. This coverage can assist with boat repairs, medical expenses, and other costs associated with the accident.

Beyond Basic Boat Insurance: Extra Options

While the four primary types of coverage are essential, several optional extras are worth considering to enhance your boat insurance policy.

a boat trailerBoat Trailers

Boat trailers can be costly to repair or replace if damaged or stolen. Many insurance policies cover boat trailers, including collision, theft, and liability protection.

Towing

When your boat breaks down on the water, towing back to shore might be necessary. Some insurance policies cover towing expenses, including the cost of professional towing services.

Special Equipment

If your boat carries expensive gear like fishing gear or electronics, consider adding special equipment coverage to your policy. This optional extra can help with repair or replacement costs if the equipment gets damaged or stolen.

Dock Contract Liability

For those who store their boat at a marina or other dock, dock contract liability coverage might be required to protect you if your boat damages someone else’s property while docked.

Fishing Guide Coverage

If you embark on fishing trips with a hired guide, you may want to add fishing guide coverage to your policy. It can help cover costs related to damages or injuries occurring during your guided fishing adventures.

Ice and Freezing Coverage

If you live in a colder climate, you might consider ice and freezing coverage to help with expenses resulting from frigid temperatures, such as damage to the hull or engine.

Mechanical Breakdown

Many insurance policies include mechanical breakdown coverage, which can assist with repair costs if your boat malfunctions while on the water.

Personal Property

If you store personal belongings on your boat, such as clothing or electronics, consider adding personal property coverage to your policy. It can help cover the costs of replacing lost, stolen, or damaged items.

Boat Insurance Policy Types

When it comes to boat insurance policies, there are two primary types to consider: agreed value and actual cash value.

Agreed Value

An agreed-value policy relies on the predetermined value of your boat when you purchase the policy. If you face a total loss, you’ll receive the agreed-upon value, regardless of the boat’s actual market value at the time of the loss. While this policy type generally comes with a higher premium, it offers more comprehensive coverage.

Actual Cash Value

An actual cash value policy is based on your boat’s market value at the time of the loss. In case of a total loss, you’ll receive the market value minus any depreciation. This policy type usually has a lower premium but might not provide as extensive coverage as an agreed-value policy.

Charting Exclusions in Your Boat Insurance Policy

Though boat insurance policies offer extensive coverage for various damages and accidents, certain aspects are not covered. These exclusions include the following:

  • boat during stormWear and tear – Normal wear and tear over time are not covered.
  • Manufacturer defects – The policy may not cover damage resulting from defects, and you will have to turn to the manufacturer for compensation.
  • Faulty design – Similar to manufacturer defects, design flaws leading to damage are unlikely to be covered.
  • Overuse – Damage resulting from overuse or neglect may not be covered.
  • Bug destruction – Damage caused by insects or pests is typically not covered.
  • Mold damage – Damage from mold or mildew is usually not covered.
  • Damage caused by aquatic life – Damage from aquatic life, such as mussels or barnacles, is generally not covered.

Safeguard Your Vessel with Boat Insurance

Getting the right boat insurance is crucial to protect your vessel, personal belongings, and financial assets while on the water. A solid understanding of the diverse coverage types, additional options, policy types, and exclusions enables you to make informed decisions about your insurance needs.

To guarantee you have the right coverage, working with a reputable insurance agency is vital. At JMG Insurance Corp, our mission is to help you get the right insurance coverage to protect your investment and ensure a safe and enjoyable experience on the water.

Our team of experts will work closely with you to help you navigate the complexities of boat insurance and secure optimal coverage for your situation. Don’t hesitate to contact us today at 1-844-304-7332 for any inquiries or assistance regarding your boat insurance needs.

Primary Sidebar

Get Started!

  • This field is for validation purposes and should be left unchanged.

Footer

JMG Insurance Corp Logo

JMG Insurance Corp has been serving the insurance needs of our clients in Connecticut, New York, New Jersey, Massachusetts, Rhode Island and Hawaii since 1916.

  • About Us
  • Blog
  • Careers
  • Contact Us
  • Our Locations
JMG Insurance Corp 29 Haviland Street Norwalk, Connecticut 06854 1-844-304-7332 1-203-857-7848

© 2023 JMG Insurance Corp · Powered by 321 Web Marketing · Website Privacy Policy

Link to company Facebook page

Link to company Instagram page

Link to company LinkedIn page