| There are many issues to consider when insuring a | | | | schedule to cover it. If you store your boat in a |
| recreational boat. Many people view boating as a fun | | | | marina or other commercial boat storage facility, they |
| sport and don't consider there to be enough risks | | | | will normally require you to demonstrate proof of |
| associated with boating to make insuring the boat | | | | insurance prior to storing your boat. The marina's |
| very important. | | | | insurance will cover any negligence or damage to |
| First of all, do you need to be reminded that we live | | | | your boat that results from the marina's liability, but it |
| in a litigious world? Even though a friend or 'guest' on | | | | very likely will not cover your boat in the event of a |
| board your boat for the day may be very chummy, | | | | flood, fire, hurricane, tornado or other act of God. |
| that would likely change if they or their child were to | | | | You must have insurance coverage for this sort of |
| be injured while on a boating voyage on your boat. | | | | exposure. There were many thousands of boats |
| Wherever you go, accidents can happen and boating | | | | damaged or destroyed by hurricanes Katrina and Rita |
| is certainly no exception. And, when faced with | | | | on the Gulf Coat in 2005. A large number of the |
| enormous medical bills, it is normal for people to seek | | | | boatowners were shocked to learn that their boats |
| recovery from others, even though they may not | | | | were not covered by the marina's insurance policy. |
| have been 'at fault'. You simply should not have a | | | | Those that had their boats in storage without |
| recreational boat without, at a minimum, a basic | | | | coverage for storage suffered a complete loss! |
| liability policy. | | | | In 10 years in the marina business, I have |
| Most banks and marine finance companies require | | | | unfortunately seen several drownings, swimmers run |
| that boats covered under their financing are | | | | over by a boater's propeller, broken limbs and backs |
| adequately insured. Likewise, you need to have this | | | | and 50 or so sunken boats. Most of this was a result |
| coverage for the protection of your other assets. If | | | | of somebody's negligence. Many of these boaters |
| you are found to be at fault for a drowning or loss | | | | failed to have insurance coverage! Unfortunately, |
| of a limb, your entire financial future, and that of | | | | there is no legal requirement to do so. The risks can |
| your family, can be ruined. It is simply not worth the | | | | be huge. |
| risk. | | | | Boat insurance can be obtained from several sources. |
| Insurance on a boat is similar to insurance on an | | | | Many people choose to add their boat onto their |
| automobile. There is coverage for your boat, | | | | homeowner's policy and the umbrella insurance |
| coverage for the liability you have for persons in | | | | provided thereon. That is certainly better than not |
| your boat as well as others who light be damaged by | | | | having insurance. Marine insurance may, in fact, prove |
| your boat or your actions regarding your boat. And, | | | | to be a better buy. It certainly pays to do your |
| just like your car, the premiums are dependent on | | | | homework. When there are problems, the marine |
| the dollar value of the coverage limits that you select. | | | | insurers are considerably more conversant in the |
| Consider how you plan to use your boat. Will you be | | | | marine issues than the adjusters of the standard |
| trailering it from lake to lake to enjoy a variety of | | | | property & casualty commercial insurer. |
| voyages? If so, you will also need to consider | | | | It is surely advisable to take one of the safe boating |
| coverage while the boat is in tow. You need to | | | | courses offered by the U. S. Coast Guard or the U. S. |
| check out this coverage in light of your auto | | | | Power Squadron. I would encourage your whole |
| insurance and what is covered by that policy in the | | | | family to take the course and think about the safety |
| event of an auto accident while towing the boat. | | | | issues when around your boat. Also be certain hat |
| If you will be storing the boat in your garage or at | | | | you have the proper number and type of Personal |
| your dock, there are other considerations. For | | | | Floatation Devices (PFD's) for the crew of your boat |
| example, if you only use the boat during the summer | | | | as well as the other safety equipment that's |
| season, many insurers allow you to declare a 'storage | | | | appropriate and required by law. Just like in your car, |
| only' coverage for that time of the year when the | | | | be sure you have a designated driver along if you |
| boat is not being used. You would need to notify the | | | | intend to consume alcohol while on your voyage! The |
| insurance company at the start of the season and | | | | sun and spray tend to exacerbate the absorption of |
| then again at the end of the season. This will have a | | | | alcohol into your bloodstream and many states now |
| direct effect on your premiums and it will ensure that | | | | enforce a "BUI" Boating Under the Influence law. |
| you are not paying premiums for liability coverages | | | | Do your homework before buying your boat |
| while there is virtually no risk involved. | | | | insurance, but be certain that you get it. This is true |
| While your boat may very well be covered under | | | | even for the smallest of boats, especially personal |
| your homeowner's policy while stored in your garage, | | | | watercraft (PWC's). |
| you may have to declare it on a supplemental | | | | Have a safe and fun time on the water this year! |