Marine insurance and safety

Financeby Mashum Mollah23 September 2019

marine insurance

Even though boats enable us to go on adventures and to relax they pose risks to their owners. In order to ensure that you do not completely lose your boat when you have an accident or disaster, you need to ensure your well-loved possession.

If your boat is ever damaged or destroyed insurance ensures your well compensated. Insurance provides coverage for most marine vessels with motors including paddle boats, yachts, leisure crafts, fishing boats, and pontoon boats. It, however, does not usually provide coverage for personal watercraft such as kayaks and canoes.

There are various types of insurance coverage and the type, as well as the amount you need to pay periodically, is dependent on the size of your boats, the waters in which they are used, the brand and its worth as well. When it comes to insurance it is essential that you know what liabilities your insurance policy covers and does not cover.

Insurance providers can be found wherever there is a large community of boaters. You have a wide selection of insurance covers including property and casualty companies such as Allstate, The Hanover Insurance Group, Progressive, Travelers, StateFarm and Geico.

What areas do marine insurance cover?

The following list gives you an idea of the typical insurance coverage for most boat insurance policies

Property coverage

Marine insurance helps to safeguard your boats and other water vessels form selects risk. Property coverage may cover repairs for your boats if it is involved in an accident or it may even provide funds to replace your boat if it is stolen. According to the Insurance Information Institute (III). This coverage safeguards both the boat on land and in water.

Liability coverage

This kind of coverage offers insurance in the event that you cause accident damage another boat or injure a person who is not on your boat.

Medical payments coverage

Medical payment insurance covers expenses such as medicine, X-Rays and hospital bills of people injured in an accident on your boat including yourself. With funds up to your maximum agreed coverage amount.

Uninsured Water Coverage

In the event of an accident where your boat is damaged by another uninsured boat and you are injured or anyone of your passengers is, uninsured water coverage helps with the expenses that are incurred for the damages the uninsured boater cannot cover.

How does boat insurance function?

When you are purchasing both insurance you need to determine the periodic payments known as deductibles, the total amount of coverage necessary for your boat and the types of insurance coverage you find applicable to your situation. Various risks are involved in boating such as thefts, accidents and various types of los. There are different insurance policies for various events. If you have coverage for these various unfortunate events you can claim payments covering your expected expenses.

A good estate illustration is, if your boards were involved in a collision with another boat that causes significant damage to your boat, a number of things are probably going to happen. These are contingent on your insurance plans, the other boaters insurance plans, and the laws in your region:

  • If the damage or accident is your responsibility your liability coverage provides monetary compensation up to the maximum amount allowed by the insurance policy.
  • If the accident was the responsibility of the other boater, then his liability coverage will provide compensation up to the maximum amounts required by his own insurance policy coverage.
  • In the unfortunate events with the other boater is responsible for the accident and he does not have an insurance liability coverage then your uninsured boat insurance policy, if you have it in place will cover your expenses related to that accident.

Marine insurance price estimates

The price of marine insurance is dependent on these variables :

  • The state you reside
  • The size of your boats and how it is powered
  • Your extra insurance policy coverages
  • The age, size and type of the boats you want to insure.
  • The type of waters in-land or ocean, where the boats are traversing.

Boat insurance can cost as low as $75 to as high as $500 annually. Insurance companies also provide discount options. Discounts can provide you with price drops in certain circumstances. Lay up discounts, for example, are an available option if your boat is not in use throughout the year and there are also discounts for boats that are used on inland waters instead of open seas.

There are also discounts for people who have certified training in boat safety as well as discounts if you have zero accidents in your boating history. There is a diverse selection of discounts available from different insurance companies so it’s important to contact an agent to evaluate quotes and options from multiple insurance companies.

Is it a requirement to have boat insurance?

Many boaters often ask if they need boat insurers to enjoy their activities on the water. To this, we say boat insurance is necessary for a number of reasons. These include certain marinas do not offer docking services to boats without insurance, some states have laws that make boat insurance compulsory. It is also common practice for lending institutions to make insurance a requirement for collecting loans to buy boats. So, usually, it is a requirement. Besides, you are more at ease when you insure your boat.

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Mashum Mollah

Mashum Mollah is an entrepreneur, founder and CEO at Viacon, a digital marketing agency that drive visibility, engagement, and proven results. He blogs at

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