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Boat Insurance
It's important to make sure you have insurance for your boat and your liability
before leaving on a voyage. Hurricanes and storms have made it more difficult
to find boat insurance. In 1992, hurricane Andrew damaged millions of dollars
worth of pleasure boats and billions in insured losses.
The age, size and horsepower of a boat are factors in determining coverage and
premium. The type, value and the water where the boat is used are other variables.
A power boat would cost more to insure than a 25 foot sail boat.
No matter what boat or circumstances, it is important to know what questions
to ask your insurance representative:
| 1. Are personal possessions also covered? |
| 2. Will the boat be covered for an
agreed value or actual cash value (depreciation)? |
| 3. Will my liability coverage be affected
if I hire a crew and include workers compensation? |
| 4. Are there discounts for safe boating
courses or safety equipment? |
Your insurance representative may ask you
about the use of the boat. Any untruthful answers may cause future
claims to be denied, so answer honestly.
Waverunner and jet skis owners are advised to purchase a PWC policy to protect
them in the event of an accident. PWC policies cover bodily injury, property
damage, passenger liability, medical payments and theft. Coverage for trailers
and other accessories can also be purchased.
Finding the right coverage may require some shopping around on your part. Talk
to an agent or company representative for information about the coverage that
best suits your needs. Remember, safe boating is smart boating.
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