Boating is a popular sporting hobby in the US, with over 87 million people using a boat for recreational activities such as sailing, fishing, water skiing, cruising, or traveling. Boating is not limited to the rich and the famous, and many affluent Americans consider it a pleasurable hobby.
As a rule, “boats” are considered 26′ and smaller, and “yachts” are 27′ and more significant. However, there are various categories like utility boats, cruisers, bass boats, performance boats, sailboats, personal watercraft (PWC), sterndrive boats, inboard boats, and outboard boats. While the initial cost of a boat or a yacht can vary, from a reasonable $12,900 for a ‘no-frills’ watercraft up to $9,995,000 for the bigger-ticket ships, there is the cost of annual maintenance, storage, and usage costs.
Buying a boat is one of the most exciting purchases you’ll ever make. Whether you’re looking for speed or something more practical, finding the right boat type and brand to suit your lifestyle is essential. And apart from all the conveniences, status, and recreational opportunities, owning a boat comes with a lot of added responsibility. Most of it would be financial- repairs, storage costs, fuel, and most importantly, premium insurance for your opulent vehicle.
We recommend that you keep your boat insurance separate from your homeowner’s policy. Many homeowners’ insurance policies don’t cover marine-specific risks, such as salvage work, wreck removal, pollution damage, etc. However, sometimes homeowner policies do include coverage for smaller boats and motors, usually with a horsepower limit of 25- to 100-horsepower.
Physical damage coverage includes repairs to your boat if it’s accidentally damaged by a covered peril such as collision, fire, theft, windstorm, lightning, or vandalism. This coverage is broad and provides coverage for the boat, including its machinery and equipment, outboard motors, boat trailer, and personal property.
Marine insurance can be tricky, and this where a public adjuster plays a vital role. Your public adjuster will help you understand if damages to your vessel like wear and tear, marring, denting, manufacturers’ defects, design defects, ice, and freezing are included in the insurance policy. They will also check if your policy covers permanently attached equipment and items like anchors, oars, trolling motors, tools, seat cushions, and life jackets.
Besides, protecting your boat with the right kind of insurance requires looking at the entire gamut of services involved. As licensed public adjusters, we act as your representative to ensure that your personal effects, liability protection including legal defense costs, wreck removal and pollution cleaning, medical payments for passengers, and coverage for injuries caused by an uninsured vessel are included. We advocate and negotiate for you throughout the claims settlement process.
Knowing your rights under the law is essential, and having a competent public adjuster on your side is a bonus. Trust in our expertise, call us at Experienced Public Adjusters today for a free consultation of your insurance claim.