Boat insurance
in a nutshell
You finally saved up enough to
buy the boat you’ve been eyeing
for years, and can’t wait to take
her out for the first time. Or
maybe you own a cargo ship that
transports goods regularly. In
either case, the last thing you want
is for something to happen to your
boat, passengers, or property.
For this reason, many boaters
purchase boat or marine insurance
to help cover the costs of such
unfortunate events. The article
below discusses different types of
boat insurance, what’s covered,
and important things to consider
when selecting insurance.
What Is Boat or
Marine Insurance?
Boat and marine insurance are
similar, but marine insurance
deals with commercial vessels
while regular boat insurance is
for recreational boaters. Boat
insurance helps you cover your
losses if there’s an accident and
property is damaged or people
are injured, depending on the
type of policy you buy. While your
homeowner’s insurance policy
might cover a small boat under
certain
circumstances,
other
types of boats require actual boat
insurance in order to be covered.
Like other kinds of insurance,
you have options regarding the
amounts of your deductible and
the liability limits.