Liability coverage provided by your boat insurance policy or jet ski insurance protects you in the event you accidentally injure someone or damage property. Examples can include
- Running over swimmers or divers
- Crashing into someone else’s boat, dock, or boat house
- The vessel breaking loose in a storm and wrecking into other boats or property
- Towing a guest on a tube and running them into another boat or obstruction
Minimum recommended coverages are at least $100,000, but $300,000, $500,000, or $1,000,000 are suggested. Depending on your situation, your personal umbrella policy should be crafted to extend over your boat insurance.
Hull coverage on your boat insurance policy covers the vessel itself. It can also include items permanently attached to it, such as:
- GPS, depth sounders, and communications equipment
- Recovery and removal of a wrecked craft
- Towing expense
Ask your insurance agent. If you are in an accident, it covers the cost to repair or replace the vessel. It also protects the boat if it were to sink or be damaged in a storm.
Engines and their supporting equipment can prove more costly than the hull itself! Some boat insurance policies break out engines separately whereas others lump their value under “Hull”. Either way, be sure the total cost of your investment is covered.
- Halon fire systems
Have you added an expensive fish finder or GPS system? Radar? Maybe an electric anchor windlass? Costs of accessories add up quickly. Be certain to include them when considering the value of your craft. These too can be broken out separately or lumped under “Hull” depending upon your boat insurance policy.