If you are a water sports enthusiast or own a boat or a ski jet, it’s high time you discovered the perfect insurance policy for your needs. Failure to obtain proper coverage exposes you to a myriad of risks in unpredictable waterways. When you contact us, we do a thorough analysis of the boat or Jet Ski and advise you on the best coverage. Some of the factors that influence your watercraft insurance policy include the value, age, length, and ownership of each vessel. At the same time, we examine the horsepower or speed as well as the condition of the vessel.
Types of Boat Insurance
Depending on the surrounding factors, we have two options that you can choose from when it comes to watercraft or boat insurance. We can protect your vessel based either on ‘actual cash value’, ‘agreed value’ or ‘replacement cost.’ Actual cash value refers to a policy that will only compensate up to the actual monetary value of the vessel when it is declared wholly or partially lost. This option costs less but has depreciation as a criterion.
Agreed value refers to a policy that will cover the vessel as per its value the day the policy is written. The only drawback here is that this option may cost more. The beauty of it is that it does not factor in depreciation.
What Do Watercraft Policies Cover?
Just like a homeowner’s policy protects you from injuries suffered and damages against your home, a boat and Jet Ski policy protects you from damages caused and injuries inflicted to people while they are on your vessel. These include common risks such as accidents and fires.
We also offer convenient options to compensate for damages to personal effects, medical payments, towing and assistance, among others. All equipment that is permanently attached to the vessel is covered as well, such as anchors, covers, trolling motors, and seat cushions. Personal effects include life jackets, oars, tools, fish finders and other items that are not permanently attached.
However, in the basic boat coverage, some risks are omitted. These include damage caused by animals, wear and tear, ice and freezing, design defects, manufacturer’s defects, and marring.
Boat and Jet Ski Insurance Coverage Add-Ons
We advise all clients who are looking for boat or jet ski insurance to consider some additional coverage. If you have expensive navigational equipment, for example, we would tailor the policy to include even that.
To understand more about add-ons and the options of ensuring your water vessel, contact us today!