Owning watercrafts, such as boats, jet skis, sailboats, or yachts, can be exciting. And as summer approaches, there’s no doubt that an increasing amount of recreational time will be spent on the water. However, it’s essential to secure proper insurance coverage for boats and other watercrafts that are not covered by standard homeowners or auto insurance policies.
At Doeren Mayhew Insurance Group, we appreciate the enjoyment of water recreation in all forms, but we also understand that the right level of coverage is essential to protect you and your family. Our team of trusted insurance agents will guide you through the process of securing the right insurance for your boats and personal watercrafts.
Forgetting to Check Insurance Coverage Limits
Three common liability areas are typically covered on a watercraft policy: bodily injury, medical fees, and property damage. However, liability limits vary by state and by policy, so it’s important to understand what’s included and exactly how well you will be protected in the event of a covered loss.
Ignoring Optional Coverage for Watercrafts
Standard insurance policies for watercrafts do not automatically provide coverage for aftermarket accessories or any modifications that have been made. Furthermore, most insurance policies exclude damage due to insects, animals, and mold.
When purchasing insurance for your watercraft, it’s also essential that you understand the details of your coverage options so that updates can be made accordingly. This may include replacement cost versus actual cash value, personal property, roadside and waterside assistance, and more.
Assuming One Boat Insurance Policy Covers All Watercrafts
While you may have already secured an insurance policy for your boat or yacht, additional watercrafts, including jet skis, need to be scheduled individually on the policy in order to have coverage.
Failing to Update the Policy
Water vessels are not only expensive, but they also come with several potential risks. Neglecting to secure insurance coverage that meets the unique, changing needs of your personal situation and watercraft can be costly; for example, failing to change storage insurance to cover the open season, or forgetting to update coverage for any enhancements that had been made to your boat during the offseason.
More importantly, people frequently forget to add additional drivers or operators to their policies. As children become driving age or as new people are trusted with driving your watercraft, it is essential that they are added as a named operator — or else you’ll risk the insurance company denying all coverage in the event of an accident.
Not Considering an Umbrella Policy
A separate umbrella policy provides additional coverage in the event of catastrophic insurance claims. When your existing policy exceeds its limits, it’s important to have this extra protection in place to safeguard your assets.
Request a Consultation
At Doeren Mayhew Insurance Group, our team of experienced risk management professionals provide a diverse range of insurance solutions to businesses and individuals. We are committed to protecting your most valuable assets — including your recreational watercrafts — with our comprehensive insurance coverage options. Schedule a consultation to discuss your unique needs with one of our trusted insurance advisors.