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Boat Insurance Coverage Options:
Bodily Injury and Property Damage Liability (BI/PD)
Bodily Injury and Property Damage Liability coverage covers your legal liability for an accident where there is damage or injury to someone or something else, up to the limit of liability selected. Your insurance company pays for the cost to replace or repair damaged property, the medical bills and wage loss incurred by an injured person and other damages you are legally obligated to pay as the result of an accident. BI/PD limits are available up to $500,000 Combined Single Limits (CSL).
Explanation of limits of coverage for a 15/30/10 policy:
No more than $15,000 will be paid per person for Bodily Injury
No more than $30,000 will be paid per accident for Bodily Injury
No more than $10,000 will be paid per accident for Property Damage
Uninsured Boater
Uninsured Boater Bodily Injury coverage pays for medical treatment, wage loss and other damages you would have received from the other person's insurance company, had they been insured. Damages are covered up to the limit of coverage you select.
Medical Payments
Medical Payments coverage covers the cost of necessary medical care provided to you as a result of a boating accident and applies regardless of who is at fault. Covered people include those in your boat and the named policyholder. Medical Payments also will pay for injuries caused while water skiing or tubing. In some states, this coverage applies only after other medical insurance is exhausted.
Comprehensive and Collision
Comprehensive and Collision coverage’s pay for the cost to repair or replace your boat if it is stolen or damaged in a covered loss, regardless of who is at fault. You share in this cost by paying a deductible.
Collision coverage pays for damage caused to your boat when it collides with another vehicle or object.
Comprehensive coverage pays for damage to your boat caused by an event other than a collision, such as fire, theft or vandalism.
You have three options to insure your boat against a total loss:
Actual Cash Value – base policy that pays the market value of your boat at the time off loss.
Agreed Value – pays the value of your boat that you select at the start of your policy, regardless of the current market value.
Total Loss Replacement Cost – pays for replacement of your boat with the newest model if your boat is declared a total loss within its first five model years.
Actual Cash Value
ACV is the most economical choice to insure your boat or PWC. ACV is determined by the market value, age and condition of your boat/PWC at the time of the loss. If your boat/PWC is declared a total loss, this coverage pays either the lower of the ACV at the time of loss or the Rating Base.
Agreed Value
Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the Actual Cash Value (ACV) at the time of the loss. For partial losses, there is no depreciation, except on the following: batteries, sails, canvas/plastic coverings and out drive units or outboard motors older than five years.
For boats two years old or newer, the sales receipt can serve as the Rating Base. If a sales receipt is unavailable, the Rating Base may be determined by referring to an ABOS, BUC or N.A.D.A. appraisal guide or an accredited marine survey.
Agreed Value coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.
Total Loss Replacement
Total Loss Replacement coverage is available for new boats up to one model year old. If a total loss occurs, this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.
For boats more than five model years old, the Rating Base is paid, which must be increased if additional equipment that increases the boat's value is attached by the policyholder.
This coverage requires a sales receipt to determine the Rating Base.
Total Loss Replacement coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.
Replacement Cost Personal Effects
This coverage pays for loss of, or damage to, personal effects while on board an insured boat or while being carried on or off an insured boat. This coverage is available for all boats and personal watercraft. Coverage is available up to $5,000.
The limit for loss to all fishing equipment under this coverage is $300. Additional coverage for fishing equipment can be purchased separately under Fishing Equipment coverage.
A $100 deductible applies for theft.
Personal effects do not include permanent equipment or portable boating equipment. Personal effects include, but are not limited to:
Binoculars
Jewelry
Cell phones
Coolers
CD players
Scuba equipment
Cameras
Portable radios
Clothing
This coverage is excess over other forms of insurance.
On-Water Towing and Labor Coverage Service
This pays for towing and labor costs up to $1,000 per occurrence. You choose from three available limit options: $300, $500 or $1,000. Labor coverage applies when it is performed at the time and place of disablement, while the boat is in the water. This is a reimbursement coverage.
Roadside Assistance (included)
Roadside Assistance coverage provides towing to the nearest qualified repair facility and covers necessary labor at the time and place of disablement when the tow vehicle or boat trailer is disabled due to any of the following:
Mechanical or electrical breakdown
Battery failure
Insufficient supply of fuel, oil, water or other fluids
Flat tire
Lockout
Entrapment in snow, mud, water or sand within 100 feet of the roadway.
This coverage extends to the tow vehicle while transporting the insured boat/PWC, even if the tow vehicle is insured with another insurance company.
Roadside Assistance is available 24/7, anywhere in the United States or Canada, and you pay nothing out of pocket when you use this coverage.
Roadside Assistance is included automatically on policies with Physical Damage coverage for the following:
Pleasure Boats
PWCs with trailers
Fishing Equipment
This coverage pays for loss or damage to fishing equipment while on board an insured boat or while being carried on or off an insured boat. It provides up to $10,000 of coverage, with a $100 deductible for each loss, and it pays up to $1,000 for damage or loss to any one item. Theft must be supported by visible evidence of forcible entry. A tackle box is considered one item regardless of the number of lures, hooks, baits and other items stored in the container.
Fishing Equipment coverage is primary, meaning that you don’t have to submit a homeowners claim for damage to your fishing equipment.
Fishing Equipment coverage is not available for personal watercraft.
Fuel Spill Liability (included with BI/PD Liability)
BI/PD Liability coverage includes Fuel Spill Liability coverage for unintentional oil or fuel spills that result in bodily injury or property damage for which you are legally responsible because of an accident arising out of the ownership, maintenance or use of your insured boat.
You determine the amount of coverage when you select your BI/PD Liability limits.
Wreckage Removal (included with Comprehensive and Collision)
Reasonable costs incurred by you are paid for any attempted raising, removal or destruction of the wreckage of your insured boat/PWC that results from any loss for which Physical Damage coverage is provided. The limit of liability varies based on whether or not you are legally required to raise, remove or destroy the boat/PWC.
Mexico Physical Damage (included with Comprehensive and Collision)
Mexico Physical Damage coverage automatically extends the physical damage portion of the policy to cover losses occurring in Mexico, including ocean waters within 50 miles of its coast. If the boat must be repaired in Mexico, only a determined amount comparable to the reasonable costs for such repairs in the United States will be paid.
Water Sports (included with Liability and Medical Payments)
Water Sports coverage is automatically included with Liability and Medical Payments coverage’s for no extra premium. Covered water sport activities include water skiing, knee boarding, wake boarding and tubing. Unacceptable water sport activities include parasailing, hang gliding, kite skiing or any other activity involving a device designed for flight.
Navigational Area
Coverage for navigation of all inland lakes, rivers and navigable waterways of the continental United States and Canada, including ocean waters 50 miles or less from the coast of either the United States or Canada, is included. This does not include the territory or territorial waters of any country other than the United States or Canada. There are no restrictions or surcharges when you take the insured boat out of the home navigational waters.
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