Like most other forms of insurance, marine insurance is comprised of several different elements with the primary ones being coverages, coverage limits, and deductibles.  When it’s time to review your policy, you want to remember that the details of it are going to vary based on who your insurer is.  The following are some of the common types of coverage that are commonly found in marine insurance policies.

Marine Insurance Coverages

Property coverage – covers damages to your vessel that are attributed to accidents, fire, theft, or vandalism.  This is oftentimes referred to as “hull insurance” and can be expanded to include:

  • accessories coverage
  • boat equipment coverage
  • emergency services coverage
  • personal belongings coverage
  • towing coverage
  • trailer coverage

Uninsured watercraft – reimburses you for damages or medical expenses if you and an uninsured vessel owner get into an accident and they can’t cover the costs involved.

Watercraft liability – protects your assets, covers damages and personal injuries sustained in an accident. This includes repairing or replacing damaged items, funeral costs, loss of income, medical expenses, etc.

Watercraft medical payments – expands on those expenses covered by liability and may possibly cover those areas that health insurance doesn’t.  Marine insurance agents can also assist you in designing a policy that supplements your health insurance policy so you have complete coverage.

Deductibles

If you examine your auto or homeowner’s insurance policies, you will see that they specify certain amounts for “deductibles.”  This is also true where your marine insurance policy is concerned.  When you are filing a claim against your policy, this is the amount you are responsible for before your insurer reimburses you for any damages, injuries, and other expenses that you are claiming.  For instance, your deductible is $500.  If you’re involved in an accident, you’ll have to pay that amount towards the associated costs attributed to your accident before your insurer pays.

Coverage Limits

You will see coverage limits specified in each area of your marine insurance policy.  As an example, let’s say the limit on your medical payments coverage is $100,000 per person.  Should you have to file a claim, this would be the maximum amount your insurer would pay out.  Furthermore, premium rates oftentimes vary based on the type and amount of coverage that you require.

So if you’ve recently been comparison shopping marine insurance premium rates, be sure that you discuss your needs with a certified and licensed agent as no two insurers are alike.  This is also good advice if your current marine insurance policy is nearing its renewal date and you need to review your policy.  It may be time to update your policy so that you can get back out on the water with confidence and peace of mind.

Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com