While taking your boat out into the water may be one of your favorite things, you must ensure it is adequately protected. Boat Insurance secures you financially in case of damage or loss. However, there are several potential risk factors that you must consider as a boat owner. In this blog, we will discuss the ten most common factors that result in boat insurance claims.
Importance of Boat Insurance
With frequent damage due to collisions or natural disasters, it is essential to have adequate protection for your boat. By obtaining comprehensive boat insurance, you can protect yourself from the financial burdens of unforeseen accidents or natural calamities.
Homeowners' Insurance Isn't Enough
A standard home insurance policy does not provide coverage for watercraft. Boat insurance addresses the unique risks and liabilities of owning and operating a boat. By obtaining a dedicated boat insurance policy, you can safeguard yourself from potential financial damage expenses.
What Does Boat Insurance Cover?
When it comes to boat insurance, there are several coverage options available to suit your specific requirements. The most commonly chosen coverages by boat owners include:
Liability: It covers liability charges and legal costs for injuries and property damage to others caused by your boat.
Collision: It covers the repair and other associated costs if your boat is involved in a collision.
Comprehensive: It covers damage to the boat by perils such as theft, vandalism, fire, or natural elements.
Top 10 Most Common Boat Insurance Claims
The most common boat insurance claims are for:
- Hurricanes
Hurricanes can cause extensive damage with their high-speed winds. During the hurricane season, several boat owners file insurance claims for damages due to wind and flying debris.
- High Wind
High winds can severely damage improperly stored boats, necessitating costly repairs or even complete replacement. In such cases, you can file a boat insurance claim.
- Drowning
Salvaging a drowned boat can be expensive. Boat owners whose boats capsize due to covered perils can recover the cost by filing a boat insurance claim.
- Colliding with Underwater Objects
Collision with an underwater object can damage the hull and lead to the boat drowning, depending on the impact of the collision. Boat insurance claims can cover the cost of repair or replacement.
- Fire
Boat insurance claims become crucial when a devastating explosion or fire occurs, resulting in severe damage to the vessel and necessitating a claim for replacement or repair costs.
- Collision with Another Boat
Collisions with other boats are expected in boating, making boat insurance claims crucial for owners to seek financial coverage for related expenses.
- Grounding
After grounding your boat, the expenses you incur may include rescue and repair costs. You are covered if you file a boat insurance claim.
- Equipment Theft
In case of expensive equipment loss from your boat, a boat insurance claim is crucial to receive appropriate compensation for the incurred costs.
- Boat Theft
Insurance compensation from your provider can significantly ease the process of replacing a stolen boat, alleviating the financial burden associated with such an unfortunate event.
- Lightning
Lightning poses a significant risk to boats, causing damage to both the structure and navigation systems. It is a leading cause for boat insurance claims, highlighting the need for comprehensive coverage.
Learn More About Boat Insurance Claim with C.V. Mason Insurance Agency
Discover comprehensive boat insurance tailored to your requirements with C. V. Mason Insurance Agency. Our dedicated team will assist you in navigating the complexities of the process and securing the ideal policy at competitive rates. For more information on boat insurance, contact us at (860)- 583- 4127.
