Are you a new boat owner? Are you seeking to buy insurance for your new boat?

If you are in the market for boat insurance, you should know that not all marine insurance is the same. Each marine insurance policy comes with different levels of coverage.

As a boat owner, you want to pay for a marine insurance policy that has all your needs covered. Keep in mind that these policies have exclusions.

This boat insurance guide will give you all the answers you need to make a decision.

What is Boat Insurance?

Boat insurance covers damage that occurs on a boat. Damage that occurs to the motor or trailer is also part of the coverage. Damaged personal items on the boat can also be protected.

Fire damage is part of the coverage. You don’t want to have a boat without fire damage coverage as fire can cause a significant amount of damage to a boat.

Damage from lightning is also covered. Lightning has the potential of destroying a boat and lightning strikes are a genuine risk when on a boat.

Boat insurance also covers your boat if you are in an accident. A boat insurance policy can cover the cost of repairing a boat if it’s accidentally damaged.

Damage from an accidental collision falls under marine insurance coverage, too. If you struck a submerged object, rest assured that the damage will be repaired.

Marine insurance can also cover damage from vandalism and theft.

The Big Picture

Damage from accidents fall under marine insurance coverage. If your boat suffers damage, you can rest assure that this type of coverage will provide you with relief. This way your pocket doesn’t take a big hit.

Property damage liability and bodily injury liability are also part of a marine insurance policy, but what do these cover?

Picture the following scenario. You are on your boat and cause some sort of damage to another boat, a dock, or another type of property. If you lost control of your boat and caused damage, property damage liability will kick in.

Bodily injury liability coverage comes in handy if you plan to take your friends or passengers on your boat.

This type of liability kicks in if anyone on your boat gets injured. One or more persons in your boat or persons in another boat who suffer an injury will fall under this coverage.

Do you plan on having a pet-friendly boat? If your dog bites a passenger, this liability kicks in.

It also covers hospital bills and lost wages are covered as well. This liability will cover pain, suffering, and certain legal expenses.

Does a Marine Insurance Policy Cover Everything?

Here comes the bad news you may have been waiting for. Unfortunately, a marine insurance policy doesn’t cover everything.

A boat insurance policy has exclusions. The exclusions that are part of a boat insurance policy make up the aspects that don’t receive coverage.

Wear and tear are exclusions. Your boat will gradually deteriorate. From the bow to the stern, you’re responsible for it. Any repairs or replacements that occur because natural wear and tear are not covered.

Many first-time boat owners ask if repairs due to saltwater corrosion are covered. Unfortunately, it’s rare for marine insurance to cover this type of damage.

If you don’t want to pay out-of-pocket for damages due to natural wear and tear, maintain and service your boat.

Mold is an issue that boat owners must be on top of. Mold is a big boat insurance exclusion. It’s a nuisance that you don’t want to have in your boat.

Mold is not the only infestation that is part of a boat insurance policy exclusion. Most boat insurance policies exclude coverage for insects and animal infestations.

If the wood in your boat is damaged by termites, there is little chance your boat insurance policy will cover it.

Damage from marine life is another exclusion. While it may be something you don’t consider – any damage from a shark that occurs while fishing will not be covered. Damage from mussels that hit the bottom of your boat is not part of the coverage.

Any damage that occurs because of a defective item is an exclusion. Exclusions from defective items are something you will need to consider.

Remember to Read the Fine Print

The exclusions that are part of a marine insurance policy are often part of the fine print.

Before signing on the dotted line, read over the fine print. Doing this can save you a lot of trouble down the road.

The important thing is to be familiar with the type of coverage your boat insurer offers. Take the time to ask questions.

When the time comes to make a claim, this information will help you understand if your boat insurance policy provides coverage.

Your New Marine Insurance Policy

If you’re going to buy a new marine insurance policy, there are several factors you must keep in mind. Each marine insurance policy will cover different things, but most damage that occurs is covered by this type of insurance.

There are some things that are not covered and are part of the exclusions. These include damage from wear and tear that occurs over time.

Are you looking for a marine insurance policy? Visit our contact us page to see how we can help you find the perfect marine insurance policy for your needs.