Insurance for recreational boats

Heading out on the open water involves a variety of “checks” such as checking the weather and checking if life jackets are on hand. Ensuring the right insurance is in place is another important “check.” Insurance for recreational boats provides coverage for a wide variety of scenarios including potential lawsuits which may occur because of an accident. As part of owning a recreational boat, here are four common insurance “checks” boat owners should consider.

Performing an insurance “check” for recreational boats

1. Confirm if you have all-year coverage

Unexpected events, such as theft, are not limited to specific times of the year. In the off season, boats are often placed in storage. Theft or damage to the boat could occur during this time, which is why having year round coverage is important. To confirm if you have all-year coverage, contact us.

2. Conduct an appraisal to determine the market value of the boat

Having a boat appraised for its current market value is important in the event of a loss, such as an accident. While dependent on the insurance company, knowing the current market value ensures owners receive the full value of the boat in the event of a claim.

3. Check when you last had a professional boat survey

Professional surveys are safety checks for boats, conducted by marine experts. Once a boat is 10 to 15 years old, professional surveys are required every five years for insurance purposes. Insurance providers also request proof of the survey.

4. Ensure your boat has the proper amount of insurance

Most insurance providers recommend recreational boat owners have a $2-million insurance liability coverage. This coverage accounts for physical damage and covering instances where the boat owner could be sued – i.e., if a passenger is hurt while on the boat.

More tips to safely set sail

In addition to insurance “checks”, here are other resources for recreational boat owners to get their boat summer ready.

Keep your boat afloat: contact a broker

To learn more about insurance necessary for a recreational boat, contact a BrokerLink Insurance broker. Our personal insurance experts are experienced in helping customers find the best coverage for their boating needs.