Boat and Progressive 2022 JPG

Making Sure You Have The Right Watercraft Coverage

Did you know that watercraft coverage is one of the earliest known forms of insurance? Ancient sailors and merchants sought to protect both their vessels and cargo against unpredictable weather and water hazards. And seafarers are just as concerned today.

Not all watercraft policies are the same. Some insurers offer full replacement cost, while others only provide a depreciated actual cash value settlement. Replacement cost will pay to return your watercraft to its pre-accident condition without depreciation.

For example, you hit a submerged object and damage your 10-year old motor. The estimate may be $5,000 to repair, but since the engine is ten years old, the insurer depreciates the repair by fifty percent. With a replacement cost policy, the insurer would pay the full $5,000 without depreciation.

On-water towing. If your boat is disabled or breaks down this coverage pays for a jump starts, fuel delivery, needed towing or un-grounding should that unfortunately occur. If your boat sinks in the harbor you will be responsible to have it removed.

For you non boat owners, but who occasionally rent a watercraft while on vacation, where do you get your watercraft liability protection when renting? (Clue – likely not included on the rental agreement).

Contact one of our advisors today on how best to protect you boating risks, whether you own or rent!