Watercraft Insurance 101
Whether you’re in the market for a new watercraft, or you already own a boat and you’re looking to get it insured for use this summer, we thought some information on watercraft insurance would be helpful!
Summer is officially here and soon the lakes will be filled with swimmers and boaters!
As an Insurance Broker, we represent several different Insurance Companies that provide watercraft insurance. For this post, we are sharing information from our Insurer partner, Premier Marine, who specialize in watercraft insurance and can provide insurance policies for the following types of watercraft:
Boats can be made of many different types of materials, including:
Here are some great illustrations of the four basic types of hulls:
There are also several different types of engines. Here are some great illustrations of the different types:
With Premier Marine, there are several underwriting guidelines that an owner/principal operator of a watercraft must meet:
Most watercraft insurance policies are relatively inexpensive (minimum premiums starting as low as $135/year) and provide a range of coverage:
Premier Marine offers several great discounts, which allows them to remain very competitive in the watercraft insurance market. These discounts include:
Premier Marine also offers the following features and benefits in their watercraft policies:
There are some limitations of use that are included in Premier Marine’s policies, including:
Most watercraft insurance policies will include a layup warranty (typically from December 1st – March 31st) where the vessel is expected to be laid up for winter.
The policy also includes navigational limits which apply to where the vessel may be used. Extended navigational limits can be tailored to suit the needs of the insured, including providing coverage for Florida, the Caribbean and Mexico.
Depending on the age of the watercraft, a Marine Survey (which is a full appraisal) may be required.
Claims can happen in all kinds of strange and different scenarios, but here are the most common types of claims that Premier Marine sees:
For more information on watercraft insurance, to learn more about our Insurer partner Premier marine, or to obtain a quote, please do not hesitate to contact our Office!
The Costen Insurance Team