Boat insurance is also known as Marine Insurance. This type of insurance is designed for any watercraft vehicle regardless of whether it is a boat, kayak, powerboat, runabout, sailing dinghy, sailboat, windsurfer, jet ski, yacht or other marine vehicles.
There is also insurance for commercial vessels, marina operators liability, charters liability, ship repairer’s liability, marine cargo cover, stevedores liability and work boat coverage.
As you can see Marine insurance is a confusing subject and if you own a boat or other watercraft it is important that you take the time to formulate questions and get those questions answered so that you understand the policy you are buying. Generally speaking the cost of most boats, including the small ones, are thousands of dollars. This means you don’t want to pick the wrong coverage to save a few dollars that could end up costing you hundreds if not thousands should something happen to your boat.
There are several different aspects of boat insurance you need to be aware of. The most important is that the majority of policies state: “It is the responsibility of the owner to immediately take all necessary action to protect the property from further damage when his boat is in peril.”
Believe it or not, there are insurance companies that will not cover the cost of recovery if the vessel was not damaged. There are companies that will not care that the recovery of an undamaged boat was due to the owner taking action to avoid further damage.