How Boat Coverage Can Help
There is nothing better than a day on the water but whatever your boat or watercraft of choice is, it is important to protect your investment and yourself with watercraft and boat insurance. Accidents happen but with proper insurance coverage, you can enjoy the water with peace of mind that you have comprehensive protection.
A watercraft or boat insurance policy that offers standard coverage or is an add-on to your homeowner’s insurance is often inadequate but at RRM, we have policies designed for boat-lovers with comprehensive coverage that meet your specific needs.
Watercraft/Boat Insurance Coverages
Navigational Area
It is important to understand the geographical areas of coverage for your boat or watercraft policy. For example, some insurance companies provide protection for areas up to 75 miles off of the U.S. coastline, into Canadian coastal or inland waters, and into the Pacific coastal waters of Mexico. If your policy is based in California. Florida, or Oregon, other areas of coverage can be purchased for an additional fee.
Agreed Value Coverage
Just like cars depreciate over time, so do watercrafts and boats. If you have an “Actual Cash Value” policy it can be very difficult to replace a boat that is stolen or destroyed. With Agreed Value Coverage. if your boat is deemed a total loss, you will get the agreed value for which you insured, minus your deductible.
Liability
Liability insurance covers you in the event that an accident that is your fault occurs and other boaters or boat owners are involved. This protection pays for the repair and replacement of someone else’s property as well as for medical care, lost wages, and any other costs incurred as a result of the accident.
Medical Payments
Medical payment coverage pays for medical costs incurred as the result of an accident, regardless of who is at fault, and covers you, your passengers, and your water skiers/tubers. Depending on the coverage you choose, it may cover anywhere from $500 to $10,000 of medical payments.
Physical Damage Coverage
If your watercraft, its motor, or any permanently attached equipment is stolen or damaged, Physical Damage Coverage pays for repair or replacement costs.
Uninsured/Underinsured Watercraft Bodily Injury
Many people do not know that boat insurance is not always mandatory. Uninsured/Underinsured Watercraft Bodily Injury coverage protects you in the event that you are hit and injured by an uninsured or underinsured boater. Coverage includes paying for medical treatment, lost wages, and any other costs associated with the accident.
Fuel Spill Liability and Wreckage Removal
In the event that your boat or watercraft is damaged and leaks fuel or oil into the water, you are legally responsible for having it properly cleaned up. Fuel Spill Liability and Wreckage Removal coverage provide protection so that you do not have to pay the expense out of pocket.
Personal Effects
Boat and watercraft accidents and theft happen and that can lead to the loss of personal effects such as clothing, cell phones, sporting equipment, fishing equipment, and more. Policies and limits vary by state but personal effects coverage will pay for those items if they are lost or damaged as the result of a covered claim.
Unattached Equipment Coverage
Some equipment is specifically designed for use on a boat or watercraft but may not be permanently attached. Some examples of this include water skis, anchors, oars lifesaving equipment, tarps, and fire extinguishers. In this case, Unattached Equipment Coverage pays to repair or replace that equipment.
Emergency Assistance
If your boat or watercraft is disabled while on the water, Emergency Assistance coverage pays for towing, labor, and delivery of gas, oil, or a loaned battery.
Our Experience
We not only focus on General Contracting, but also have experience in Heavy Grade Engineering such as bridges, steel work, grading, and underground work. Our wide range of experience in the various facets of construction insurance has allowed us to create a stable and responsive approach to this class of business and produce many long-term relationships with our business partners. Our goal at RRM is to have you succeed, because your success is our success. Whether it is a new risk reduction solution or negotiating an amendment for your policy, you can always find RRM in your corner fighting for you.
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