Marine Insurance: Don’t Get Lost at Sea

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Let me guess – you bought a boat and then purchased the insurance. You didn’t know much about insuring a boat, you told your agent where it’s berthed and you insured it at the purchase value? … Right?

Fortunately, the basics of a marine insurance policy are comparable to the more-familiar car insurance. Hull insurance (similar to dwelling coverage on your home) protects your boat from damage caused by anything from bad weather to bad wiring. Like car insurance, Physical Damage coverage is subject to a deductible. And liability, known as Protection and Indemnity in the marine world protects you for any damage you cause to another watercraft, any lawsuits from passengers injured on your boat and even pollution.

Are you planning an afternoon of joy rides or a sailing expedition to Cape Hatteras? Most marine insurance policies have territorial and seasonal restrictions, so it’s important to think ahead about where and when you intend to travel. Insurance policies vary depending on whether you have a jet ski, center console or mega yacht. And, unlike car insurance, what is offered through the plan can vary vastly from one company to another.

A few other things to keep in mind:

■ Personal effects – not all personal property is covered…
■ Towing – Way more complicated and expensive on H20
■ Uninsured Boaters – because 4th of July weekend warriors aren’t worried about you…

So go ahead and splurge on that 32 Regulator—but don’t leave your investment unprotected.

Be sure to consult with a DG marine specialist who can offer some risk management ideas for maintaining and operating your boat.

The Goal: spend less time with insurance and problems, and more time cruising at 3 mpg!

The picture is from the New England Boat Show.

For more information, ask Deland, Gibson about Mariner’s EdgeTM. Call us at 781-237-1515 or visit our Web site:

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