why should I have this coverage I have 500CSL on my boat but the agent suggest I add this coverage why?
Total Comments: 6
Posted: Tue Nov 24, 2009 08:57 pm Post Subject:
Your $500k combined single limits (CSL) are for your liability to others and will not do anything for your boat concerning physical damage to it or for the people in your boat concerning injuries.
The UM coverage is intended to take care of your boat (the UMPD part) and the injuries caused to people on/in your boat (the UMBI part) if the person who is liable (the other party) is negligent, causes those damages and is either uninsured or underinsured.
It's a cheap cost and should be added to your policy. Your agent should have been able to explain this to you.
InsTeacher 8)
Posted: Tue Nov 24, 2009 10:04 pm Post Subject:
I'm betting its _really_ cheap.... as damage caused to a boat from another person is going to be very rare. But I'm betting a very good portion of the boats on the water are really uninsured. If it's cheap.... I'd take it as InsTeacher suggests.
But keep in mind this is only going to address your loss above the coverage you already have on your boat (UMPD) and any Med Pay coverage you have on your boat (UIMBI). You mention your liability limits... UM coverage is not really liability coverage... it takes the place of the other, at-fault, parties liability coverage.
Posted: Tue Nov 24, 2009 10:05 pm Post Subject:
simple reason: some drunk party guy crashes mates his piece of junk into your new boat. He's got no insurance and doesn't have a dime to his name.
without UM cover you will have to try and get the money to repair your pride and joy out of him persoanlly which is basically a lost cause so you end up having to pay for repairs yourself, or more likely just abandon the boat because it's too expensive.
Posted: Tue Nov 24, 2009 11:27 pm Post Subject:
Made sure this is both uim/um PD & BI
Posted: Tue Nov 24, 2009 11:29 pm Post Subject:
without UM cover you will have to try and get the money to repair your pride and joy out of him persoanlly which is basically a lost cause so you end up having to pay for repairs yourself, or more likely just abandon the boat because it's too expensive.
Most boat policies are going to provide coverage for... .the boat that they insure. So UMPD is pretty much redundant.
Posted: Fri Jun 03, 2011 11:16 am Post Subject: EUGnzQRRxnh
Posted: Tue Nov 24, 2009 08:57 pm Post Subject:
Your $500k combined single limits (CSL) are for your liability to others and will not do anything for your boat concerning physical damage to it or for the people in your boat concerning injuries.
The UM coverage is intended to take care of your boat (the UMPD part) and the injuries caused to people on/in your boat (the UMBI part) if the person who is liable (the other party) is negligent, causes those damages and is either uninsured or underinsured.
It's a cheap cost and should be added to your policy. Your agent should have been able to explain this to you.
InsTeacher 8)
Posted: Tue Nov 24, 2009 10:04 pm Post Subject:
I'm betting its _really_ cheap.... as damage caused to a boat from another person is going to be very rare. But I'm betting a very good portion of the boats on the water are really uninsured. If it's cheap.... I'd take it as InsTeacher suggests.
But keep in mind this is only going to address your loss above the coverage you already have on your boat (UMPD) and any Med Pay coverage you have on your boat (UIMBI). You mention your liability limits... UM coverage is not really liability coverage... it takes the place of the other, at-fault, parties liability coverage.
Posted: Tue Nov 24, 2009 10:05 pm Post Subject:
simple reason: some drunk party guy crashes mates his piece of junk into your new boat. He's got no insurance and doesn't have a dime to his name.
without UM cover you will have to try and get the money to repair your pride and joy out of him persoanlly which is basically a lost cause so you end up having to pay for repairs yourself, or more likely just abandon the boat because it's too expensive.
Posted: Tue Nov 24, 2009 11:27 pm Post Subject:
Made sure this is both uim/um PD & BI
Posted: Tue Nov 24, 2009 11:29 pm Post Subject:
without UM cover you will have to try and get the money to repair your pride and joy out of him persoanlly which is basically a lost cause so you end up having to pay for repairs yourself, or more likely just abandon the boat because it's too expensive.
Most boat policies are going to provide coverage for... .the boat that they insure. So UMPD is pretty much redundant.Posted: Fri Jun 03, 2011 11:16 am Post Subject: EUGnzQRRxnh
About10939.. Bang-up :)
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