 Posted: Fri Oct 28, 2011 10:44 am Post subject: |
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Boat insurance provides coverage that are similar to an auto insurance policy.
The main types coverage of boat insurance are:
Bodily Injury Liability- pays for expenses to injuries to others from an accident you caused. Medical bills, pain and suffering, defense costs and lost wages.
Property Damage Liability- pays costs from damage to other's property that you caused. This could be damage to another boat, dock etc.
Physical Damage- This covers damage to your own boat and its trailer. For example, if you hit a dock and your boat got damaged, the cost of repairing it would be covered. There are three ways this can be paid out:
Actual Cash Value- The market value of your boat and/or its parts
Agreed Value- the amount of coverage when the policy is first written
Replacement Cost- Your boat will be replaced with the same type of new boat. However, it’s usually only available for boats less than two years old.
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