Is there a minimum requirement in the State of Maryland for boat insurance?
Total Comments: 5
Posted: Mon Jun 25, 2007 04:28 am Post Subject:
Hi! Welcome to ampminsure forum.
The minimum limit of liability coverage for boat insurance in Maryland is 20/40. That is, $20,000 coverage available for bodily injuries of one person in an accident and $40,000 for all the injuries in one accident. The minimum level of property damage liability coverage is $15,000.
Hope this information will help you. If you have anymore queries please feel to ask us. Thanks.
Posted: Mon Jun 25, 2007 05:13 am Post Subject:
Liability coverage of boat insurance covers your financial liabilities if you cause bodily damages to others. The minimum liability insurance coverage that you have to purchase in Maryland is 20/40.
Posted: Mon Jun 25, 2007 05:14 am Post Subject:
Boat insurance covers your boat from natural disasters like –flood, fire, and earthquake. It also covers you from theft, vandalism etc. The deductible is the amount you choose to pay upfront before the boat insurance policy pays. The higher the deductible chosen the lower the comprehensive coverage cost of boat insurance policy.
Posted: Mon Jun 25, 2007 05:15 am Post Subject:
Boat insurance discount amounts and eligibility requirements will vary by agency and by state. I suggest you to contact your insurance agent, and see how much your marine insurance savings might be.
Posted: Fri Jun 29, 2007 12:21 pm Post Subject:
All of this seems correct. The same minimums apply for boat coverage as does auto coverage, 20/40/15. However, a boat is a big responsibility and it comes with a high potential for liability so just carrying the state minimums isn't necessarily a great idea.
Before insuring your boat you'll want to speak to your insurance agent about buying adequate limits of liability for your boat coverage as well as looking at an umbrella policy (if you don't already have one) to add additional coverage just in case.
Posted: Mon Jun 25, 2007 04:28 am Post Subject:
Hi! Welcome to ampminsure forum.
The minimum limit of liability coverage for boat insurance in Maryland is 20/40. That is, $20,000 coverage available for bodily injuries of one person in an accident and $40,000 for all the injuries in one accident. The minimum level of property damage liability coverage is $15,000.
Hope this information will help you. If you have anymore queries please feel to ask us. Thanks.
Posted: Mon Jun 25, 2007 05:13 am Post Subject:
Liability coverage of boat insurance covers your financial liabilities if you cause bodily damages to others. The minimum liability insurance coverage that you have to purchase in Maryland is 20/40.
Posted: Mon Jun 25, 2007 05:14 am Post Subject:
Boat insurance covers your boat from natural disasters like –flood, fire, and earthquake. It also covers you from theft, vandalism etc. The deductible is the amount you choose to pay upfront before the boat insurance policy pays. The higher the deductible chosen the lower the comprehensive coverage cost of boat insurance policy.
Posted: Mon Jun 25, 2007 05:15 am Post Subject:
Boat insurance discount amounts and eligibility requirements will vary by agency and by state. I suggest you to contact your insurance agent, and see how much your marine insurance savings might be.
Posted: Fri Jun 29, 2007 12:21 pm Post Subject:
All of this seems correct. The same minimums apply for boat coverage as does auto coverage, 20/40/15. However, a boat is a big responsibility and it comes with a high potential for liability so just carrying the state minimums isn't necessarily a great idea.
Before insuring your boat you'll want to speak to your insurance agent about buying adequate limits of liability for your boat coverage as well as looking at an umbrella policy (if you don't already have one) to add additional coverage just in case.
Happy boating!
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