When it’s hot, there are few things better than taking to the water in your own watercraft. Your summer fun can end quickly in the event of an accident, injury or theft. Landlords may not provide the coverage you need, so make sure you have the right airline insurance.
A vessel is a term that can refer to any vessel used for navigation on water. This may include different types of boats and other types of ships. The term “watercraft” is often used to refer to small motorized watercraft, such as a Jet Ski, Sea-Doo or WaveRunner.
These definitions may seem trivial, but they can be important to know what type of vessel you have. This way, you will know how the insurance laws and local laws deal with your flights.
Watercraft Homeowners Insurance
According to Insurance Information InstituteBoats and other small boats may have limited property damage coverage under a homeowner’s or renter’s insurance policy, but coverage cannot be provided without a special permit.
You should also check your policy to see the limits and residuals. For example, if your homeowner’s policy has a limit of $1,000 for a cruise and your boat is valued at $10,000, you will want to get additional coverage. Your plan may include other types of watercraft, such as watercraft or pontoons.
You can get the insurance you need by taking out boat or marine insurance. Watercraft insurance usually provides coverage for the following:
- Medical bills
- Damage to third party property
- Third party injury
Specifications vary, so check your policy for details. You can find additional types of extensions.
Watercraft Insurance Requirements
Watercraft insurance is required in some states and for certain types of vessels. Some marinas may also have insurance requirements, and if you paid for the marina, the renter may have insurance.
In most cases, marine insurance is optional. However, buying is still a smart way to protect your money and your finances.
Reasons to Buy Watercraft Insurance
There are many ways a day on the lake, river or sea can go wrong.
- Someone can steal your watercraft. While you can – and should – file a police report, without insurance, you could end up with the cost of your boat or plane.
- You can initiate a collision with another vessel or structure, such as a dock. You may be on the hook for property damage.
- You can hit someone and seriously injure them. You may be sued for medical malpractice and sued for lost wages and other expenses.
Watercraft insurance can provide protection against these issues and more.
Boat theft is not as common as car theft, perhaps in part because not many people own boats, but it does happen.
Accidents are other hazards, and can cause property damage and personal injury. According to 2020 Recreational Boating Statistics from US Coast Guard7,248 vessels were involved in 5,265 accidents in 2020, costing more than $62 million, with 3,191 injuries and 767 deaths.
Many accidents can be prevented.
- Do not operate your watercraft while intoxicated. In New York and New Jersey, drunken boating is illegal, as is drunken driving.
- Be careful with the seating area. According to the US Coast Guard, carelessness is the leading cause of accidents in 2020, resulting in 664 accidents, 55 deaths and 383 injuries.
- Give another place to the sea. Also keep an eye on the people in the water and give them plenty of space.
- Be aware of local laws. Entertainment venues often have safety rules. Read them and follow them. Also pay attention to any city, state or federal laws that apply to you.
- Follow the reporting requirements for any incidents. Under federal law, boating accidents must be reported to the state if a person dies, a person is injured and requires medical attention, a person leaves the vessel and may be killed or injured, the boat is destroyed or property damage exceeds $2,000.
Watercraft Insurance Provides Peace of Mind
Strong safety can help prevent many accidents, but there are still risks. That is why there is insurance. BNC can help you protect your needs, including boat and marine insurance. Learn more.