Am I required by law to have insurance on my boat?
To the best of our knowledge, there are no laws that require insurance
on a boat. However, if you have a loan using the boat as collateral,
the bank will require insurance coverage listing them as a loss
payee to cover their interest in your boat. Also, most marinas
will require that you maintain insurance in order to keep your
boat at their facility. Some states may require that at a minimum
you carry liability coverage, so please check with your local
laws to see if your state has these requirements.
How
much does BoatUS boat insurance cost?
There are many factors that go into determining the premium for
your boat – the amount of coverage you want, your boat's
location, use, size, age, power type along with your ownership
and operating experience. BoatUS Underwriters are experts at
identifying the best-fit coverage at the lowest premium payment.
What is the minimum amount of liability protection I should buy
with my policy?
We offer liability limits of $100,000, $300,000, $500,000 or in
some cases $1,000,000. If you have an umbrella or other excess
liability policy, you should make sure the Liability limit selected
meets your needs. You may also have a minimum liability limit for
a slip rental or storage agreement. Our Underwriters can help you
choose the limit best suited for your situation.
What type of losses does your policy cover?
All BoatUS Policies cover external causes of loss except those
specifically excluded. For Agreed Hull Value Policies (Yacht
Policy, Angler’s Best and Angler’s Bass Boat Program),
we will pay you the Agreed Hull Value in the event of a total
loss. Repairs for Partial Loss on boating equipment are covered
on a "new for old" basis, although specific items are
subject to depreciation. For Actual Cash Value Policies (Boat
Saver, PWC and Angler Boat Saver), we pay the current market
value and all covered property losses are subject to depreciation.
What other benefits are included with a BoatUS Insurance Policy?
All our policies include:
- 24/7 Immediate Dispatch of Assistance
- Full
Salvage Assistance and Wreck Removal
- $800,000
in Fuel-spill Liability (in addition to your selected level
of coverage)
- Supplemental
Family Medical Coverage
- Superior
Claims Handling by BoatUS experts
- FREE subscription
to the digital edition of Seaworthy Damage Avoidance Newsletter,
featuring boat and life-saving tips taken from actual claims.
How can BoatUS save me money on my insurance?
We know that in this economy, no one can afford to overpay for
insurance coverage. Our experts are dedicated to finding you
the right coverage at the lowest price. Click Here for
our Top 6 Ways to Save on Insurance!
Are there premium discounts offered?
Premium discounts are available with successful completion of any
safe boating courses approved by the National Association of
State Boating Law Administrators (NASBLA). These include courses
by the Coast Guard Auxiliary, Power Squadron, Red Cross, the
online course administered by the BoatUS Foundation for Boating
Safety and others.
Discounts are also available to Multiple-boat households.
Is there an extended premium payment plan?
BoatUS Insurance offers a flexible payment plan that allows you
to pay your premium in either 4 or 8 monthly installments (varies
by premium amount).
How do you handle claims?
Fast, fair and with a focus on making sure you and your boat are
handled with care. We’re boaters too, so we understand
the stress that can accompany boating mishaps. Policyholders
can call BoatUS to speak one-on-one with experienced claims specialists
24-hours a day, 7 days a week. Depending on the nature of the
claim, the specialist will provide specific instructions about
what steps to take from that point forward. You may also file
a claim online using our Claims First Report and an adjustor
will follow up.
How does your insurance program help me in the event of an emergency,
such as a sinking, grounding or accidental fuel spill?
The BoatUS 24-Hour Emergency Dispatch Hotline will give you immediate
assistance in making the necessary arrangements to protect your
property, such as dispatching salvage operators or sending out
pollution control professionals. In catastrophe situations (hurricanes,
major flood, etc.) the BoatUS “CAT" Team is flown into
the area to expedite salvage and claims processing. |
