If you own a boat or are thinking about purchasing one, then you also need to consider the cost of carrying boating insurance.
While not every state requires it, you want to protect yourself and your assets.
This is where boat liability insurance (also called marine liability insurance) comes in.
It can help cover damages you cause, injuries that happen to you or others on board your boat, and even legal fees if you are sued or otherwise taken to court regarding an incident that happened on your boat.
What is Boat Liability Insurance?
If you have a boat or other watercraft, you need boat liability insurance to protect yourself in case of an accident that causes bodily injury or even just damage to your boat.
While a homeowners’ insurance policy covers some of the basics for boat owners, you should have actual liability insurance in order to truly protect yourself and your assets.
What Does Boat Liability Insurance Cover and Why Do You Need It?
Any accident that occurs on your boat could be considered your fault.
Boat liability insurance covers a variety of things, such as property damage liability in the case of harm done to another boat, water skis or water boards, dock, or other related property.
It also covers bodily injury liability and related costs like medical expenses, rehabilitation, and hospitalization.
Finally, it covers pollution liability (in the event that you spill fuel) and wreckage removal in the case of an accident that damages or destroys your boat.
Your boat liability insurance will likely cover your legal fees if someone files a lawsuit against you that’s related to your boat; this might be the case if a passenger is injured or if you somehow damage a dock.
How Do You Choose the Right Type Of Boat Liability Insurance?
Your insurance agent can help you determine the right type of coverage for your needs, which depend on the requirements of your state, the particular type of boat you have, where it is docked and used, and even what you plan to do with it.
What Type(s) of Boat Liability Insurance Do You Need?
Depending on your state, you may not be required by law to carry boat insurance, but that might not always be the case.
However, you should carry boat insurance if you own a boat, especially if you plan to have passengers or use your boat on public waterways.
When you are purchasing boat insurance, keep in mind the costs that you may incur if there is an accident that causes property damage or bodily injury or even casualties due to neglect, inattention, or other operator error..
What Other Types of Insurance Are Related to Boat Liability Insurance?
Any other type of vehicle insurance can potentially be bundled with boat liability insurance, along with homeowners’ insurance – just ask your insurance agent.
Umbrella policies are also common for those who own boats since they can be a good safety net in case of an accident.
Contact an ASCO Insurance agent today to learn more about boating liability options and costs.