Boat Accidents Happen. Are You Protected?

by Ryan Ruffcorn

According to the US Coast Guard, there were 4,064 accidents in 2014 that resulted from recreational boating activities, which involved 610 deaths, 2,678 injuries, and about $39 million dollars of property damage.

Whether you’re a skilled fisherman, or a family of five cruising on the lake, it’s important to have the right protection and know what you’re really up against when owning a boat.

Here are two types of insurance to have before you hit the lake:

Liability Insurance:

Liability insurance offers coverage if you are responsible for an incident that harms or damages other people or property. Without liability insurance, these expenses would come from your pocket book. Boat liability insurance typically covers anywhere from $100,000 to $1 million in damages.

There are a few different types of liability coverages available:

Property damage liability: covers any harm that is done to another person’s boat, dock, water skis or other possessions.
Bodily injury liability: covers costs associated with treatment and recovery of the injured person such as medical expenses, hospitalization and rehabilitation.
Pollution liability: covers you in the event of a fuel spill.
Wreckage removal: covers your legal obligation to remove debris after an incident.

Boat-Towing Insurance:

There are two types of boat-towing insurances to look into – on-road towing and on-water towing, both protecting you from accidents that may require your boat to be towed.

On the road towing: covers the costs of towing if you have a problem while trailering your boat on the road. On-road towing is sometimes covered in a standard auto insurance policy — be sure to check the fine print of your policy.
On-water towing: covers the costs of towing if you have a problem on the water and need your boat towed in to shore. On-water towing will cover the hauling of your boat to a service area if it is stuck or stalled, runs out of gas or is in an accident.

Before Heading to the Lake, Check Your Coverage

Have fun this summer, be safe and most importantly protect yourself and your boat from potential accidents. Take a quick look at your current insurance policies or give your insurance agent a call (844-272-3420) to make sure your boat is covered. Nothing ruins a summer like a huge boat repair or hospital bill.

*Photo credits: http://www.h2oinvestigations.com/