What Kind Of Risks Are Covered By Boat Insurance?

Did you know that boat insurance is one of the earliest forms of insurance? Even ancient sailors knew the risks that come with traveling by sea and chose to protect their vessels against unpredictable waters. This still applies today. Insuring your boat will give you peace of mind each time you are using it.

One of the most reliable insurance companies you can rely on when you need boat insurance in Raleigh, NC is Young Insurance Associates Inc.

Boat insurance coverages vary widely depending on what they are designed to protect, among other considerations like the type of boat, the duration the vessel will be used, and the traffic on the waters. Still, there are some basic coverages you can expect to get. They include:

Physical damage

This policy protects your vessel against loss or damage caused by common risks like fire, theft, sinking, storms, and collision. Even though the covered limit can vary, such a policy usually covers the hull as well as other permanent components like anchors, extra batteries, fuel tanks, motors, and on-boat safety equipment like fire extinguishers and protection devices. The trailer may also be covered depending on the insurance plan.

Liability coverage

This insurance plan applies if the boat causes damages to other boats, structures or docks, or injures other people. Note that the damages or injuries can occur as a result of direct contact with your vessel, or certain situations created by the boat like large wakes. Liability coverage may also offer protection against a lawsuit and pay for legal fees and settlements.

Other coverage

Your Raleigh, NC insurance company can provide additional coverage to offer more protection. So, if you have extra needs, consider talking to your insurance agent to know the available options.

For more information on the risks covered by your boat insurance coverage, contact Young Insurance Associates Inc today.