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What is boat insurance?

Boat insurance covers you in the event of a loss or damage to your boat. It covers most watercrafts with motors, including fishing boats, personal watercraft, pontoon boats, paddle boats, leisure crafts and yachts.

For small watercrafts, you may find some limited coverage under your homeowners policy. You may also be able to add a special endorsement or buy separate coverage.

What are the key components to a boat insurance policy?

Your boat insurance policy may include the following:

Bodily Injury Liability: Covers injuries you may cause to someone else while operating your boat; includes medical bills, lost income, pain and suffering, and legal expenses.

Property Damage Liability: Covers damage you might cause to someone else’s boat, a dock, or other property or structures. Some policies will include fuel spill/pollution liability.

Physical Damage: Includes repair or replacement of your boat if damaged due to a covered loss.

Uninsured Boater Liability: Pays for damage or injuries sustained from a boater who is uninsured or underinsured.

Additional Coverage Options: Coverage for medical payments, fishing equipment, personal property, and watercraft towing.

The amount of compensation you receive for a claim depends on a number of things, including your deductibles, limits, and whether your insurance covers your boat’s actual cash value, replacement cost, or agreed value. Please contact the Oakes Agency to determine the appropriate coverage for your watercraft.

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