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Smooth Sailing with TrueNorth

posted by TrueNorth Risk Management on Wednesday, April 13, 2016

To counteract the financial burden of accidents and avoid legal conflict, it is essential for boat owners to insure their boat or watercraft.  Here is a comprehensive view of options from our resident boating insurance experts at TrueNorth.

Boat Owner Insurance Basics from TrueNorth

A small boat, such as a canoe or other un-motorized boat, is typically covered under the personal property portion of your homeowners insurance policy. If you own a larger, faster boat, you'll need a separate boat owners insurance policy.  It can help you insure your investment in the event of loss due to the following risks:

• Sinking
• Fire
• Storms
• Theft
• Capsizing
• Stranding
• Collision
• Explosion

A typical boat owners insurance policy is designed to protect your boat, motor, equipment and passengers. It affords similar coverages to those you typically have for your car including: 

• Theft, loss or damage to the boat and attached equipment
• Bodily injury coverage, if someone else is injured
• Damage caused to someone else's property by your boat or watercraft
• Liability coverage for your passengers, which would include family and guests
• Medical payment coverage for injuries to the occupants of the boat

Physical Damage: 

Physical damage coverage insures your boat, motor, boat trailer, boat equipment and other personal property against accidental loss or damages. Physical damage also helps safeguard your boat equipment, such as anchors, oars, fuel tanks, life jackets, dinghies, tools and canopies.

Liability: 

Two principal liability coverages are included: 

1. Personal Liability - A boat owners insurance policy provides protection for legal liability and pays, up to the limit of your policy, the legal obligations imposed upon you due to an accident resulting from the ownership, maintenance, or use of your watercraft, including bodily injury, property damage and legal defense.
2. Medical Payments - This pays medical expenses, up to the limits in the policy, including the insured's boating-related medical expenses from an accident arising out of the ownership, maintenance or use of the boat. Expenses include hospital, medical, ambulance, etc.

Additional Coverage Options

For added protection, consider the following additional coverage options through TrueNorth: 

• Reasonable Repairs: Covers repairs incurred to protect covered property from further damage.
• Emergency Service: Pays for reasonable costs that you incur resulting from specified emergency service to your boat, motor or boat trailer.
• Wreck Removal: Pays the reasonable expenses you incur for any attempted or actual raising, removal or destruction of the wreck of your watercraft when damage is caused by an insured loss and removal or destruction is required by law.
• Umbrella Liability: Provides additional boat insurance coverage across the boat for home, auto and watercraft.

Know Your Coverage and Your Risk with TrueNorth

Boating on the open water can be unpredictable, but your coverage shouldn't be. Whether your boat is big or small, it's an investment. Make sure yours is properly protected by visiting www.iTrueNorth.com or by calling TrueNorth today at (319) 739-1277 to learn more about all of our insurance solutions for all of your recreational, home and auto needs.