Sun, Water… and Surprises: The Truth About Boat Insurance

Summertime is coming and the urge to get out on the water will be strong.  If you own a boat, you have undoubtedly taken the wise step of protecting your liability and your investment with boat insurance!  If you have not done this, pick up the phone right now and call your friendly neighborhood insurance agent!

By now you are well acquainted with the joys and pitfalls of boat ownership.  You are familiar with the acronym: B.O.A.T (Break Out Another Thousand) as you cruise with your family and your lucky friend (who gets to enjoy YOUR boat without any of the headaches that come with ownership) on your favorite body of water. 

Not trying to kill your Summer groove, but here are some of the perils that your boat policy LIKELY WILL NOT COVER. 

WEAR & TEAR - your insurance policy is not a maintenance policy.  It will not cover the normal wear and tear issues that come with owning a boat.  Damage caused by rust, corrosion, mildew and mold are unlikely to be covered by any boat insurance policy. 

VERMIN & INFESTATIONS - Got fire ants in your boat?  Did a family of raccoons take up residence in the engine compartment during the winter and use your boat (been there)?  Those cute furry creatures make great Instagram reels, but they aren't so cute when they use your boat seats as insulation and your captain's chair as a toilet!  Also, no insurance coverage that unless the damage was due to you running over said creatures on a lake.

RENTED, FOR HIRE, OR BUSINESS PURSUITS - Most boat policies will cover damage that occurs while the boat is being operated by someone with permission.  HOWEVER, if your boat is being furnished for use at your AIRBNB or being used in a business pursuit, a standard boat policy will likely exclude that damage.  You can get coverage for those business pursuits via endorsement or a different policy, but you need to make your agent aware of that sort of use.     

Have fun and be safe on the water!