If you love to get out on the water, whether on a tinny up the river, a jet ski at the beach, or a sleek yacht moored at a marina, you need to make sure you’ve got the right insurance in place for your recreational watercraft and your liability on the water.
A boat or watercraft insurance does two things – protect your watercraft against physical damage or loss, and provide liability for injury to third parties or damage to third party property as a result of your negligence on the water.
What types of watercraft can I insure?
When it comes to recreational watercraft, there is a cover out there for just about everything that can go on water;
Off beach dinghy’s
Gives you accidental damage, vandalism or malicious damage, and includes theft of the boat, motor and trailer while on the water, on the road, or while being stored. Comprehensive cover also includes capsizing and impact, and includes cover for your boating accessories and attachments, including navigational and electronic and safety equipment, and even tenders.
Most policies offer a New for Old replacement benefit (where the boat is under a certain age) and there are usually benefits for towing costs after an accident, rescue services, and other handy added benefits.
Insurers often include the option of Lay-Up cover for those months you’re not using your watercraft, which can help reduce your premium. Lay-Up restricts cover to your storage address, for on-land insured events (like theft, storm damage, malicious damage etc), so you’re not paying for covers you don’t need while the watercraft is not in use.
Protects you in the event you cause damage to another person’s property or you injure someone while boating or on the water. This includes water skiing and other recreational activities, however this is often an optional cover and needs to be requested.
Home and Contents Insurance doesn’t have to be complicated, but it pays to know the basics and make sure you understand that not all insurance companies and policies are the same, despite what some might tell you!
“Do I really need special insurance for my rental property, or will the usual home insurance do the job?”
Do you live on a property larger than 5 acres? You may need to consider a few extra aspects to your insurance than you would with a standard home and contents policy.