In the Spokane, WA area, boating is a favorite pastime with families and friends. To protect their investment and everyone on it, it’s important to ensure that it is adequately protected in a variety of situations. While most people are familiar with auto and home insurance policies, boat policies differ and are specific to maritime hazards. The team of agents at Western Insurance Associates are the pros in boating insurance policies. They are ready to answer your questions.
When someone acquires a new boat, they may mistakenly believe that it will be covered by their home insurance policy. In some cases, particularly with smaller vessels, this may be true but the general rule is that it is not. That’s why its important to talk with your agent before you set out on the water. For yachts and larger vessels, particularly where it will head into international waters, the right coverage makes a big difference.
In general terms, boat policies will provide liability coverage, as well as, physical damage. Liability protection covers the owner in the event anyone is injured while on the boat or there is an accident. Physical damage addresses any damage to the boat or its mechanical equipment. It can also address such events as weather/wind damage or vandalism. Even if the boat is only used seasonally, it’s recommended that coverage be maintained throughout the year. Your agent will offer two policy options: agreed value or actual cash value. With agreed value, the policy will reimburse based on an amount defined in the policy. Actual cash value is defined as the boat’s true value including depreciation. Additional coverage is available for uninsured boaters and any personal possession on the boat.
In the Spokane, WA area, the team at Western Insurance Associates is ready to help you get the coverage you need for your boat. Call and visit them today!