If you’re a boat owner and recreational marine insurance hasn’t crossed your mind, it’s time for a change in thinking. Even if your boat has the proper maintenance and is responsibly driven, there are other recreational vehicles on the water. Other operators may not have the same level of concern for public safety. There are nearly twelve million recreational vehicles registered in the United States. Many of those vehicles fall victim at some point to flooding, grounding, or collisions. These accidents stem from a variety of causes. Inattention, inexperience, excessive speed, equipment malfunctions and weather condition are all catalysts for boating accidents.
Recreational marine insurance assists boat owners in the event of many of these catastrophes. This insurance can include hull and machinery coverage which is similar to a vehicle’s comp and collision insurance. There is also protection and indemnity coverage which is the boating equivalent to liability insurance. When applying for recreational marine insurance, it is paramount that you supply the insurer with all relevant information, even if the insuring company does not expressly solicit it. Even within these two major forms of marine insurance, insurance companies vary in terms of the risks that will be covered under each type of policy. Be sure to discuss the specifics of your policy with your insurer.