Boat insurance and safety

| April 18, 2019

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The size, type and value of the craft and the water in which you use it factor into what type of insurance you need and how much you will pay for insurance coverage. As with any insurance policy, make sure you understand exactly what perils are covered and what your policy limits are. Small craft may be covered under your standard homeowners policy or renters insurance policy. Most insurers provide limited coverage for property damage for small boats such as canoes, small sailboats or small powerboats with less than 25 mile per hour horsepower. Coverage generally includes the boat, motor and trailer combined. Liability coverage is typically not included, but it can be added as an endorsement to a homeowners policy. Larger and faster boats such as yachts require a separate insurance policy (as do personal watercraft such as jet skis). Typical boat insurance policies cover physical damage to the boat itself. They also cover property damage, theft and medical payments, each with different deductibles. Your insurer may offer additional, optional coverage for trailers and boat accessories.

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For over 90 years, Crump has provided comprehensive risk solutions to its customers. Today, Crump is a leading insurance wholesaler connecting retail agents to exceptional products for property, casualty and professional lines risks. Our wholesale brokerage, MGA/binding authorities and specialty programs operations offer unique expertise and unsurpassed market access.

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