Watercraft & Boat Insurance

Boat insurance policies differ on the issue of depreciation, or the loss of the boat's value over time. There are two primary types of policies: "Agreed Value" policies and "Actual Cash Value" policies.

"Agreed Value" policies cover boats based on their value at the time the policy is written. While these policies can cost more upfront, there won't be any depreciation for a total loss of a boat (although some partial losses might still be depreciated).

"Actual Cash Value" policies (or ACV's) factor in the value of the boat at the time a claim is filed. While these policies cost less up front, they factor in deprecation — meaning they'll only pay up to the actual cash value of the boat at the time it's declared a partial or total loss.

Why do you need insurance for your boat or personal watercraft?

While you might feel relaxed and carefree on the water, boating is a dangerous activity. And if something happens to you or your passengers, the financial costs can skyrocket. Here are a few things to consider:

• It can be expensive to repair or replace a damaged or stolen boat.
• Medical costs for injuries sustained in a boat accident can be extremely expensive.
• If your boat is responsible for injuries to others, you could face an expensive lawsuit
• Your boat could be damaged or stolen while it's being kept on land or being towed.
• Pollution liability provides coverage if your boat were to leak gas or oil and you were responsible for clean up costs. 

Things to consider when consulting with your agent

Your agent can help you find the right policy for your needs. Here are some things to consider when discussing coverage options with them:

• The size of your vessel — we can insure boats of all sizes including jet skis, from small runabouts to some of the world's largest super yachts.
• Your comfort level — various deductible options empower you to choose how much up-front risk you'd like to take; higher deductibles often can result in meaningful premium savings.
• Your cruising itinerary — we can cover vessels cruising anywhere in the world.
• The presence and size of your crew — different circumstances call for different solutions.
• On-board contents — broad coverage extends to large amounts of fine art and/or other personal effects.
• Your liability exposure — we can provide adequate protection, including coverage for crew claims under the Federal Jones Act.
• How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
• Is my boat or watercraft covered for use year-round?
• What discounts and programs are available?
• How much medical insurance and liability coverage is enough?
• Do I have coverage if I need to have my boat towed in an emergency?
• What's the process for filing and settling a claim?
• Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?

Available coverages under a personal watercraft policy:

• Bodily Injury. Covers the medical cost to others outside your boat if your involved in an accident that is your fault
• Property Damage. Covers damage to property if you are at-fault.
• Unisured Boater. While not mandatory, this coverage compensates you and your passengers for injuries caused by another boat owner who does not carrier liability insurance.
• Medical Payments. Pays your first aid, ambulance and hospital bills in case of an accident. 
• Towing and Assistance. Pays for emergency assistance such as boat towing, emergency repairs while underway or fuel delivery at sea.
• Personal Property. Reimburses for loss of personal effects, clothing, fishing gear and more.

Additional coverage can also be purchased for trailers and other accessories.

Give G & H Financial Insurance Services a call at (281)395-5497 or (877)868-8063 or request a quote and we'll tell you about the type of coverage that would best suit your needs.