Boat Insurance
A wide range of boat insurance solutions for South Coast of MA & RI boat owners
A boat insurance policy can provide boat owners with financial protection against a variety of common and potentially very costly boating situations, like a collision with another watercraft, an onboard fire, or a theft of expensive scuba diving or fishing equipment. The HIG team is here to help you find the right boat insurance to safeguard your vessel, passengers, and onboard possessions from these and other similar hazards of boating.
In addition, as your local insurance professional, it is important to us that you have a good understanding of the valuable benefits of boat insurance before you make this investment. The following is an explanation of the typical coverages that you get when you purchase a standard boat insurance policy.
Four Common Coverages Found in a Boat Insurance Policy
1. Liability
If you are the cause of a boat-on-boat, boat-on-rock, or boat-on-dock accident, you are likely to be held accountable for the medical expenses of anyone injured in the crash, including your boat’s passengers, as well as any accidental damages to someone else’s boat, dock, or other property. It is the liability portion of your boat insurance coverage that may help you pay for the accident-related pain and suffering of others, the repair costs of other people’s property, and your legal defense fees in case you are sued. In addition, if you start spilling gas or oil from your boat as a result of the accident, liability coverage may help you take care of the costs of the necessary cleanup, up to the limits of liability in your policy.
2. Collision and Comprehensive for Boat, Motor, and Trailer
According to the U.S. Coast Guard, grounding is the fourth most common type of boating accident. It is also a situation that can significantly damage your boat. You’ll have to pay for the repairs out of your own pocket, unless you have collision coverage. This part of a standard boat insurance policy usually covers any damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment if you collide with another watercraft or object, regardless of fault.
Another leading cause of boat losses is fire. Whether a fire on your boat originates from your vessel’s electrical system, a neighboring boat that went up in flames, or a fire in the storage facility where your boat is kept, the comprehensive coverage in a standard boat insurance policy is designed to help you repair or replace your boat. In addition, this coverage may help you pay for damages to your boat caused by theft, vandalism, or extreme weather.
3. Medical Payments
The jolt of your boat when it slammed against the swells tossed your passengers around pretty badly, and now a few of them need medical attention. If you had to pay for this medical care out of your own pocket, you could be looking at tens of thousands of dollars in expenses. However, if you have boat insurance, which includes medical payments coverage, you will likely get some help paying for their hospital bills, ambulance ride, X-rays, and more. This coverage typically applies regardless of whether your passengers injure themselves when on, boarding, or leaving your boat.
4. Uninsured/Underinsured Motorist Coverage
There are many boaters out on the water who probably don’t have nearly the level of boating acumen you do nor the same focus on safety. If one of these novices rams into your vessel while you’re out on the water with family and friends, and they haven’t invested in boat insurance (or have minimal coverage), then who will pay if your passengers sustain injuries? When you have boat insurance, your carrier typically will come to the rescue in this scenario, and medical expenses for those injured in the accident should be covered by the uninsured/underinsured motorist portion of your boat insurance policy. This coverage also typically applies if your boat is involved in a hit-and-run and you have no information about the person who caused the crash.
Whether your favorite boating pastime is sailing around Mt. Hope Bay or you prefer spending the day fishing out on South Watuppa Pond, we hope this information is a gentle reminder that the joys of boating do come with numerous risks. From electrical fires and groundings to vandalism and, of course, boating collisions, there are many incidents that can knock you and your vessel out of the water for a long time if you do not have the financial protection that boat insurance offers.
HIG is here to help you secure the best boat insurance solutions at competitive prices
While a standard boat insurance policy provides a variety of coverages, we know that it may not sufficiently protect against every boat owner’s specific exposures. Depending on the type of boat you have, what condition it’s in, where you take your boat, your boating experience, what items you keep on your boat, where you store it, and more, you may want to consider the following additional insurance options.
- Personal Effects & Fishing Equipment Insurance
- Guest Passenger Liability
- Hurricane Haul Out
- Towing and Assistance Coverage
- Watercraft Equipment Coverage
- Mechanical Breakdown
- Agreed Value or Actual Cash Value (ACV)
- Yacht Coverage, including Jones Act Coverage, Chartering Options, and Broad Navigation
You can count on HIG’s experienced team to give you straightforward and knowledgeable guidance on the right coverages for your boating lifestyle, how to better manage your boating exposures, and ways to minimize the cost of boat insurance. We have served the wide-ranging insurance needs of boat owners like you for multiple decades and look forward to providing you with the same personalized attention. Please contact us today to receive a complimentary boat insurance quote or to have us take a look at your current boat insurance policy for any potential risky gaps in coverage.
HIG’s knowledgeable team can find the right boat insurance solutions for practically any type of watercraft, including:
- Bass Boats
- Cabin Cruisers
- Catamarans and Trimarans
- Center Console Boats
- Fishing Boats
- High-Performance Boats
- Houseboats
- Jet Skis
- Powerboats
- Sailboats
- Trawlers
- Pontoon Boats
- Triple Engines
- Yachts
