Published November 27, 2023
According to research from the US Coast Guard, there were 4,040 recreational boating accidents in 2022 alone, involving 636 fatalities and 2,222 injuries. Most of these accidents were caused by boat owner negligence, including inexperience and excessive speed. The new report from Marine Insurance Now is intended to highlight the importance of liability insurance in providing financial protection when accidents occur.
For more information, please visit https://marineinsurancenow.com/a-closer-look-at-liability-boat-insurance/
The latest report addresses the consequences for boat owners who fail to take out liability insurance. The experts cite that 50% of boating accidents result in property damage, which can lead to significant financial burdens for owners without the appropriate liability coverage in place. “Liability boat insurance provides peace of mind by covering these costs, allowing you to enjoy the freedom and joy of boating without worrying about the potential financial consequences,” the experts explain.
The report outlines the types of accidents covered by liability insurance including collisions with other boats, damage to docks or other structures, personal property damage and environmental damage, such as fuel leaks or spills.
Marine Insurance Now stresses the importance of personal property coverage in protecting against damage to other boaters and their vessels. “By having property damage coverage as part of your liability boat insurance policy, you can navigate the waters with peace of mind knowing that any damage caused to another person’s property will be taken care of financially” the report explains.
In addition to property coverage, the report also highlights the need for bodily injury coverage to help cover medical expenses, and possible legal fees, in the case of accidents. Without liability insurance, boat owners must pay these costs themselves, often resulting in significant financial burdens. With this in mind, Marine Insurance Now describes liability insurance as “a safety net”, allowing boat owners to enjoy their time out on the water without worrying about potential financial ruin.
The report provides advice for choosing a liability insurance provider, citing reputation and affordability as two important factors. Boat owners are also advised to look for providers that offer comprehensive coverage to ensure they have the correct protection in place to meet their individual needs.
Interested parties can find more information on the importance of liability insurance at https://marineinsurancenow.com/
Marine Insurance Now
60 W 23rd St
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.