HomeBoat InsuranceRisk Mitigation, Coverage & Cost Guide Released

Risk Mitigation, Coverage & Cost Guide Released


Published November 17, 2023

With its latest guide, Marine Insurance Now covers the benefits of boat insurance in mitigating financial risk when out at sea. The experts describe the most important factors to consider when choosing boat insurance, stressing the importance of adequate liability coverage to protect against damage to other boaters and their property.

For more information, please visit https://marineinsurancenow.com/the-importance-of-boat-insurance/

According to research from Worth Insurance, over 5,000 boating accidents occur every year in the US, causing $62.5 million in damages. The new guide from Marine Insurance Now is intended to raise awareness of the importance of boat insurance in protecting boat owners from financial burdens. As nearly 70% of all boating accidents result in property damage, it is imperative that boat owners have appropriate coverage in place to cover costs.

“Boat insurance provides financial protection against various scenarios such as theft, property damage, bodily injury liability, and even environmental damage caused by fuel spills or oil leaks,” the report explains. “It gives you peace of mind knowing that if something were to go wrong while enjoying your time on the water, you have coverage that can assist with repairs or compensate for any losses incurred.”

In addition to describing the benefits of boat insurance, the guide sets out the factors to consider when choosing an appropriate insurance policy. Readers are advised to read coverage terms carefully to verify that their chosen policy meets all their specific needs. “Boat insurance policies typically come with certain exclusions that can catch you off guard if you’re not familiar with them,” the report cautions. For example, some policies may exclude certain watercraft activities such as racing or damage from natural wear and tear.

Another factor outlined in the report is that of cost, with the experts at Marine Insurance Now suggesting various cost-saving strategies when taking out boat insurance. Advice includes bundling insurance onto auto or home policies, taking a boating safety course and installing safety and security features to lower premiums. Readers are also reminded to look out for extra perks or additional features that can be included as part of insurance offers.

Interested parties can access the full report online at https://marineinsurancenow.com/

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