Uninsured & Underinsured Watercraft Coverage: Boat Insurance Guide Launched

Currently, there are only two states in the US legally requiring boat owners to purchase insurance – Arkansas and Utah. Therefore, boat owners sailing outside of these two states may well find themselves coming across uninsured boaters. This can cause significant financial issues for the responsible party when an unexpected accident occurs. The new report from Marine Insurance Now discusses the importance of uninsured/underinsured watercraft coverage to protect against such incidents.

For more information, please visit https://marineinsurancenow.com/all-about-uninsured-underinsured-watercraft-coverage/

Uninsured/underinsured boater coverage is designed to compensate boat owners for accidents that are caused by boaters with no liability insurance in place. When the third party does not have insurance to cover the damage they caused, boat owners can find themselves having to cover the costs themselves, leading to considerable financial burdens. As the recently released report explains, uninsured boat coverage will compensate for third-party negligence, helping to ease the financial impact of such accidents.

“Dealing with accidents and damage can be stressful enough without having to worry about how to get compensation from someone who doesn’t have insurance, the report explains. “With this coverage, your insurance company will handle all the necessary steps to recover your losses from the uninsured boater. They will work towards getting you a fair settlement so that you can quickly move on and get back out on the water.”

According to research from Marine Insurance Now, approximately 20% of boaters fail to hold insurance, posing a great risk to others when out at sea. Research from Worth Insurance shows that there were 5,265 boating accidents in 2020 in the US alone, a significant proportion of which were caused by uninsured boaters. Marine Insurance Now reminds readers that insurance companies often have to compensate for financial losses caused by uninsured boaters by increasing their rates, leading to higher insurance premiums for everyone.

“These statistics highlight the importance of having adequate coverage when enjoying the freedom of being out on the water,” the author says. “Without insurance, not only are you putting yourself at risk, but also potentially burdening others with financial consequences.”

The report moves on to explain the additional benefits of uninsured/underinsured boater coverage including towing and assistance services and legal defense coverage.

Interested parties can find more information about these benefits at https://marineinsurancenow.com/

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COMTEX_444256639/2824/2023-11-30T17:42:14