Boaters hop from one marine insurance company to another shopping for a policy that offers the maximum protection against all manmade and natural factors that can damage their beloved vessels.
Knowing an insurance policy’s coverage a marine insurer can greatly help a boater determine if the quoted price is worth it. However, one thing that boat insurance companies agree on is that in case of total loss, only the policy’s face amount will be paid.
Towing services, coverage of possessions on board the vessel, coverage of the boat’s navigational area, and coverage of accidental release of pollutants are some of the additional services that the ideal marine insurer should offer.
Choosing a marine insurance company that offers “all risk” coverage is recommended for boaters since it offers the widest coverage available. In order to feel completely protected, a boater should seek a marine insurer that offers liability ranging from a low six-digit to a high seven-digit figure in US dollars.