Medical Payments- What does that cover

Tuesday Tips – Understanding Boat Insurance

We will cover several terms in the typical boat policy.  Boat insurance is often not regulated like a home insurance or auto insurance policy.  In fact most states don’t require minimum limits of coverage; making it even more important to understand your risks.
Why have boat insurance?  The most common answer is in case my boat is damaged or stolen. That is important especially for your loan holder.  However, the other reason is incase people are injured.

Our First Tuesday Tip:  Medical Payments
*Please review your policy as not all policies in the boat insurance world are created equal.

Medical Payments (Med. Pay) –
If there is an accident, regardless of fault, paying for the medical treatment can be a concern for many. 
This coverage may include payment for hospital bills, surgeries, x-rays, pharmaceuticals, nursing services, physical therapy, bandages and more for injuries from a boating accident.  Medical Payments are “Goodwill” payments.  These are made without any legal action being brought and are often reimbursed to the boat owner or paid direct from the insurance carrier.
As the boat owner, if someone is injured on your boat or as a result of your boat, please take care of that person’s injuries.  Then promptly contact your insurance carrier or agent to report the incident.

We will discuss Bodily Injury Claims and Defense Costs, next Tuesday

Be Safe
Charter Lakes
800-8790-2248