Quick steps to review your Boat / Watercraft Policy

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Congratulations, you’ve bought that special boat. 

Whether it’s for commercial use or pleasure, you are seeking Boat Insurance:
You’ve worked with an agent and given them all the details about who you are, if the boat will be insured in the name of your business or you personally.  Make, model, serial #, does it have a trailer, where you plan to use the boat and where you will keep it when you are not using it, how much personal property you might have onboard, folks in tropical storm areas-what is your storm plan and many more answers.
Your agent then works with 1 to several carriers in order to find the right coverage for you and your watercraft.  Be well informed when selecting insurance.  This is something you are getting to cover:  you, your family, others and your assets. (Cheaper doesn't often mean better)  

So you agree to a policy with your agent and they typically will send you an email or fax of the Binder.  The Binder provides you with the details of what coverage you have and proof that you have coverage until any additional information, like the policy jacket is received from the carrier.
The Binder and the Declaration page contain much the same information:  The name of the insurance carrier, the agency name and the named insured, policy number, effective and expiration dates.
You will find the vessel information and description of coverage and exclusions.  The loss payee if there is a loan and any additional insureds will be listed as well.  You will find conditions to the coverage, navigation, layup or storage of the vessel information and often details surrounding cancellation of the policy.

Read and review that everything is accurate. The attached image highlights items you will find on the Declarations Page.  You should also review the policy information, once you receive it from the carrier.

Keep a copy of the certificate or Insurance card with you while on the boat.
If you modify the boat or “re-power”, putting new engines on the boat which could increase the value, you need to notify your agent, as it could change the value.  A 2005 boat with new twin 250 hp engines is worth more than it was with 14 year old twin 200’s. 

Be sure to you have the right coverage for your investment.


Wishing you Fun and Safe boating adventures

Charter Lakes