How well is your boat protected on and off the water?
It’s easy to imagine the ways your boat can be damaged when you’re out on the lake. But what about those long months, when your boat is in storage or docked in a marina?
The experienced insurance brokers at Dawson & Keenan understand how liabilities must be considered when owning and operating a boat or other personal watercraft. Our team is here to make certain your watercraft is insured for all possible events.
Our personal watercraft policies can provide coverage for the following types of boats:
- Pleasure craft
- Fishing boats
- Pontoon boats
- Jet skis or Sea-Doos
- Cabin cruisers
- And more
How Much Personal Watercraft Insurance Do You Need?
The amount of coverage you need for your boat depends on several factors. Most important is the value of your watercraft. There is limited watercraft coverage under your home insurance policy. Dawson & Keenan recommends adding a personal watercraft insurance policy, as a home insurance policy is not always adequate.
It’s important to understand the limitations on your policy and to talk with one of our brokers first.
Unique Concerns for Personal Watercraft Insurance
While we’re fortunate to live on the shores of the beautiful St. Mary’s River in Sault Ste. Marie, our location comes with certain responsibilities for boaters. The river is a shipping channel and, as such, if your craft were to sink, you would be liable for the cost of bringing it back to the surface for salvage. That involves hiring a professional and expenses can add up quickly.
Having Wreck Removal Coverage on the insurance policy for your personal watercraft will provide much greater peace-of-mind, if the worst should occur. If you’re going to be boating in close proximity with a major shipping channel, this coverage is essential.
Other Personal Watercraft Insurance Options to Note
There are two optional coverages worth considering with your personal watercraft insurance: Agreed Value Coverage and Actual Value Coverage
We recommend that most of our clients consider Agreed Value Coverage for their larger watercraft. In the case of loss beyond repair, this option covers replacement cost on a boat for up to 15 years with no depreciation.
Your other option is Actual Value Coverage. While it’s more affordable, the replacement value will depreciate based on the age of your boat at the time of loss. Consider both options carefully when insuring your personal watercraft in Sault Ste. Marie.