With boating season underway, now is a good time to make sure you are doing everything you can to protect yourself, your passengers and other boaters while crusing Northwest waters this summer. Practicing safety and having the appropriate insurance will help reduce the risk of injury and keep you financially afloat while enjoying your time on the water.
Ensure your boat has the appropriate safety items, most importantly, proper Coast Guard-approved life vests for everyone on board. And, be sure to have a fire extinguisher in case of a fire. Next, check to make sure you have the appropriate amount of insurance to cover damage to your boat and any damage or injuries you may cause to other boaters and passengers. Owners of both sailboats and powerboats need insurance coverage just like car owners need auto insurance.
Most Homeowners or Renters Insurance policies offer limited coverage for property damage to small boats like canoes, small sailboats or powerboats with less than 25 horsepower. Property damage coverage is typically limited to $2500 or less, and liability coverage is subject to the limits of your Homeowners or Renters policy and applicable exclusions based upon size and horsepower. For larger watercraft, a separate policy is necessary to cover both the damage to the boat and liability for damage caused to others due to owning and/or operating the boat.
For more information about insuring watercraft, contact Elliott, Powell, Baden & Baker Insurance at 503-227-1771.