Minneapolis Insurance Specialists Team – Your Minneapolis Boat Insurance Experts
We have a policy for just about any type of boats including bass boats, fishing, fish and ski, cruisers, fishing boats, pontoons, runabouts, sailboats, catamarans and utility boats. Minneapolis Boat PWC Insurance
Many insurers will only provide limited coverage for property damage for most boats such as canoes, small fishing boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 to maybe $2500 or a percentage of your home’s value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy. Check with your insurance agent to know if your boat is covered and what are the limits of the policy. It’s generally best not to have extra claims on your home. So, putting the extra exposure isn’t the best management of risk.
Large and fast boats such as yachts, and personal watercraft such as jet skis and wave runners now require a separate boat insurance policy. The size, type and value of the boat and the water and where you use it factor into how much you will pay for insurance coverage. The rates can vary from carrier to carrier depending on their appetite for such risks too. Some specialize in it and some don’t really want it.
Some policies only offer actual cash value and some offer agreed value. At claim time is not the time to find out.
Actual cash value policies pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides, the carriers experience and other resources are used to determine a boat or watercraft’s approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.
Agreed Amount Value
This type of policy means that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.
Boat insurance also covers:
Bodily injury—for injuries caused to another person
Property damage—for damage caused to someone else’s property
Other driver liability—for any legal expenses incurred by someone using the boat with the owner’s permission
Medical payments—for injuries to the boat owner and other passengers
Many people falsely believe nothing happens or rarely happens on the water or because we have limited boating season in Minnesota that they don’t want to cover it or cover it all year – not a good idea. We can get a good price and insuring it all year isn’t a big deal as many carriers have the limited season factored into their rates.
The Minneapolis Boat Insurance Experts will know how to get all the discounts too from things like:
Diesel powered craft, which are less hazardous than gasoline powered boats as they are less likely to explode
Coast Guard approved fire extinguishers
Two years of claims-free experience
Multi-policies with the same insurer, such as a car, home or umbrella policy
Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons, or the American Red Cross.
There are thousands of recreational boating accidents per year. Contributing factors to these accidents include traveling too fast for water or weather conditions, driving under the influence of drugs or alcohol, failing to follow boating rules and regulations, carelessness and inexperience.
To prevent boating accidents, we offer these safety suggestions:
Care and protection of vessel
Check weather forecasts before heading out.
Let someone know where you’re going and when you expect to return.
Check engine, fuel, electrical and steering systems, especially for exhaust-system leaks.
Carry one or more fire extinguishers, matched to the size and type of boat. Keep them readily accessible and in condition for immediate use.
Equip the vessel with required navigation lights and with a whistle, horn or bell.
Consider additional safety devices, such as a paddle or oars, a first-aid kit, a supply of fresh water, a tool kit and spare parts, a flashlight, flares and a radio.
Care and protection of crew and guests
Make sure that every person on board the boat wears a life-jacket.
Know and obey marine traffic laws, the “Rules-of-the-Road.” Learn various distress signals.
Keep an alert lookout for other watercraft, swimmers, floating debris and shallow waters.
Pay attention to loading. Don’t overload; distribute the load evenly; don’t stand up or shift weight suddenly in a small boat; and don’t permit riding on the bow, seatbacks or gunwales.
Don’t operate a boat while under the influence of alcohol or drugs.
Skippers can obtain free advice and boating-safety courses from the U.S. Coast Guard Auxiliary. Upon request, the auxiliary will conduct a Courtesy Marine Examination (CME) on your boat, checking electrical and safety equipment and fuel hoses. Boats meeting safety standards are awarded the CME decal “Seal of Safety.”
Let the Minneapolis Insurance Specialists Team help you understand and protect all of the risks you run and all of the perils your business faces. We will do this with a well thought out and executed business insurance policy designed just for our Watercraft Insurance policy holders.