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I.I.I.: Know Your Boat’s Insurance Coverage from Stem to Stern

Boat Owners Should Review Three Often Overlooked Policy Issues

For immediate release New York Press Office: 212-346-5500; media@iii.org 

NEW YORK, May 16, 2019—With National Safe Boating Week (May 18-24) days away, the Insurance Information Institute (I.I.I.) reminds boat owners to secure the right type and amount of coverage for their recreational vessel.

Beyond covering a boat owner in the event of theft, boat insurance policies typically provide coverage to repair a boat if it is accidentally damaged or destroyed due to a collision or because the boat struck a submerged object.  Property damage to a boat caused by vandalism, a windstorm, or lightning are also covered under most boat insurance policies.

Boat insurers typically assess risk and price their policies based on differing factors. For instance, a boat owner’s operational experience can play a large role in determining a prospective policyholder’s eligibility for coverage and what they will pay for a policy.  The boat's make, model, age and value often influence the cost of a boat insurance policy, too. In addition, boat insurers want to know the boat’s primary cruising areas, also known as navigational territories.

The I.I.I. counsels boat owners to focus on three lesser-known but important issues when either buying or renewing a boat insurance policy. 

Other coverages incorporated into boat insurance policies may include: 

With a basic knowledge of how boat insurance may help protect you, your boat and others, you can set sail knowing you have the best policy in place.

The I.I.I. has a full library of educational videos on its YouTube Channel. Information about I.I.I. mobile apps can be found here.

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org

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