Article for July:

Boating is an expensive hobby, and depending on what type of vessel you have, there are some big risks involved. The dollars you spend covering you and your boat may go a long way toward helping you enjoy yourself. In fact, some marinas and clubs require it before letting you dock.

Homeowners policies only cover small watercraft, and only while they are located on the residence. The liability coverage is very minimal, at best.

Boat policies vary greatly from company to company. Be sure to review what's covered, and not just the price, when shopping. Covered items under the physical damage part of the policy should cover the boat, outboard motors, the trailer, and some companies offer coverage for personal property, for an added fee.  Liability coverage protects you if you're found responsible for damage to someone else's property, or if you injure them. In our sue-happy society, it pays to have the highest limits you can afford. 

Boat & Yacht insurance also covers damage from hurricanes or tornadoes, which is not usually found on homeowners policies. Some policies have restrictions on where the boat can be sailed, or when it needs to be pulled out of the water (lay-up period). 

Ironically, the most popular type of watercraft is becoming the jet-ski, which is also the hardest to insure. Many companies won't cover them at all, largely due to operator inexperience, and companies that do insure them may be pricey.

Things to look for in a policy is coverage that includes bodily injury, property damage, liability, and theft and collision.  Be aware if your boat and equipment is covered for an agreed value, or actual cash value.  Does the policy offer uninsured boat, towing, or medical payments coverages? Look for discounts for experience, and safety courses. There are discounts available for protective devices like burglar alarms, a ship to shore radio, or depth finder.  Higher deductibles can lower your premiums, but make sure the difference is worth it.

And don't forget basic safety: know your craft and how it operates. Keep apprised of local boating laws, navigational marks & signs. Make sure everyone has a life vest, and wears it, especially children. Never operate a boat while using drugs or alcohol. Stay to the right of other watercraft. Commercial vessels, sailboats and fishing vessels have the right-of way. Don't overload your boat with passengers. Be especially careful near swimmers and water skiers. Make sure the boat has enough lighting at night. Be sure to stock your boat with a fire extinguisher, horn, radio or cell phone, and extra life jackets.

Happy sailing.