When you’re purchasing boat insurance, your base policy covers most theft and damage. Additionally, there’s typically liability, medical payment, and uninsured watercraft coverage included. However, there are situations where boat insurance policy add-ons are necessary.
Boat insurance policy add-ons extend your coverage to include items or situations that aren’t handled by your base policy. Also referred to as riders or endorsements, add-ons essentially give you more protection. Here’s a closer look at five common boat insurance policy add-ons you can get.
1. Specialized Coverage for Expensive Equipment
Boat insurance policies typically cover functional items attached to your watercraft. However, if you install a particularly expensive piece of equipment – such as a high-value navigation system or prop – its value may exceed what the base policy covers. In that case, an accident or other covered situation that results in damage to the high-value equipment isn’t fully covered by the policy.
With specialized coverage add-ons for expensive equipment, you’re securing a rider that covers the value of the specific high-value equipment pieces. Then, if a covered situation occurs, you’ll receive proper compensation or repair or replacement assistance.
2. Salvage Cost Coverage
Marine salvage involves repairing, rescuing, or retrieving a boat and its cargo after it’s rendered inoperable or is functionally stuck due to perilous conditions. Not all boat insurance policies cover the salvage process. As a result, boat owners without the proper add-on have to handle the associated costs out of pocket.
With salvage cost coverage as an add-on, the rider handles expenses relating to marine salvage for your watercraft. That makes recovering a boat that’s run aground, had an operational failure, or is stuck due to similar circumstances more affordable.
3. Consequential Damage Coverage
Most basic boat insurance policies don’t cover wear-and-tear damage or failures resulting from wear and tear. Instead, they’re typically focused on accident-related damage. Since that’s the case, repairs that become necessary due to rot, corrosion, mold, or similar issues aren’t usually covered.
However, with consequential damage coverage as a boat insurance add-on, your policy protects you against harm to your watercraft caused by wear and tear-related issues. The coverage can include protection for problems relating to rot, corrosion, and mold, as well as damage caused by mechanical failures resulting from natural part breakdown over time.
4. Towing Coverage
When a boat becomes inoperable in the water, a tow is often necessary to get it back to land or an appropriate dock. While pricing can vary, paying between $300 and $400 per hour isn’t uncommon. In some regions, the price may get closer to $790 per hour.
In many cases, basic boat insurance won’t cover towing expenses, which leaves boat owners paying out of pocket. However, with the towing coverage add-on for boat insurance policies, owners get extra protection, allowing them to use their policy to handle the associated expenses.
5. International Cruising Coverage
As with any vehicle insurance, coverage usually only extends through a person’s home country. As a result, boat owners looking at leaving the nation where they’re based aren’t covered by their base policy. With an international cruising add-on, boat owners can get additional coverage that offers protection during their journey outside of their home country.
