Watercraft insurance is generally broken down to “boat insurance” which are watercraft that are 26 feet in length and smaller and “yacht insurance” which are vessels 27 feet and longer and "personal water craft insurance" which are small light weight crafts which are designed to be either sat-on or stood-on with motorcycle-like handlebars that are usually jet propelled.
Boat insurance A comprehensive boat insurance policy is similar in coverages to an auto insurance policy. There is coverage for physical damage to the vessel, coverage for theft, liability coverage for damage or injuries you cause to someone else, medical payments coverage that pays for injuries to you and your passengers, uninsured boaters coverage which will pay for injuries to you or your passengers that are caused by an uninsured boater and towing and assistance coverage. There are some coverages in the boat insurance policy that are somewhat unique including personal effects and coverage for fishing equipment. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer's defects and defects in design.
Yacht InsuranceGenerally speaking yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.Hullinsurance covers direct physical damage to the vessel. It will typically include an “agreed amount” of coverage which is the value that will be paid in the event of a total loss. Replacement Cost for a partial loss, with the exception of sails, canvas, batteries, outboards and sometimes outdrives, which are depreciated is sometimes available. Because maritime law is unique, you will also need liability coverages that are designed for those exposures. Other standard coverages include medical payments, personal effects, uninsured boater’s liability, towing and assistance, and coverage for fishing equipment. Typical exclusionson a yacht policy generally include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer's defects, defects in design, and ice and freezing.
Personal WatercraftA personal water craft (PWC) is a recreational watercraft that the rider sits or stands on, rather than inside of, as in a boat. Models have an inboard engine driving a pump jet that creates thrust for propulsion and steering. They are often referred by the brand names Jet Ski, WaveRunner, or Sea-Doo. Home and auto insurance policies may provide limited coverage for personal watercraft. Check your policy for coverage limits. You may want to consider purchasing a personal watercraft policy to protect you and your water vehicle in the event of an accident.