Pennsylvanians should purchase boat/watercraft insurance for the safety of their property and others on the water. A boat is a considerable investment that can get damaged when the waters are crowded. Homeowner’s insurance can only offer minimal coverage for small boats. Consequently, large boats are not secured by the homeowner's policies. Nevertheless, here at J L Davis Insurance, Inc., we got you covered. We provide different insurance coverage depending on our client's craft or needs.
Types of Boat Insurance Coverage
In Pennsylvania, three insurance levels can provide coverage to boat owners. They encompass the following:
- Market Value or Actual Cash Value (ACV): If you experience a total loss, the insurance provides a reimbursement that corresponds with the current value of the boat. If there is a partial loss, one receives payment for the damaged items. In both cases, deductibles are subtracted.
- Agreed Value: In this case, you and the insurance company agree to insure the boat for a specified value. In the event of a total loss, you will be paid that agreed amount.
- Replacement Cost Coverage: It provides a replacement similar to the damaged boat.
What does Boat Insurance Cover?
Boat insurance covers the following.
- Property damage caused by the boat to other boats, docks, or any other structure
- Liability for injuries to others
- Medical payments in case someone is injured while they are on your craft.
- Damage, vandalization, or theft of personal property stored on the boat such as fishing gear
- Any damage to the boat itself
Whether you use your boat for recreation or commercial purposes, it is necessary to purchase an insurance policy. This will ensure your investment is secured in case of an accident or loss. At J L Davis Insurance, Inc., we are ready to provide you with boat and watercraft insurance. Give us a call today.