Marine Insurance

It's wintertime and the start of a new year, which means it's not too early to be thinking of the next boating season. One area that seems to get little mention this time of year is boat insurance.

If you're making payments on a boat loan, chances are good you've been paying for marine insurance. Marine insurance isn't required by the State of Ohio, but your lending institution is likely to require you to have adequate insurance to cover their investment. If you are thinking about a boat purchase or simply want to be ready to get out on the water when boating season arrives, here are a few things to consider regarding marine insurance coverage.

First and foremost, insurance is a complex issue and the best advice begins with speaking to your insurance company representative to review all lines of coverage. It is the boat owner's responsibility to determine their need for marine insurance and to fully understand its coverage limits and costs.

When it comes to powerboats, you likely will need to obtain a separate marine policy for boat insurance protection. It's important to include not only coverage for physical damages that may arise, but also to assure you have liability coverage and medical payment coverage. Pay special attention to who is covered while operating your boat.

Some insurance companies have been more proactive in expanding their product lines and growing their marine insurance customer base. Generally speaking, there has been greater awareness that completing an approved boater safety education course may result in a premium discount for marine insurance coverage.

Consider that an insurance company that specializes in marine insurance coverage may be a better choice in some situations. Another key component of any insurance policy is to get an understanding of how well your insurance company responds when you make a claim. Get recommendations from other boaters you know.

Few marine insurance policies are alike. Boat owners need to research the various types of coverages offered. Some questions to ask your insurance agent should include:

• Does my marine insurance policy have adequate liability limits?
• Are there special discounts offered for completing an approved boating education course?
• Who does the marine policy cover to operate the boat and/or personal watercraft?
• Is the liability of towing skiers or persons on tubes covered by my policy?
• What does my marine insurance cover when it comes to theft?
• What is covered in terms of damage repairs and total loss?
• What about coverage for marine towing services?
• What is NOT covered by the marine insurance policy?

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