Marine insurance coverage vs. home insurance coverage
Many boaters decide to insure their boat under their home insurance policy, however, a specialized marine insurance policy will cover many of the exclusions and limitations related to your watercraft on your homeowners policy. The following are a few reasons why it is better to obtain a boat insurance policy from a broker who has marine experience and understands the complexities of boat insurance:
Protection and indemnity: a marine policy will have robust P & I coverage for boat related incidents such as wreck recovery or pollution cleanup. It is unlikely a home policy will have this coverage which will then put your financial security at risk.
Agreed Value - most home insurance policies will only have an actual cash value settlement, and may not cover your watercraft for the originally agreed upon value. PMU offers Agreed Value coverage for many types of boats.
Liability - boats come in a variety of sizes and horsepower. During a risk assessment evaluation of the boat and usage type, an experienced marine broker can offer a policy that has the right liability coverage. A home insurance policy will be limited in the scope of liability.
Claims specific to boats: Home insurance policies may not cover items such as emergency towing, vermin damage, loss of use, wreck recovery, pollution cleanup or personal items coverage.
Shelter your home from a boat loss: Don't put your home insurance policy at risk. If you have any home insurance discounts, even a small boat insurance claim will affect your discount, subject you to a higher deductible and even jeopardize your eligibility for home insurance.
Why is it important to have specific watercraft insurance coverage
Shelter your home from a marine loss. Your home is a large investment as is your insurance policy to protect what you love most. Marine insurance is unique and is very different from home insurance
- Boat insurance requires different liability insurance and is dependent on what you are using your boat for and what the related risks associated with your boat and where you motor.
- Obtaining an insurance policy may require a marine survey. PMU has made this easy by providing a list of pre-qualified marine surveyors in your area.
- Premium savings maybe available depending on the age of boat, age of owner, experience and history of claims.
- PMU Express offers an affordable premium and takes just minutes to complete.
- Southern navigation coverage will be required if you motor or sail your vessel south of the border.
- Additional extensions can be added if the boat is used for incidental business use or chartering.
Overall, it is more cost effective to have a marine insurance policy. Let PMU help you save money on premiums so you can put your money into your boat, fishing equipment, personal watercraft, GPS or upgrades. Find a PMU broker and ask for a PMU policy. Knowing you have the right coverage will let you adventure out on your boat and maximize the fun factor!
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