What lake trips or fishing trips do you have planned this summer?
Whether you’re a professional fisherman headed to a competition or a group of friends hitting the lake for a hot August afternoon, there is always an aspect of risk every time your boat gets on the road and the water.
Typically, boat accidents happen from a brief lapse in attention, driver inexperience or excessive speed. And unfortunately, although you may practice safe boating techniques, some accidents aren’t preventable and injuries do happen.
According to the US Coast Guard, there were 4,064 boating accidents in 2014, which involved about $39 million dollars of property damage, 610 deaths, and 2,678 injuries.
Do you know what kind of boat insurance you have? Liability insurance should definitely be top of mind when purchasing the right boat insurance for you. Liability insurance protects you if something happens and you are at fault.
What Does Boat Liability Insurance Cover?
Liability insurance covers several different financial obligations you may have if you are responsible for an incident that harms or damage other people or property.
This coverage can include:
- Property damage liability: Property Damage covers any harm that is done to another person’s boat, dock, water skis or other possessions.
- Bodily injury liability: Bodily injury liability covers costs associated with treatment and recovery of the injured person – such as medical expenses, hospitalization and rehabilitation.
- Pollution liability: Pollution Liability covers you in the event of a fuel spill.
- Wreckage removal: Wreckage removal covers your legal obligation to remove debris after an incident
What Happens without Liability Insurance?
Without adequate liability insurance in place, these expenses would have to come out of your pocket. When medical expenses and legal fees add up, you could be responsible for hundreds, even thousands of dollars of damages. Boat liability insurance typically covers anywhere from $100,000 to $1 million in damages.
Liability Insurance = Peace of Mind
This summer have fun while you’re out on the water, but first make sure you have liability insurance. Don’t ruin your peace of mind and lake relaxation worrying about coverage should an accident occur. If you aren’t sure what type of coverage you have, talk to your insurance agent (844-272-3424) and have them double-check whether you’re covered, and if not, explore what level of coverage is right for you.
*Photo credits: missoulian.com