There may also be coverage for watercraft liability for bodily injury to people other than the boat’s owner and family, guest passengers who use the boat alone, and medical expenses for the owner and family.
However, adding additional liability coverage is a requirement of some policies. The size of your vessel determines the kind of insurance you need.
Insurance for boats is similar to other types of insurance. The policyholder receives protection from certain rare but potentially costly risks in exchange for paying a series of insurance premiums.
The premium costs may range from relatively cheap to pricey depending on factors like the craft’s size, age, and intended uses. An insurance company will also take into account the policyholder’s claim history when underwriting the policy.
