Recreational marine insurance programs are just as important as car insurance. Vehicle insurance is a mandatory part of driving a car. While it’s generally regulated by legal mandates, most of us would still carry insurance for peace of mind, even if we didn’t have to. The cost to repair the vessels involved as well as the expense of medical bills can exceed the cash on hand for most individuals. While boating accidents occur with less frequency than car accidents, marine vehicles are still susceptible to expensive damage from wear and tear as well as catastrophic destruction from fortuitous events.
Additionally, a boat’s wake can cause damage to structures on the shore and environmental harm can result from leaking oil or spills. Boat owners are open to lawsuits from related damage. Also, if there is an accident, owners may get a nasty bill for any recovery or environmental damage associated with the wreckage. Coverage provided by recreational marine insurance programs varies. Some coverage is specific to particular parts of the boat or specific equipment. Marine insurance programs can cover damage caused to your vessel by an uninsured boat. Naturally, there are policy exclusions that policyholders should be aware of, prior to signing on the dotted line. Boat owners should make sure they are aware of them prior to purchase.