Boater’s Insurance: Overlooking Endorsements Can Sink Your Investment

Being on the water is going to be one of the best ways to social distance this year. As people are out uncovering their boats and preparing them for boating season, it’s important not to forget the insurance you need to protect your favorite summertime toy! Much like auto insurance, we encourage you to take a hard look at those limits and consider increasing your coverage amounts to ensure you will not be looking for the difference out-of-pocket should you experience an accident.

There are also a couple of important additional endorsements that boat owners may want to consider before they set sail:

  • Having the bare minimum policy for your boat probably means that your policy is based on an actual cash value, which is exactly like a “Kelly Blue Book” value for your car. The big problem here is that most times, boats are worth MORE than the actual cash value. Make sure you sign for a policy that is based on an Agreed/Stated Value coverage. This will get you the full value of the boat back should there be an accident versus receiving the lesser actual cash value.
  • There are a few Endorsements that you may want to consider if you are an avid boater and/or outdoor sportsman:
    • Fishing Equipment:  Yep, those rods and reels you purchased for fishing are not going to be covered….and neither is the tackle. Many people who have fishing equipment don’t often stop and tally up what they have invested in it and how quickly those numbers add up. If you’ve invested serious money in; YOU NEED A FISHING EQUIPMENT ENDORSEMENT.
    • Marine Equipment:  Anything that bolts down to the boat is included in this category: electronics, radios, depth finders, graphs, etc.  These things REQUIRE a separate Endorsement to be covered.
    • Personal Belongings/Items:  Let’s face it, it’s always at least a full-day adventure when you go out on the water, so you pack a ton of your own things to be prepared. Your personal items (safety equipment, electronics, etc.) are not covered in your basic boater’s insurance – so you will also need an Endorsement for these items, as well.

Fortunately, changing your policy to a Stated/Agreed Value policy adds very little to your insurance premium. Same stands for the additional Endorsements you need to cover all the extras. Let us demonstrate the difference to you; it only takes 15 minutes of your time to call us at 317.272.0800 or email and get quotes from multiple carriers to ensure you are getting the most coverage for your money.