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Insuring your boat in Lakewood, CO is not required. However, most owners choose to purchase a policy, and many marinas require one if you plan to moor your boat there. Liability coverage is one of the most critical components of a boat insurance policy. Colling Insurance Services Inc. can help you determine whether your policy has sufficient limits to meet your needs and fully protect your investment.
What Standard Boat Insurance Policies Cover
Standard policies include liability provisions to cover costs if you cause a boating accident that results in injuries or property damage to a third party. Liability coverage also typically includes attorney’s fees and court costs. Most policies also offer uninsured/underinsured boater coverage, which can be invaluable if someone without insurance causes damage in an accident. This part of your policy is especially important because many boaters take advantage of the fact that boat insurance is not legally required.
When You Might Need Higher Liability Limits
Generally, the larger and more expensive your boat, the greater your need for additional liability insurance. However, other factors also play a role. High-performance boats with powerful engines can cause more significant damage, and the boat’s speed and intended use influence liability limits. For example, if you use your boat for commercial fishing or to take clients on fishing trips, you’ll need higher liability coverage. Similarly, if you frequently entertain large groups of people on board, consider increasing your liability limits. High-profile individuals also face a greater risk of being sued following a boating accident.
Consider an Umbrella Policy
While you can request a higher liability limit on your boat policy, getting an umbrella policy may be a better option. Umbrella policies provide additional coverage that kicks in after you’ve reached the liability limit on your boat insurance. Having an umbrella policy to cover your boat can make the difference between keeping and losing your investment.
Learn more about how you can protect your boat, its occupants, and visitors by contacting the staff at Colling Insurance Services Inc., serving Lakewood, CO. We’re here to help you find the right coverage for your needs.