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Off The Water
Watering Hole
Insuring your boat
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<blockquote data-quote="LDUBS" data-source="post: 430201" data-attributes="member: 21536"><p>OK, I know the focus here is on insuring the boat and there will come a time when the value of the boat may not justify the cost of insuring it. That will vary for each individual. However, the biggest risk of loss is not from the loss of your property (your boat). It is from 3rd party claims against you for property damage or bodily injury. So, you might decide that you don’t need to insure your boat because its value is so low you will accept the risk of a loss. But you should seriously consider keeping liability coverage as your financial risk will be many times the value of your boat/equipment should you be deemed negligent in an accident. It could exceed the value of you bank account, home, etc. I carry the same liability limits on my boat as I do on my auto and homeowners policy.</p></blockquote><p></p>
[QUOTE="LDUBS, post: 430201, member: 21536"] OK, I know the focus here is on insuring the boat and there will come a time when the value of the boat may not justify the cost of insuring it. That will vary for each individual. However, the biggest risk of loss is not from the loss of your property (your boat). It is from 3rd party claims against you for property damage or bodily injury. So, you might decide that you don’t need to insure your boat because its value is so low you will accept the risk of a loss. But you should seriously consider keeping liability coverage as your financial risk will be many times the value of your boat/equipment should you be deemed negligent in an accident. It could exceed the value of you bank account, home, etc. I carry the same liability limits on my boat as I do on my auto and homeowners policy. [/QUOTE]
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