cmac it is not mandatory to have insurance on your boat. Most Marinas will mandate insurance coverage if you leave your boat at a dock. It is also wise to have insurance for property loss or property damage. If you trailer your boat it is covered on your auto policy while hooked to your vehicle.Guess it depends on what you have for a boat. 12' tinny, maybe not so much however, the $$$ tag on some of these Lunds, Princecraft, Legends and then the larger weekenders and express cruisers etc., yes for sure. You may never use it in your life time but if something happened, you would thank the Almighty Sea Gods that you have coverage. I'm sure the owner of the "Maverick" is thinking just that.
Besides, I do believe it's law to have ins. coverage on your water vessel though I have never been asked about ins. when approached by O.P.P. Marine Unit... and, yes, I have full coverage on mine.
Yes for me.Yes or No
If you trailer your boat it is covered on your auto policy while hooked to your vehicle.
That stinks. Mine is (I think) April 1st - December 1. Before April is no big deal to me but I'm still using mine past Oct. 15.Funny I asked myself the same question this year. I pay $430 a year. Only thing I don't like is they will not insure any damage to the boat before April 1 and after October 15. I'm always out before April 1.
Lots of policies have layup periods. Using the boat outside the layup period might be problematic if you ever need to place a claim, depending on the nature of the claim (for instance an engine claim). I asked one company about coverage if I operated outside the layup period a few years ago. Response: policy will be void. Also be aware, some policies require receipts to prove the boat was winterized (some policies allow you to do it yourself, others require it to be done by a marina). That's also why some marinas stamp your winterisation invoice with the date of first frost if they do it after that date. Insurance companies aren't in the business of paying claims - they are in the business of making money. If its a small claim, they won't spend time in figuring out if you have been acting in accordance with the policy - they will pay the claim, and then jack your rates to get it back. But if you have a big claim - the one you need the policy limits for like a theft or personal injury lawsuit, they might well do a lot of digging to find out if you have been abiding by the coverage terms. They might, oh, look at your facebook posts, or other social media interactions for instance.Funny I asked myself the same question this year. I pay $430 a year. Only thing I don't like is they will not insure any damage to the boat before April 1 and after October 15. I'm always out before April 1.
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