If you’re here for the simple answer, and you’re not worried about anything ever happening to your boat, you can stop reading now, because the state of New Jersey has no insurance requirements for boats.
But just because there’s no legal stipulation for boat insurance doesn’t mean you should set sail without the extra peace of mind a good insurance policy affords.
It’s likely that after your home, your boat is your biggest investment. If you want to protect that investment, here are 3 types of coverage that can help.
1. Liability coverage
Much like liability coverage for your car, liability insurance for your boat covers damage or injuries it causes while being operated by you or anyone else. Damage might be to other boats as well as docks or other structures.
Keep in mind that you can be held responsible for indirect damage caused by your boat, such as a large wake that affects a smaller vessel. For maximum protection, liability coverage can even be tailored to protect you against lawsuits and legal fees.
2. Physical damage coverage
We don’t really need to explain why you might want to insure your boat against physical damage. Just think back a few years and remember the aftermath of Superstorm Sandy, which scattered boats of all sizes across Monmouth County.
Of course, physical damage coverage isn’t just for hurricanes of historical proportions. It protects you against damage or loss from any number of marine risks including theft, fire, sinking and collisions.
While physical damage coverage (also known as hull coverage) doesn’t cover everything onboard, it does cover the hull and permanent fixtures like the motor, fuel tanks, batteries, anchors and safety devices as well as a boat trailer. Additional coverage can be purchased for fishing equipment and other possessions.
3. Medical payments coverage
As fun as they are to own and operate, boats pose unique risks. Medical payments coverage helps pay for hospital bills, medication and other treatments in the event of an accident or injury to you or someone else suffered on your boat.
At John B. Wright, we’ve been insuring boats for more than 50 years. That means you never have to worry about what might happen because we’ve seen it all and know how to protect against it. Schedule a consultation today to discuss your boat insurance needs.
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