Posts Tagged ‘Boats’

A Tale of Two Exclusions

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When it comes to insurance policy language and exclusions, most would assume less is better. That is, a briefly worded exclusion probably excludes LESS than a more lengthy one. When it comes to Marine Insurance this isn’t necessarily the case. Consider the two exclusions in the box below. At first glance, one might assume the shorter exclusion on the right is likely to be less restrictive.

Part D: Property Damage Coverage2. EXCLUSIONS: We do not provide property damage coverage against or resulting from:

a.wear and tear, deterioration, mechanical or electrical failure, improper repair, corrosion, weathering, insects, mold or mildew, animals, vermin, or marine life damage. However, this does not exclude a consequential loss to your Boat resulting from the burning, collision, demasting, sinking, or stranding of your Boat due to the losses otherwise excluded in this Part D: Property Damage Coverage, Section 2a;

 

Part D: Property Damage Coverage2. EXCLUSIONS: We do not provide property damage coverage against or resulting from:

a.wear and tear, deterioration, mechanical or electrical failure, improper repair, corrosion, weathering, insects, mold or mildew, animals, vermin, or marine life damage.

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Stay Afloat With Proper Boater’s Insurance

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There are many hidden costs associated with owning a boat: Dock fees, general maintenance, and winter storage, just to name a few. One expense that boat owners should never skimp on is purchasing the best available insurance policy for their watercraft.

Because buying a boat is a huge investment, owners should protect their boat with comprehensive insurance coverage. Plans are often based on the type and size of the boat. Many Homeowners and Renters insurance policies provide limited coverage for property damage if the boat’s engine is less than 25 horsepower or if it is a small sailboat, but without additional insurance, no liability coverage is included.

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