Coverage that is not available when a boat or personal watercraft is added to a homeowner’s policy is what can be offered along with competitive rates, broad acceptance and specialized coverage for boat and personal watercraft (PWC) owners.

These policies can include:

• Consequential sinking, explosion, burning o r collision caused by wear and tear, latent defect or mechanical breakdown.

• Subject to local customs as long as the boat is winterized according to the manufacturer’s specifications, freeze damage to the boat and engine(s).

• No charges for betterment or depreciation. Example, a six-year-old bimini top is torn off during a windstorm; it will be replaced with a new one rather than pay a small percentage of its original value.

Policy Features:

Agreed Value – Available on any boat eligible for Physical Damage coverage. In the event of a total loss, this pays the rating base regardless of the Actual Cash Value. Optional for full coverage policies. Protects against depreciation.

Total Loss Replacement – Available on newly purchased boats up to one model year old. In the event of a total loss, replaces the insured boat with a new boat. For the boats over five model years old. They pay the purchase price. Protects against depreciation and inflation.

Navigation – Coverage applies to all inland waterways and all bodies of water within 75 miles of the U.S. and Canada; 125=miles navigational limit endorsement.

Environmental damage – Fuel spill and wreckage removal coverage included with all policies.

Roadside Coverage – Covers breakdowns while the boat is in tow- even if the tow vehicle isn’t the insured by the insurance carrier.

Watersports activities, waterskiing, wakeboarding – included with Liability and Med Pay coverages.

Replacement costs for the on-board items -Offers primary coverages for personal effects and fishing equipment.

Emergency on-water towing – Provides reimbursement for on-water towing and labor costs when the boat becomes disabled on the water.

Propulsion Plus – Provides coverage for the lower unit of an outboard motor and the upper and lower units of a stern drive motor, in the event of a mechanical breakdown, including those caused by wear and tear.

Disappearing Deductibles – Deductibles are reduced by 25 percent for each claim-free policy period. After four claim-free policy periods, the deductible is zero.

Small Claim Forgiveness – Premium doesn’t increase if a customer has one or more claims that require a payout of $500.00 or less.

Did you know that in the United States one in eight vehicle-owning households has a boat.

The median for PWC owners is 41 and for boat owners is 45to49.

The median income of PWC owners is $95,000.00 and for boat owners is $50,000 to $75,000.

Purchase of used boats make up 70 percent of the new boat policies.

Source by Linda J Blakeney