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Posted December 12th, 2012
Surprisingly, if you are looking for coverage for a boat or canoe, the first place to look is your homeowner policy. Most homeowner policies carry a small amount of coverage to cover watercraft liability (subject to size and horsepower restrictions) and may even offer a small amount of property coverage.
However, if you are looking for coverage that will replace your new fishing boat and trailer, a separate watercraft endorsement or even a separate policy is highly recommended. When looking at the individual insurance forms, pay attention to whether or not the coverage is based on ACV, replacement cost or even stated value. Choosing the incorrect option could leave your boat underwater after a claim.
Because coverage for boats is complicated and located in many parts of an insurance plan, most insurance companies have special watercraft divisions to handle marine risks. These technicians are well versed in the problems an insured might need to be protected against and can offer solutions to those issues. These divisions are kept abreast of any coast guard recommendations and requirements. In fact, many of the companies offer helpful information for boat owners involving using and maintaining your craft. Also you can find additional boating information at the U. S. Coast Guard Resource Center.
You can also find a wealth of information from your own individual state, through their motor vehicle offices and websites.
Whether you have a single boat or a fleet, your local independent insurance agent can help you decide what policy type is right for you. She can help you navigate the different kinds of claim settlement along with their advantages and disadvantages allowing you to sail through the policy forms.