Most boat owners are familiar with the importance of having good boat insurance. Boat insurance provides coverage in case a disaster hits and your boat is damaged, if you have an unfortunate collision, or if you’re stranded and need assistance. That said, many people don’t consider coverage for the items and property ON your boat. Not to worry! There are options available for coverage for your personal property on your boat. Let’s learn a little more about coverage options for your personal property on your boat:
What is considered “Personal Property” on your boat?
Personal property refers to any unattached items on the boat. This may include any fishing equipment, any personal belongings in backpacks/purses, or even portable electronics. Property brought on board by your guests is considered personal property. Most boat insurance policies offer coverage for personal property, via a separate sub-limit on your boat insurance policy.
Under what circumstances does Personal Property Insurance provide coverage?
You could qualify for coverage for direct or indirect property loss. One common cause is ‘accidental physical damage,’ such as somebody dropping their phone off the boat and falling into the water, never to be seen again. It may also cover theft of your belongings on your boat as well. In order for an easy process, document with photo/video evidence of all personal belongings on board. When you have guests, make sure they take note of what they bring on board, in case they lose something as well. If you have expensive equipment on your boat, be sure to record any serial numbers & any documents you have proving the purchase. In the unfortunate case that you need to file a theft report, you’ll have complete documentation to prevent any confusion, which will also be helpful to the police when attempting to recover the stolen items.
Separate limit for Fishing Equipment
Fishing equipment can be very expensive, especially for offshore fishing. In some cases, the available sub-limit for personal property is insufficient for the total value of fishing equipment on board. Some insurance carriers will offer an additional sub-limit specific for fishing equipment, which is separate and additional to the limit for personal property insurance.
What Personal Property Insurance WON’T cover:
Refer to the other coverages provided by your boaters insurance policy for deterioration, corrosion, mechanical failure, weathering, marine life damage, mold, or mildew are present. However, if any equipment gets damaged/stolen, or if anything falls overboard and you’re unable to retrieve it, the personal property insurance coverage sublimit will apply.
When shopping for boat insurance, be sure to ask if personal property is covered, and what amount of coverage is provided. If you choose to work with us at Danskin Insurance Agency, we will review your options to have all of the personal property and fishing equipment on your boat covered!
Our professional staff here at Danskin would be more than happy to sit down with you and discuss how coverage for personal property on your boat could benefit you. If you’d like to learn more about Boat Coverage, visit our website or call today to speak with one of our professional agents.