Maritime News & Info

Insurance Coverage: Does Your Liability Policy Cover Enough?

Picture this: you’ve just purchased your dream boat. Understandably, you’re eager to get it out on the open water. Just like with a new car, however, it’d be foolish to go for a spin in your new watercraft without first getting insured. All boat owners need to ensure they have enough boat insurance coverage to protect their vessel and their finances in case of an emergency.

What does liability insurance include?

Liability insurance provides financial protection for boat owners when they are accused of negligence. Imagine, for example, that you find yourself colliding with another vessel in the harbor. Serious damage is done to both boats, and a person falls overboard and injures themselves. If folks on the other boat accuse you of being negligent at the time of the crash, you could be held liable. Liability insurance can help mitigate the expense of such accusations.

How much liability insurance is enough?

Most boat insurance policies start at $1 million in coverage. While this seems like a lot, consider the potential for damage and how much an accident could cost you out of pocket. You can and should consider going above and beyond this base. If you operate your boat in choppy waters or frequently feel the need for speed, you’ll want to increase your coverage. The more powerful your boat, the more coverage you’re likely to need.

Work closely with your boat insurance agent to determine the right amount of coverage for your situation. Keep the value of your boat in mind, along with the potential risk factors and where and how you’ll use it. Since all of these factors play a role in your insurance rate and coverage, it pays to be considerate and do your homework.

Virginia Boating Accident Lawyer Richard Serpe

Richard Serpe has a Masters Degree (LLM) in maritime law from Tulane University School of Law, and has obtained the highest ranking (Proctor) from the Maritime Law Association of the United States. Richard Serpe has years of experiences protecting the rights of those that have been injured on the water. He knows how the insurers will do everything they can to minimize their financial liability, even if it is at the expense of decent treatment for the injured. If you’ve been injured in an accident because of someone else’s negligence, call us for a free case evaluation 877-544-5323.