Reduce Risk
It’s the start of a new boating season and there is a lot of activity going on. Boats are being upgraded with new electronics, sanded, painted, and waxed. One element of the prep process that you, the owner, should handle is the paperwork review. Is your registration up to date? Is you mooring or slip fee paid? Is your policy still the right fit for your needs?
Insurance policies can be written to reimburse you for the “market value” or “agreed” value of your boat. It’s possible that the payoff associated with each could be substantially different, so you’ll want to double check the best approach for you. Another area to pay attention to is liability coverage, namely, what happens if someone gets hurt. Medical costs can be extraordinary, so you’ll typically want to control your exposure there. A third area to note is hurricane coverage, as most insurance companies will pay at least part of the expense associated with removing the boat from the water before a named storm. The list of important points is, of course, much longer, but you get the idea.
Lots of things are happening at the beginning of the season. Be sure to cover your responsibilities to ensure your summer voyage is a smooth one.
