Yacht edgeThe feeling of being out in the open water, sail high in the air, and no cares in the world can be the best reason to purchase a new sailboat. If you are making the decision to buy a sailboat, it’s important to obtain the proper insurance on it, much like you would for any vehicle you own. Sailboat insurance should protect the vehicle itself through comprehensive property insurance. However, it should also have a liability component to it. How much liability insurance do you need? What can you expect to obtain in these situations?

Why Do You Need Liability Insurance?

After all, you plan to sail away from everyone else, why do you need this type of insurance? In short, every vehicle needs liability insurance. Sailboat insurance protects other people from damage that you cause with your sailboat. The most common types of claims for these policies include:

  • Excessive speed claims
  • Operator inattention
  • Improper lookout
  • Operator inexperience

You still may be thinking that you cannot make these mistakes. However, you could face a lawsuit if a passenger falls overboard, your damage (or destroy) a dock that belongs to someone else, or you have to pay legal fees as a result damage to a person’s property. Most sailboat liability insurance plans should include:

  • Wreckage removal cover to help remove any debris that happens after a covered incident
  • Bodily injury liability which helps cover the costs associated with injury to another person such as their medical bills, rehabilitation, hospitalization, or even resulting from death
  • Property damage liability helps cover damage done to another person’s dock, boat or other property
  • Pollution liability helps cover instances where fuel is spilled

How much cover you needs depends on the size of your boat, the frequency of use, other claims you’ve had, and the amount of protection you want. Policies can be as small as $100,000, but having $1 million or more can be beneficial because of the high risk (and costs) associated with lawsuits today.

Don’t overlook the importance of boat insurance. Even if you are in a small sailboat off an empty lake, you’ll still want to have this level of protection in place to safeguard your finances from the high costs of losses.

Are you covered? Call Casey Insurance Group at (888) 537-1412 for more information on Florida boat insurance.

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