As a boat owner, you know how important it is to protect your assets. You keep your vessel stored safely in a marina, and you conduct regular maintenance to ensure it stays in great shape. Practices like this can help you retain the value of your boat and shield it from liabilities, too. Even if you have boat insurance, though, you may still have exposures that leave you at risk. Umbrella insurance is one of the best assets you can invest in for covering these exposures and ensuring that you’re covered no matter what happens. Read on to learn how boat owners benefit from umbrella policies.
Protect More Than Your Boat
One of the greatest benefits of an umbrella policy is the coverage it provides beyond just your boat. Of course you want to keep your boat safe from liabilities, but you also need to protect its surroundings and any property that may be on it, too. These considerations aren’t always included in a typical boat insurance policy, but for many umbrella policies, they are. This additional coverage can be essential in the event of events such as theft or misuse.
Enjoy Affordable Coverage
Many people worry about the cost of an umbrella insurance policy, but the good news is that it’s typically quite affordable. In fact, according to the Insurance Information Institute, you may be able to get up to $1 million in annual coverage for as little as $150 to $300 in annual premiums. This expense is a fraction of the cost you might incur if you ever have to handle an incident that’s not covered by your standard boat insurance.
Take Advantage of Discounts
In addition to the affordability of umbrella insurance, you’ll find that you may also be able to take advantage of bundle discounts with your insurer. Many insurers offer deals for joining your existing home, car, or boat coverage with an umbrella policy, too. This allows you to expand your coverage and enjoy the benefits of a bundle deal. If your current insurer doesn’t offer all of the policies you need, you may benefit from finding a provider who does.
Minimize Personal Risk
Perhaps the greatest benefit of umbrella policies for boat owners is the mitigation of personal risk that it offers to clients. You need to be just as protective of your assets are you are of your boat. If an accident or injury were to occur, and you don’t have sufficient insurance coverage, your assets may be at risk. Litigation that emerged from an accident involving your boat, for example, may be covered by your boat insurance—but if a victim seeks damages in excess of your policy limit, there’s a good chance that you’ll be expected to foot the bill.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
