In Ohio, boat owners purchase insurance coverage to protect their investment. They need a policy that provides coverage based on certain liabilities that could emerge at any time. The liabilities could include accidents on the water or when transporting the boat. A local agency provides an Inland Marine Insurance Policy for these boat owners.
Navigational Limitations of the Policy
The policies may impose navigational limitations in terms of towing. The policyholder must review these limitations based on how far they travel in their boat. The towing services may be required when they are involved in an accident. The owner can increase the distance from the shore in which towing services are provided. With some policies, this could increase the overall cost of the premiums.
Liability Coverage for Accidents
Liability coverage is available for boating accidents that are the owner’s fault. The coverage pays for medical requirements for the victims of the accidents and property damage repairs. The coverage can lower the chances of a lawsuit for the owner. This coverage doesn’t pay for damages associated with the policyholder’s boat. The liability coverage is designated for accident victims only.
Coverage for Personal Belongings
Personal belongings that are stored on the boat are often included in the policy. The owner receives an allotted value for their belongings in most cases. If they store higher valued items, they may need to add a rider to their boat policy. The coverage is available for furnishings, electronics, and appliances installed according to the boat model.
An Agreed Upon Value
An agreed upon value is determined when the policy starts. This value is based on the current value of the boat if the boat is destroyed. The insurer provides the agreed upon value to the owner under these conditions.
In Ohio, boat owners purchase insurance coverage after they buy a boat. The coverage protects their investment based on the terms they choose for their policy. The policies provide them with liability coverage as well as replacement funds if the boat is destroyed. Boat owners who need an Inland Marine Insurance Policy can visit schlatherinsurance.com and request a free quote today.