Category: Boat/Watercraft Insurance

Alabama offers boat owners convenient access to some of the most beautiful waters in the south. Yet, even sunny Alabama isn’t ideal for boating year-round. Frugal boat owners may be tempted to forego carrying year-round boat insurance, but Southern Risk Associates serving Foley, AL advises otherwise.

Here are four reasons why you should maintain year-round boat insurance:

1. Lenders May Require It

If you’re making payments on your boat, your lender will require you to have year-round boat insurance coverage. Since the boat is technically still theirs until the loan is paid off, they want to be sure they can recoup their loss if anything happens. Letting coverage lapse during the off-season could put you in default, with financial or legal penalties.

2. There’s Risk on Land, Too

Even if you take your boat out of the water during the off-season, that doesn’t protect the boat against all risks. Hurricanes, tornadoes, floods, and even freak accidents can damage even the most well-protected boat. It’s not worth losing your investment just to save a few premium payments.

3. Homeowner’s Insurance Isn’t Sufficient

Sometimes boat owners let insurance lapse, thinking that their homeowner’s insurance will cover the boat. However, homeowner’s insurance coverage will be much more limited, and there’s a good chance you’ll find yourself footing the bill for expensive repairs or replacements if you opt for this strategy.

4. You’ll Miss Out on Rare Opportunities

Without insurance, you can’t safely take your boat out. This means that you’ll miss out on those occasional times during the off-season when the perfect boating days occur. Instead, you’ll be at home wishing you had kept year-round coverage.

We Are Here To Help

Southern Risk Associates serving Foley, AL helps boat owners in the area to obtain and manage boat insurance all year round. Contact us to get started today.

The law does not compel boaters in Foley, AL to purchase boat insurance; however, most lenders will require that you do so. In addition, many marinas make it mandatory that boat owners carry insurance before being allowed to use their facilities.

Why Boat Insurance When Your Boat is in Storage?

One common misconception Foley, AL boaters sometimes have is that their boats don’t need to be insured when they are in storage. For this reason, it’s important to evaluate coverage of other policies to see if you’re exposed to risk.

It is possible that a homeowners policy will cover a small vessel, but it often has to be one that is under a certain size, such as a canoe. Sailboats that travel under 25 miles per hour may also be included, but even so, this coverage is usually limited. 

A separate boat policy can be tailored to fit the exact parameters of your circumstances, and a Southern Risk Associates representative can help with your specific needs in this area. 

For example, larger boats can be subject to severe loss in the event that the storage facility catches fire. While in storage, your boat can experience damage due to windstorms, hail, hurricanes, or tornadoes. You can also be a target of theft of accessories, personal effects, or costly equipment. 

In addition, your watercraft may be exposed to mold or insects that can wreak havoc or even to burrowing animals who can chew through wires or other vital electronics. There is also the risk of people being injured on the boat while performing due diligence and the medical bills that can ensue.  

Get Boat Insurance Today

Make sure to contact Southern Risk Associates with your questions about boat insurance. We can help in your situation and invite you to call, visit us online, or stop by the office in person. 

Boat insurance has two main areas of cover. These are property damage and liability. Do you know what kind of insurance you need for your boat, and are you covered for liability? Southern Risk Associates serving Foley, AL is on hand to assist you in reviewing your policies to make sure you have adequate coverage.

Property Damage Liability

Property damage liability is insurance that provides financial cover if you are legally liable (responsible) for the accidental damage of someone else’s property with your boat. Think about your auto insurance. There is likely a section like this in your policy. A boat is no different. It is not always on the water, and there is always the possibility that you might accidentally damage someone else’s boat or water ski while having fun on rivers or lakes.

Bodily Injury Liability

This aspect of liability insurance provides cover for third parties who are harmed due to your boat or watercraft. Even small injuries can rack up extensive medical bills, and bodily injury liability will help to take care of the bills. If there is a lawsuit, then there may be a proviso for legal costs depending on how your policy is set up.

Fuel Spill Liability

This is a lesser-known but no less important type of liability insurance that may cover you for claims against mop-up operations and fines you incur due to the accidental spilling of fuel or oil from your boat that affects the environment.

Act Now!

Have fun the responsible way and contact Southern Risk Associates serving Foley, AL today about boat insurance and making sure you are covered in the event of legal liability!