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Do I Need Boat Insurance?

You may not be required by law to have boat insurance, but that doesn't mean you don’t need it. A few states require that you have liability coverage on boats used in state parks or kept in state-run marinas. To find out if you are legally required to have boat insurance, give us a call at Mosaic Insurance.


Even if your state does not require you to carry boat insurance, your bank will if you have a loan on the boat, and your marina might.  You won’t be able to get a loan on your boat without providing the bank with proof of insurance that covers the full value of the boat in the event of a loss.  The bank gets listed as the lien holder on the policy so that if any loss payments are made they’ll be listed as a co-payee on the check.  Most marinas require proof of liability insurance before they will accept a contract for a slip or a mooring and some will want to be listed as an additional insured on the policy.


Boat insurance is designed to address the specific needs of boaters.  Most boat policies cover a broad array of disasters that could happen to your boat, including theft, vandalism, lightning, fire, grounding or sinking, as well as lost or stolen belongings.  Look for options that will protect your personal items such as water sports equipment and fishing gear as well as provide towing coverage in the unfortunate event of a breakdown.


The more your boat is worth, the more important insurance becomes to protect yourself from financial loss. Even if you are not otherwise required to have insurance and your boat is not worth very much, you should still consider insuring it.  A collision with a small powerboat can cause serious injuries, and even if you are not found liable for those injuries, you could end up spending a significant amount of money in legal fees to defend yourself.


If your are interested in purchasing a boat insurance policy please give us a call 928-458-7374



Posted to: Watercraft and Boating Insurance


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