InsureHedge is a market for boats, both large and small, and our insurance companies offer the breadth of coverage and unparalleled service that you and your investment deserve.
Key features we look for in a watercraft policy:
- Replacement Cost. In the event of a covered total loss, a good insurer will pay the replacement cost for watercraft that is insured for less than $1 million and is three years of age or less. Most average insurers do not offer this coverage.
- Agreed Value. For watercraft insured at $1 million or greater or over three years of age, a good insurer will offer “agreed value,” which essentially settles a covered total loss before it occurs. You and the insurer agree to your watercraft’s insured value at the time the policy is issued, and that is the amount you would receive in the event of a covered total loss.
- 12-Months Navigation. While many policies impose time constraints on when you can and cannot use your watercraft, a premium insurer provides year-round navigation coverage with seasonal navigational prices.
- Broad Navigational Limits. Automatically providing very broad navigational areas.
- Personal Effects Coverage. Premium insurers cover the on-board personal effects of you, your guests and crew up to $25,000. In addition, no deductible applies. Average policies impose low limits per item and generally do not provide coverage for crew or guests.
- Precautionary Measures. Pay up to $1,500 for the reasonable costs you incur to move your
watercraft out of harm’s way because it is endangered by a covered peril (i.e., named storms, marina fire).
- Emergency Towing and Service. For an emergency other than a covered loss, automatically provide coverage for the reasonable costs of emergency towing and service for your watercraft and trailer. No deductible applies.
- Marine Environmental Damage. If you cause harm to marine habitat through physical contact with your
watercraft, Chubb will pay damages you are legally obligated to pay, up to $10,000.
- Broad Medical Payments.Offer medical coverage for you, your guests and crew, up to $25,000. Average insurers provide half this amount.
- Uninsured Boaters Protection. Automatically provide up to $1 million to a covered person for
bodily injury resulting from a boating accident with an uninsured vessel.
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