Many boat owners in Moberly, MO like to lend their boats to their friends and assume everything will be okay since the vessel has boat insurance. However, this might not necessarily be the case, depending on your insurance type and other factors.
What Happens if I Have Standard Liability Coverage?
Most boat owners go for basic liability coverage for their boats because they want some protection for their vessels, and it’s cheaper. This provides coverage for physical damage against your vessel, passengers, and other items listed in your policy. However, this policy ceases to provide coverage if the person who was driving the boat at the time of the incident isn’t named in your policy. Therefore, if you loan your vessel to someone and they get into an accident, and the boat has standard liability coverage, you will have to take care of the damage out of pocket.
What if I Have Umbrella Coverage?
An umbrella policy covers you and anyone you can loan your boat to. This policy will cover damage resulting from an accident whether you, your family members, or anyone else was driving the vessel. At Swartz Premier Group Insurance, this is the coverage that we recommend that you get.
Keep in mind that although you have an umbrella policy, your claim will be denied if the person you lend your boat was driving the vessel;
- Without an appropriate boating license
- They were running a business or taking part in a commercial transaction
- Paid you, or you paid them to use your boat
- They were drunk beyond the legal limit
- They didn’t have the necessary safety equipment like a first aid kit and life jacket
- They weren’t wearing a life jacket
Do you need to get umbrella insurance for your boat in Moberly, MO? Call us at Swartz Premier Group Insurance for the best umbrella boat insurance offer.
