Boat insurance may not seem necessary. Many of today’s boat owners put a lot of time and effort into protecting their boats. And you may spend a good deal of time out on the open water, far away from other people. Yet, boats, like most valuable assets, need insurance protection to safeguard that value. The good news is that you can get an affordable policy that reduces your risk of financial loss. Take a closer look at the most common claims against boat insurance policies. 

#1: Severe Storm Damage 

Each year, millions of dollars in claims are made against boats damaged in severe storms. Hurricanes are the highest costing type of storm for these boats. Depending on where you live and sail, you may need specialized coverage for this type of risk. 

#2: Sinking 

 Depending on the type of boat you have, the type of insurance and the cause of the sinking, this is one of the highest risks boat owners face. Sinking that is unpreventable or accidental is often covered, though sinking from poor maintenance is usually not covered.

#3: Striking a Submerged Object 

Another common claim against boat insurance has to do with striking a submerged object. If you hear a loud sound coming from below while operating your boat, you may have done significant damage to the hull. Structural damage to boats brought on by these strikes is common. 

#4: Fire and Explosion 

Boats are at a high risk for fire damage and even explosions, especially when fuel kept on board is not properly stored. In addition, faulty wiring is also a common cause of this type of claim. 

#5: Collision 

Boats should never touch another object because of the risk of damage, but it happens even to the most experienced owners. Collisions can occur from inattention, blind spots or accelerating too fast. In accidental situations, boat insurance may cover the losses. 

Your boat insurance is there to minimize your risks, but you also need to take whatever steps you can to minimize these types of risks from occurring. With the right procedures in place, you can do that and save yourself from making too many boat insurance claims. Be sure your insurance policy is comprehensive enough to cover all of these risks. 

Get the protection you need. Call B.I.A. & Company at 877-597-6371  for more information on boat insurance.