Click to CallEvery boat/watercraft insurance policy includes liability coverage. For many owners, this coverage will be sufficient, but some situations require higher limits to protect your investment. Birdsong Agency Inc., serving Snellville, GA, can help you find an appropriate liability level for your needs.
Assessing Your Boat Liability Coverage Needs
In general, upgrading your watercraft will trigger a need for higher liability coverage. Faster, more powerful boats can cause more significant damage in an accident, requiring higher limits. Larger vessels, including small yachts, also require higher liability limits.
If you operate your boat in a crowded or high-risk area, you also have a greater potential for accidents. Some marinas even require higher liability limits.
If you frequently carry or entertain passengers, consider adding liability protection. The presence of more people increases the possibility of mishaps. Increasing your liability limits will help protect your investment, as people may press lawsuits against you, even when you are not at fault.
Determining How Much Liability Coverage Is Enough
Many boaters carry $100,000 to $300,000 of liability protection for their boat/watercraft. But that may not be enough, depending on your situation. Calculating your net worth, including your home, savings, and investments, is a good starting point. A good rule is to have enough liability coverage to protect your net worth. If the figure exceeds what a standard policy provides, you can add umbrella coverage for maximum protection. Review your liability risk annually to ensure your limit is high enough.
Finding the right liability limit can be confusing, but Birdsong Agency Inc. is here to help. Contact us to learn how to protect your investment with a boat/watercraft insurance policy. We’re currently serving Snellville, GA.
