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Hogans® Agency

220 High St.
Chestertown, MD 98765

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Boat/Watercraft Insurance

People purchase boats for a variety of reasons. There is nothing better than a nice day on the water relaxing or fishing. Some people purchase a boat because fishing is more than a hobby to them, it is a business. Further, some people purchase a boat for water sports, such as water skiing, parasailing, swimming in the open water, and scuba diving.

If you purchase a boat for any of the above reasons, it is important to purchase a boat/watercraft insurance policy.

Boats can be very expensive. If something were to happen on the water, such as a collision with another boat, a collision with a rock or standing object, of if the boat runs ground, it can be damaged or destroyed. If the boat is on the water during a severe storm, it can sink. Any of these situations can result in a total loss. If you have taken out an insurance policy on your boat, your investment will be protected.

While some states do not require boat owner to have insurance, it is highly recommended. There are two types of boat insurance. The first is an Agreed Value Policy. This policy pays you an agreed value of the vessel in the event of a total loss. If you need repairs on your boat, you are paid on a “new for old” basis. The second type is an Actual Cash Value Policy. This type give you the actual value on all covered property. It is important to understand that property losses are subject to depreciation.

Not only does your boat need to be protected, the people on the boat need protection as well, in the case of an accident. Without proper insurance, you could be responsible for any physical injuries and property loss of the passengers on your boat, and the passengers on the other boat involved in the accident.

If you have questions regarding boat insurance, it is a good idea to contact independent insurance agents, to get quotes so that you can find a policy that fits within your budget. Unless you have owned a boat in the past and had a policy, you may not understand much about boat insurance policies. The professionals at Hogans Agency, Inc, one of the leading boat insurance agents, would be able to let you know the types of coverage available, and how each can help you in case of an accident or natural disaster. The last thing that any boat owner wants is to be caught without insurance if they are involved in any type of boating accident.  

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