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When you take to the water, protect your family, guests and your assets with marine insurance policy. Many of the insurance carriers we represent have developed package policies for pleasure boat owners that include physical damage, liability, medical payments and injury from uninsured boaters. Policies can vary between insurance companies depending on the type of boat (power/sail), size, speed, value and areas of navigation. A brief explanation of some terms follows:
- Physical Damage…provides protection for the boat, motors, and scheduled trailers as well as permanently installed electronics. Some policies extend protection to specifically described equipment such as PFD’s, coverings, anchors, deck chairs, etc and others offer protection for any equipment necessary to the operation of the boat.
- Liability…often referred to as Protection & Indemnity (P&I) on yacht policies, provides protection for bodily injury or property damage losses that you cause to others. Most policies define bodily injury to include medical care, loss of services and death. Most policies define property damage as destruction and loss of use of tangible property. The liability also provides coverage for the removal of a sunken boat in most policies. Yacht policies often extend the P&I to include maritime obligations to paid captains or crewmembers.
- Medical Payments…pays for reasonable medical expenses (up to a specified amount) of any person injured while boarding, leaving or on your boat. It is paid regardless of your legal liability, similar to a no-fault coverage.
- Uninsured Boaters…protects you from medical and related costs that you might be legally entitled to recover from the owner or operator of an uninsured boat.
- Navigational Territories & Warranties…should be carefully reviewed as they often restrict coverage to inland waters and streams, coastal waters or mileage limitations from shore. Most policies also have restrictions for pleasure use, periods of lay up and exclusions for power boats participating in organized races. Many policies have Implied Warranties of seaworthiness meaning the boat must be properly constructed, maintained and equipped.
- Towing & Assistance…covers the cost of towing and labor (up to a specified amount) arising out of the disablement of the boat.
Our trained insurance professionals will help you understand the different policy forms and match the best insurance company to your specific needs.
All policies contain limitations and exclusions. This description is general in scope and the specific policy language must be referred to in actual determination of coverage. Please consult your account advisor with questions.
Turner Barker Insurance is a subsidiary of Gorham Savings Bank.
Insurance products are offered through Turner Barker Insurance.
Product offerings and insurance sold are not deposit obligations of, nor
guaranteed by the Bank and are not covered by Federal Deposit Insurance.
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