Personal Insurance

Boat insurance covers:

• • Bodily injury—for injuries caused to another person
  • Property damage—for damage caused to someone else’s property
  • Guest passenger liability—for any legal expenses incurred by someone using the boat with the owner’s permission
  • Medical payments—for injuries to the boat owner and other passengers
  • Theft
  • Most companies offer liability limits starting at $15,000 and which can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft, and $1000 for medical payments.
  • Higher limits may be available. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home, and car.

Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered and verify that towing coverage is included in the policy.

Boat owners should also inquire about discounts including:

• • Diesel powered craft, which are less hazardous than gasoline powered boats as they are less likely to explode
  • Coast Guard-approved fire extinguishers
  • Ship-to-shore radios
  • Two years of claims-free experience
  • Multi-policies with the same insurer, such as a car, home, or umbrella policy
  • Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons, or the American Red Cross.

FAQ

What Is The Difference Between Boat & Yacht Insurance?

Learn the difference between boats and yachts below so you can make an educated decision on what your insurance needs are.

Generally, “boats” are considered to be 26′ and smaller, and “yachts” are 27′ and larger. Generally speaking, yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.

Who Is Allowed to Operate My Boat?

The people who are allowed to operate your boat is dependent on your insurance policy.

Most policies will allow anyone to operate your boat so long as you have given them permission. There are exceptions, of course, especially with high performance boats or personal watercraft so always read your policy.

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

• • Replace income for dependents
  • If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
  • Pay final expenses
  • Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
  • Create an inheritance for your heirs
  • Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
  • Pay federal ‘death’ taxes and state ‘death’ taxes
  • Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal ‘death’ tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level ‘death’ taxes.
  • Make significant charitable contributions
  • By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy”s premiums.
  • Create a source of savings
  • Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner”s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of ‘forced’ savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).
  • We are independent agents that provide life insurance from multiple NJ life insurance companies to clients throughout NJ.