Boating is a popular recreational and business activity in Lees Summit, MO. As a boat owner who uses their boat for commercial purposes, you have likely been advised that you need to get a marine hull and liability policy severally. Although these two insurance policies are usually bundled together, they are quite different.
So, what’s the difference? Hull Insurance provides coverage for physical damage to your vessel, while liability insurance commonly covers passenger and third-party injuries and third-party property damage. Having both policies gives you and your commercial boat operations 360 insurance coverage.
Who Requires Marine Hull and Liability Insurance?
At Epic Insurance, we recommend that private and commercial watercraft owners and operators and other associated businesses get hull and liability insurance. This includes ferry operators, fleet owners, ship owners, charter and tourist boat operators, persons and companies with loans on vessels, and work and tug boat handlers.
What Marine Hull and Liability Covers Should You Consider?
- Vessels/hull insurance takes care of accidental loss or damage to a watercraft anywhere within the predefined navigational limits listed in the policy. Your boat will have to be valued and inspected to set an agreed value for the insurance.
- Liability insurance is available as a stand-alone cover or an extension to the vessels/hull insurance. Limits for the policy can be agreed on based on territorial limits, use, and vessel type.
- Ship repairers’ liability is coverage against legal liability for ship repairers if loss or damage occurs to a boat in their care, control, or custody.
- Ship builders’ risk provides coverage to ships under construction or conversion. It protects against physical loss or damage during launching, sea trials, and other liabilities that may arise due to the build.
Do you need help with marine insurance in Lees Summit, MO? Contact us at Epic Insurance, and our highly experienced and friendly insurance agents will help your figure out marine insurance.