Watercraft & Boat Insurance
Watercraft & Boat Insurance Information
For insurance purposes, the term, "watercraft," includes all types of boats including jet skis. The coverage for the boat itself is referred to as hull physical damage. Most watercraft policies cover boats on an actual cash value basis. In other words, if your boat is completely destroyed, you will receive the actual cash value of the boat based on replacement cost minus depreciation. It is important that you research the value of your boat (speak to your dealer and use the internet to arrive at a value) to confirm that your coverage level is adequate.
The typical watercraft policy also includes coverage for bodily injury of property damage. This means if you hurt someone or damage their property while using your watercraft, you will be covered (subject to the policy language).