Owning and operating a watercraft is associated with several unforeseen risks. Watercraft insurance is meant to protect boat owners from risks that could result in financial loss. Some of these risks include sinking, theft, collision, explosion, and fire as well as to cover the costs of liability lawsuits and medical payments. Monterey Insurance Group provides this type of insurance coverage for anyone living in Maryland, Virginia and North Carolina.
Liability insurance coverage
If your boat injures someone or damages property belonging to a third party, this insurance will protect you against legal liability. The boats medical coverage will pay for expenses related to medical care up to the limit of the policy.
Damage caused by insured loss
Whenever you are operating your watercraft, there is a possibility of the boat being damaged by events such as fire, sinking, or capsizing. This type of insurance can restore you to your financial position after the loss.
If the insured loss damages your watercraft, you will need to remove the wreck from the water. This process is bound to cost you money. The insurance company will come in to help meet the costs of retrieving the wreckage.
Your watercraft may require emergency repairs from time to time. If this happens at a time when you do not have the money to pay for emergency repairs, your insurance coverage will help you to settle the expenses.
When repairs are done on your boat to prevent further damage, this type of insurance will meet the costs of such reasonable repairs.
If you have just acquired a new boat and are looking for watercraft insurance in Maryland, Virginia or North Carolina, kindly contact Monterey Insurance Group. Our friendly staff will guide you through the process of buying the most appropriate insurance for your needs. If you have any questions or concerns, don’t be afraid to call.