What I Need to Know About Marine Insurance 

 October 25, 2013

By  LMW Attorneys

You likely have insurance coverage on many areas of your life, such as home insurance, car insurance and maybe even life insurance. Did you know that marine insurance is something that can make a huge difference in your life and help you in case of personal injury?

If you live in New Port Richey, FL and are at all active in the marine community, or just take a skiff out on the water every so often, read on to discover some of the advantages of marine insurance.

Marine insurance covers a variety of watercrafts. If you own a yacht, you know that maintenance and repair can be expensive. Florida is often prone to attack from tropical storms, which can cause considerable damage to your boat. When you buy marine insurance, you are protecting against the possibility of damages. Though it will cost something up front, boat insurance saves thousands of dollars when disaster strikes.

If boating is your business, marine insurance can help. In some respects, marine insurance is more vital to the commercial boat owner. For instance, if you make a living captaining charter boats, the functionality of your boats is necessary to your career. Marine insurance can lessen the costs of repair or replacement should something happen to your boat.

Marine insurance also ties into personal injury. It’s a particularly good idea to have marine insurance in case of personal injury on the water. Marine insurance doesn’t just fund boat repair and replacement, it can help pay for injuries involving your watercraft.

If you are injured in a case involving someone else’s watercraft and that watercraft is insured, the policy may help pay for your medical care. There are many different policies with many nuances, so talking to a personal injury attorney is wise before you make any major decisions.

If you routinely are out on the water, having your own marine insurance policy is wise and can save you money and grief. Though many marine insurance policies are geared toward industry, personal watercraft insurance policies are designed for the recreational user.

These policies protect the boat, but they also protect you if you’re, or someone else is, injured in the use of the watercraft. Most personal watercraft policies cover medical bills for those involved in personal watercraft accidents.

There are many types of marine insurance, but they all share the common goal of protecting people and the watercraft from harm. Should you find yourself embroiled in a personal injury case, marine insurance is often helpful.