Although Oakley Insurance Group is located in Arizona, many Arizona residents and the residents of other states we service own boats and personal watercraft. Yes, there is water in Arizona.
Before we specify coverages for watercraft lets define the two coverages we’ll be addressing.
Personal Property: Personal property refers to the physical, tangible machines themselves.
Liability: Liability refers to financial liability you are legally responsible for paying, toward property damage and bodily injury to someone else. Liability does not cover you, your property, your guests, your guests’ property, or family members and their property.
In a homeowner’s policy under Coverage C – Personal property, only rowboats and canoes are covered. There is inclusion for some watercraft liability in a homeowners’ policy. Remember, liability does not pay for your property or your bodily injury.
Homeowners' Liability Covers:
While watercraft may sound like the ability to make something out of water, it is a general term for what we call boats, yachts, and other things that float. However, for insurance and legal purposes these things that float had to be categorized. For insurance there are three categories:
These three categories require different insurance coverages. While these standards are the basis for each watercraft policy, each company policy will vary.
Boatowners’ and watercraft polices were created by individual insurance companies to combine property, liability, and medical payment insurance. These policies are used to insure boats under a specific length, usually 26 feet, and under a maximum value such as $25,000.
Personal yacht polices are ocean marine forms that provide property and liability coverage in a single package. Inboard-motor boats, sailboats with inboard auxiliary power, and large pleasure boats are insured under a personal yacht policy. Owners of larger more expensive vessels would likely purchase a complete yacht policy which includes:
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