Your new boat or watercraft can bring you many hours of enjoyment, but only if you provide it the proper care. That means maintenance, insurance, and proper operation. While the operations and maintenance are up to you, let Liberty Brokers Corp. of New York help you with the boat or watercraft insurance.
New York state does not require you to carry insurance on your boat or watercraft, but it is a smart idea if you do. You can be liable for an accident you cause on the water, just as you can be liable for an accident you cause driving your car.
While the state does not require insurance, your county, city, or the marina where you store your boat may. Your bank requires you to insure your boat or watercraft if you financed it through them.
If you travel to another state for the summer, you’ll need to adhere to their laws. The states of Arkansas, Hawaii, and Utah do require minimum insurance for boats or watercraft, just as each state does for automobiles on the road.
It is a good idea to obtain a reasonable bodily injury/death and property damage insurance policy whether you are required to by New York state or not. In the case of a bank requiring insurance, you’ll need to cover the full value of the boat, fulfill its minimum requirements for coverage, and list the bank as lienholder on the policy. The latter designates the bank as co-payee on any loss compensation. Any port or marina you use will require you to carry boat insurance, and each will set its own requirement. This could be as simple as a bodily injury/death and property damage insurance policy or a requirement of full coverage. It will also specify the amount, but a typical range is between $300,000 to $500,000. You must provide proof of insurance before signing the contract for a slip or moor.
Let Liberty Brokers Corp. of New York help you with a boat or watercraft insurance policy. Contact us today to learn more about your option and to acquire a quote.