How Does New Jersey Boat Insurance Work
Even though boat insurance isn’t required in New Jersey, private marinas and docks may require you to show proof of insurance. Your lender may also require boat insurance if you’re financing your watercraft.
Even if you’re not required to carry boat insurance, you may want to consider a boat insurance policy with liability coverage. This coverage may help safeguard your assets if you’re legally responsible for another party’s injuries or property damage. Boat insurance may also cover unexpected damage or loss to your watercraft, such as from theft or vandalism, when you carry comprehensive coverage.
Progressive insures over 1.6 million watercraft countrywide. Get a quote for boat insurance today and cruise on with confidence.
How Do I Report A Claim On My Boat Insurance Policy
*Boat and PWC coverages are underwritten by GEICO Marine Insurance Company. The TowBoatU.S. Towing Coverage Endorsement is offered by GEICO Marine Insurance Company, with towing services provided by the BoatU.S. Towing Program. Towing coverage only applies to the insured watercraft. This endorsement is not available in all locations and is subject to certain restrictions. Towing coverage is subject to availability and service may be restricted based on the location of the insured watercraft. Please speak to an agent to discuss details of towing services, limits, exclusions and coverage availability.
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
BoatUSâBoat Owner’s Association of The United Statesâis the nation’s largest association for recreational boaters providing service, savings and representation for over 50 years.
Luxury Private Yacht Ownership Exploded Exponentially All Across The Planet
The luxury private yacht ownership world exploded all across this giant blue marble and looks to continue to trend upwards in the years to come. A number of truly elite level luxury yachts recently completed their construction process , and high-end luxury yacht producers continue to pump out amazing seaworthy vessels at an almost alarming rate.
We are beginning to see a number of new construction materials prop up in the production and manufacturer of these boats, and high-end finishes galore are starting to creep into even the smallest personal and private yet spirit were talking about all different kinds of aluminum, amazing quantities of stainless steel, teak like you would have never believed, and other glass and precious material finishes found all
If you are lucky enough to live in Florida and have a large boat, you need to educate yourself on how to protect your investment. Buying Florida yacht insurance is not like buying car insurance. While there are some similarities, there are some differences that you should be aware of when seeking out coverage.
One of the main things you need to establish upfront is the value of your yacht. This is an important point because in the event something happens to your vessel, you want to make sure that you will be receiving the correct replacement value.
The Coast Guard reminds everyone of the boaters
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What To Look For In A Policy
Its best to work with an agent as youll have many policy options. You can choose an Agreed Value policy which pays for a replacement of a boat of the same kind and quality. Alternatively, a Stated Value policy compensates you for the value of your boat up to the policy limit, less depreciation.
Boat policies are either named perils or all perils policies. All perils policies protect you against all risks, unless theyre specifically excluded in the policy. However, you may need to take risk mitigation measures such as providing them with a hurricane plan if you want them to include wind coverage in hurricane-prone Florida.
A named perils policy typically protects you from risks such as theft, vandalism, lightning, fire, grounding, sinking, and lost or stolen belongings. Generally, your policy can provide the following coverages:
- Personal property or vessel damage sustained on the water or trailer, less the deductible
- Liability coverage for damages to others
- Medical payments coverage for you and your guests after an injury
- Uninsured boaters coverage for property damage or injuries caused by an uninsured boater
- Towing coverage
A boat insurance policy limits the navigational territory. If youre traveling outside of your insured territory, you may need a policy endorsement.
Actual Cash Value Or Agreed Value
Its important to understand what youre buying when you choose a watercraft policy. Actual Cash Value Coverage considers the cost of replacing your boat, less depreciation. Agreed Value Coverage does not include depreciation.
Agreed Value Coverage costs more initially, but you know how much youll get for a total loss. You also receive a new replacement of like kind and quality for any equipment lost, but no matter which policy type you choose, you must pay your deductible first.
Discuss your needs with your independent insurance agent or broker. If you rent or lease your boat or use it for commercial purposes, you need specialized coverage beyond a standard watercraft policy.
Your agent can often bundle your boat insurance policy with your home or auto insurance for savings.
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Boat And Yacht Insurance
Are you looking for quality yacht insurance in New Jersey? Thats why we have New Jersey boat insurance available the most important investment that anyone can make. At R.K. Hughes, Inc., we deliver comprehensive solutions by offering boat and yacht insurance packages that can be tailored, in order to accommodate your needs, fit your budget and help you live your life feeling confident knowing that you are covered, in the event of an accident.
You love the great outdoors and cruising the waterways, so the last thing you want to worry about is if your investment is properly protected. Just like any other major investment, your boat and yacht need the correct insurance coverage so you can focus on just having fun. Having yacht and boat insurance can provide you coverage during the event of a collision, provide liability for bodily injury and/or property damage, as well as provide you with gas, towing, and assistance, if you and your boat become stranded. Our available plans differ and can be explained in detail by one of our qualified agents, who can help you compare your options and ensure that you shop carefully for the best coverage.
Progressive Simplifies Boat Insurance
We give you the freedom to boat wherever youd like on any lake or river in the U.S., plus ocean waters within 75 miles of the coast. And, we drop the common requirements and restrictions other insurers may force on you, so you get the protection you need to get on the water right away. For example, we dont require a navigation plan or marine survey, which could cost around $600 for a 30-foot boat.
Small Boat Insurance
What is the best coverage for my boat?
It is best to have what is known as an All Risk policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturers defects, defects in design, and ice and freezing.
How much should I insure my boat for?
You should insure your boat for the amount it would cost you to replace it with like kind and quality. This is called Agreed Value or Stated Value coverage, and in the event of a total loss, will pay the full insured amount. Beware of policies providing Actual Cash Value coverage, which means the value of your boat will be replacement cost less depreciation.
What other coverages can I expect with my policy?
The following are standard coverages with standard deductibles and average limits:
Who is allowed to operate my boat?
I live in an area where I cant use my boat in the winter, but my lender requires it be insured year-round. What can I do?
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Does Your Nj Business Need Inland Marine Coverage
Operating a business on the East Coast means that you more than likely receive product on cargo ships. As a wholesaler, you understand that delivering your goods on time and in fair condition is essential to your success. In order to safeguard your product from potential damage or loss in transit from the shipping dock to its final destination- your business- dont hesitate to implement a Clifton Inland Marine Insurance policy.
An inland marine policy covers a wide range of risks that you might not expect. According to International Risk Management Institute, inland marine is property insurance for property in transit over land, including certain types of movable property, instrumentalities of transportation , and also covers legal liability exposures. Further, it also covers products in custody of a bailee- or a person who assumes temporary custody for the purpose of a service such as repair. Although the construction and transportation industries account for an estimated 65% of the policies, any shipment that needs transit or any moving property can be classified as inland marine.
Examples of products that would benefit from this coverage include, but are not limited to, builders risk, fine arts, motor truck cargo, instruments, high value jewelry, medical and construction equipment, and exhibitions. If your wholesale industry provides any of the above listed goods, it is critical to protect them completely with an inland marine plan.
Why Purchase Boat Insurance
Boat insurance can go a long way in helping you and your loved ones if disaster strikes. Most homeowner insurance policies might provide limited coverage for property damage to small boats, like canoes or smaller sailboats. This coverage is very basic, and liability is usually not included.
To make sure your boat is completely covered in the event of an accident, purchasing boat insurance should be in your best interest. A boat insurance or overall personal watercraft policy can cover the following:
- Bodily injury
- Medical payments
If you own special equipment for your boat, such as fishing gear, check to make sure whichever policy you choose might be able to have it covered. Some insurance policies also have a deductible in case of catastrophe or natural disaster.
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Trailering Bonus: Trip Interruption Coverage
Another policy add-on that boat owners may not be aware of but can prove especially handy is trip interruption coverage. This gem can really be a lifesaver in the event that something goes wrong with your boat trailer when youre on the road and far from home.
Imagine that youre on the way back from a relaxing boat vacation- and traveling back to your home slip or boat storage location. Its late, youre on the highway in the middle of somewhere far from home, and your trailer breaks down. Boat trailers are specialized equipment, so it may take a day or two to get the needed fix. Youll need to find and pay for a place to stay, and you could incur additional trip-interruption related costs. Thats where your trip interruption coverage comes into play, providing coverage of reasonable and temporary out-of-pocket expenses for transportation, lodging, and meals in the event of a covered loss or damage to your boat or trailer.
Consequences Of Operating A Boat Under The Influence
Alcohol use was the leading cause of fatal boat accidents in 2019, according to data from the U.S. Department of Homeland Security and the U.S. Coast Guard.
Like drinking and driving, operating a boat under the influence of alcohol or drugs is illegal in every state. Also, federal law prohibits boating under the influence , which the U.S. Coast Guard enforces. This law prohibits all boaters from operating vessels while under the influence, even foreign boats in U.S. waters.
Penalties for drunk boating vary by state and jurisdiction of the waters but can include:
- Large fines
- Suspension or revocation of boat operator privileges
- Suspension or revocation of drivers license
- Jail time
In addition to facing state and federal penalties, you may get severe consequences from your insurance company. For starters, if you get into an accident as a result of operating a boat under the influence, your insurance company might only pay out a liability claim against you. It might not cover damage to your own boat. Your insurer could also decide to cancel your boat insurance coverage after a drunk boating accident.
If youre convicted of BUI with no accident, your insurer could still drastically raise your boat insurance rates or, worse, cancel coverage. While you might be able to find other boat insurance coverage after a cancellation, youll likely have to pay significantly more for a new boat insurance policy.
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Do You Need Boat Insurance In New Jersey
Categories: Legal Topics.
Summer is here, and that means New Jersey residents who own a boat will be flocking to lakes, bays, and the Atlantic Ocean to take their marine vessel out for a spin. But you may be wondering if you are required to insure your boat? The answer to that is a little complicated.
In New Jersey, you must register your boat before you even consider insuring it. If you operate a boat for 180 days or more, it needs to be registered. You must also register your boat if you rent, lease, or maintain the property for storage of the boat. To use New Jersey waterways, all boats longer than 12 feet in length must be titled at a Motor Vehicle Commission Agency. Aside from those strict stipulations, boat insurance is not a requirement in the Garden State. But, you still may purchase it. You might wonder why boat insurance would be a good idea?
Differences From Homeowners Insurance
Many homeowners insurance policies offer limited coverage for boats.
They can work for small boats but these policies may not cover some risks specific to marine issues, such as wreck removal, environmental damage, pollution, and salvage work.
Therefore when dealing with any sizable boats, boat insurance is the best option.
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Do You Need Homeowners Umbrella Insurance
Its easy to make the case that everyone who owns a home needs a homeowners liability policy. Why? Because accidents happen to everyone, and it can save a homeowner from financial ruin if they encounter the unthinkable. Plus, umbrella policies dont necessarily cost much more than the standard homeowners insurance policy does. Keep in mind that the average premium for homeowners insurance in the US is $1,015 annually.
The base umbrella policy of $1 million in coverage often costs between $150 and $300 per year. The next million in coverage adds about $75 more a year. The next million and all subsequent millions after that run at about another $50 per year per million. So, adding an umbrella policy to your homeowners insurance likely wont cost that much more for what youre getting a lot of extra coverage.
Still, some people have more incentive to get homeowners umbrella insurance than others. Those who have a lot to lose should get umbrella liability insurance. Wealthy homeowners would be wise to get an umbrella policy for their homes if they have a lot of valuables that exceed what their standard policy covers. This population may get sued more as well. A homeowners liability umbrella policy could cover the costs associated with a lawsuit.
Heres How A New Jersey Independent Insurance Agent Can Help
When it comes to protecting boat owners against accidents, theft, and all other perils, no ones better equipped to help than an independent insurance agent. New Jersey independent insurance agents search through multiple carriers to find providers who specialize in boat insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.
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What Is The Cost Of Boat Insurance In Florida
Some homeowners insurance policies offer limited coverage for boats and watercraft. Coverage for damages to the vessel is usually limited to around $1,000 and only applies to some damage. Homeowners liability insurance may offer some coverage if you caused bodily injury or property damage to others, but there are restrictions depending on the type of boat. Personal property that you bring on the boat may be covered if it is lost or damaged, but not if it is used only on the boat.
The cost of boat insurance depends on a variety of factors, such as:
- Your boats value,
- Where your boat is stored and its navigational territory,
- The size of your boat and what type of vessel it is,
- How often your boat is used and for what purposes.
If your boats are operated off the coast, as opposed to inshore areas, boat insurance rates will be higher. The coastal areas are more prone to hurricanes and storms, therefore, you will typically pay higher premiums with larger deductibles given the increased risk of storm damages.
Whether you are a full-time resident of Florida or only spend a portion of the year in the state will impact the cost of boat insurance. Theft is more common in certain regions, and owners that dont regularly use or monitor their boats can be considered a higher-risk.
Boat Insurance Offers Broad Coverage
A New Jersey boat insurance policy protects you from disasters. These usually includes losses such as sinking or capsizing your boat, having a fire or explosion onboard, theft, collision, storm damage, and the costs associated with stranding.
Your policy protects you and your passengers, other boaters, the motor, boating equipment, your boat, and sometimes, but not always, your trailer.
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