Whether you get out on the water every day at sunset or you just like going fishing on the weekends, boating is a pastime enjoyed by many in Bermuda. But no matter how well you know your boat or how carefully you stick to boating safety rules, there’s a chance you could end up in a collision or other incident on the water, or that your vessel could somehow become damaged while it’s moored.
Having
a good marine insurance policy is the best way to protect your boat in case of a collision, fire, theft, sinking at the mooring, severe weather, or a liability issue. Without marine insurance, you’ll be stuck paying for expenses out of pocket. Before you put your boat in the water, learn what’s covered by marine insurance and protect your boat with the best policy available.
What is covered by marine insurance?
Although you are not required to insure your boat by law, adequate marine insurance is as essential for boat owners as motor insurance is for drivers. Whether the boat of your dreams is a centre console, a racing yacht, a commercial fishing boat, or anything in between, marine insurance can protect you from a wide variety of expenses you might face if your boat is damaged, or if you accidentally cause an injury, a death, or damage to someone else’s property while on the water.
Third-party liability coverage for boaters
Third-party liability coverage protects you from the costs you might face if you’re held legally responsible for causing an injury, a death, or damage to someone else’s property while you’re on the water. Even if you decide not to insure your boat for physical damage, we recommend third-party liability coverage to every boat owner.
Comprehensive marine insurance for physical damage or loss of your boat
In addition to third-party liability coverage, comprehensive marine insurance will pay to repair or replace your boat if it’s damaged or lost due to a variety of situations, including:
- Boating collisions
- Severe weather such as windstorms and hurricanes
- Sinking while moored
- Theft while moored or while in storage
- Fire
The best way to protect yourself from these unexpected expenses is with a comprehensive marine insurance policy.
Get a quote for marine insurance from BF&M
If you’re ready to protect yourself and your boat,
get a quote and buy marine insurance before you head out on the water. If you’re a safe boater and have had no claims, accidents, or boating offences, you could save up to 30% off your premium.
Have questions about BF&M’s marine insurance options for boaters? Give our team a call at +1 441 295 5566 today.