Anyone who purchases a new vehicle, house, or boat often seeks a comprehensive insurance policy to protect their new investment. However, unless you ask your insurance broker a lot of questions, you may find yourself surprised when your claim is denied under an exclusions clause.
Common Boating Exclusions
The team at Merrimac deals with many insurance policies and claims, and they know how important it is to understand the exclusions of your policy. Here are some of the more common boat insurance exclusions.
- Repairs or replacements as a result of general wear and tear associated with gradual deterioration and saltwater corrosion.
- Damage from marine life such as sharks, whales, or octopi.
- Damage caused by infestations of mold, animals, or insects whether in storage or during use.
- Repair or replacement parts for machinery or equipment that has deteriorated, been used improperly, has a production defect or has never received proper maintenance.
- Damage or loss stemming from improper storage, securing, or towing.
- Loss or damage associated with boating accessories such as life jackets, GPS equipment, modifications, or the anchor.
- Damages incurred through sporting or boating competitions or improper use.
- Loss or damage that arises during an accident when an un-named insurer is behind the wheel.
Don’t be caught off guard. Know the exclusions before you sign the insurance contract.