Whether you’re into sailing, fishing, diving, or just relaxing on the open water, there are few experiences that rival captaining your own boat. But a marine craft represents a significant responsibility, as well as an investment that you’ll want to protect. Most marine insurance policies safeguard your craft, its contents, and its occupants while your boat is in operation. But is your insurance policy doing enough to protect you and your craft when your boat is off the water?

Who’s Protecting Your Boat When You’re Not Around?

When your boat is not on the water, it must be stored somewhere. It could be on a trailer or at a dock on your property, moored at a marina, or in dry storage at a third-party site. You may not be aware of it, but where your watercraft is stored and how it is protected may be stipulated by your boat insurance policy. Your policy may even stipulate where and when you can operate your boat and at what time it can be used. Because boat insurance policies are unique to the watercraft they’re protecting, many can include warranties that require you meet certain requirements—and failure to meet these requirements can void your policy’s protections. Check your existing marine policy’s requirements thoroughly to ensure that you’re not leaving yourself vulnerable. And ask your insurer about policy options that could close any gaps in your coverage.

Insuring Your Craft during the Off-Season

Even when your boat is in storage, it’s not free from risk. Events such as vandalism, theft, fire, and storm damage can affect your craft anytime and anywhere. An experienced marine insurer can review important factors such as your boat’s age, value, use patterns, and storage location to help you create leak-proof policy options that make good financial sense. Your homeowner’s policy may only protect your craft while it is on your property and up to a very low limit. If you store your boat at a marina or in dry storage that is not on your property, you may be not be covered in the event that your craft is damaged or destroyed. Check both your marine policy and your homeowner’s policy to ensure that are always covered.

Where and How you Store Your Boat Can Affect Your Premium
Just as auto insurers must assess the risk of where and how a car is kept when not in use, marine insurers must examine where and how your boat is stored to adequately assess risk and assign premiums. Insurers will look at various factors, including the state in which you store or dock your craft, whether the area is prone to extreme weather that could damage or destroy your boat, and the likelihood that your craft will be vandalized or stolen while in storage. These factors are all considered when calculating your premiums. Situations that place your craft at greater risk can also result in higher premiums and deductibles. Insurers also look at where the boat will be used when it is in the water, termed a craft’s “navigation territory.” Watercraft used exclusively on inland waterways will typically be less expensive, but it also means it may not be covered if used on open coastal waters.

Questions to Ask when Considering Marine Insurance
If this is your first experience purchasing marine insurance, there are several important questions you should be prepared to answer when seeking coverage These may include:

• Where will the boat be used and where will it be kept in-season
• Where will my boat’sbe kept off-season (on your property, at a marina, or in third party dry storage)?
• Does my craft have any special features that require additional insurance protection?i.e. radar, custom furnishings, cooking equipment, especially items not original to the boat.
• What’s my deductible in the event of a loss?

At MAGIS, we understand how important it is to shield your most valued possessions from risk. Our experienced representatives can help you craft a watertight policy that protects your boat whether it’s in use or in storage. And we can help you choose the most cost-effective policy options for your budget. Contact MAGIS today, and discover how we can help keep your dreams afloat.