Posted by Zoe Geoffrion , on Nov, 2016
In Ohio, boat owners need coverage to prevent losses. These losses equate to the destruction of their boat during an accident. They also equate to unfortunate accidents that could require them to provide funds for accident victims who are injured. The following are questions to ask a Boat Insurance Company when buying a policy.
What Events are Covered Under These Policies?
Accidents are covered according to the type of coverage the owner acquires. For example, if they choose liability coverage, they don’t acquire coverage for their own boat. The coverage is afforded to the victim involved in the accidents. If they have full coverage, they have coverage for their property as well as the property of others involved in the accident. The state must assign blame to determine what party is responsible for the accident.
Additionally, the coverage offers liability protection. The liabilities include possible accidents that could acquire once a passenger gets on board the boat. This includes slips and falls as well as other probable accidents.
Does the Policy Impose Restrictions?
Yes, some boat policies impose restrictions. These restrictions are related to the location of the boat. Select policies have navigational restrictions. These restrictions prevent coverage if the boat travels into an area beyond the coverage range. The policy defines these restrictions based on mileage. The boat owner can extend their coverage range if they prefer.
What Happens if the Owner is Guilty of OWI and Causes an Accident?
The insurance policy will provide coverage in most cases. However, if the terms of the policy define a restriction based on criminal acts, the boat owner may lose their coverage. The boat owner must review the terms of the policy to verify this information when buying the policy.
What is an Agreed Upon Value?
An agreed upon value is the value accepted by the owner when their boat is a total loss. They must determine if they want to include this term in their policy or choose another option. The policy can provide the true value of the boat instead of an agreed upon value.
In Ohio, boat owners need coverage to protect their investment. The coverage they acquire must offer full protection against liabilities and accidents. Boat owners who need coverage contact a Boat Insurance Company or visit schlatherinsurance.com today. You can visit Facebook page for regular updates.