atercraft is also marine insurance.? However the term ?watercraft? generally refers to personal line policies and marine insurance not designed for coastal waters.? Marine policies are similar to automobile policies and in many states, these boats are required to carry liability policies of a specific limit.? Insureds may choose to cover the hull also similarly to an automobiles and electing their own deductible limits.
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However, uninsured and under-insured motorists coverage is not similar in most policies or in coverage.? This coverage is much more restrictive than the coverage within an auto policy by the definition of an uninsured or under-insured watercraft.? Some policies require an actual strike to the watercraft while others may require they be simply the cause.? Some may not recognize uninsured coverage to be effective because of a ?hit and run?.? Also, the definitions of who is entitled to coverage is more restrictive than the automobile policy.? These may not include ?invitees?.? Policies may only pay to an insured and family members.? If you have a commercial marine vessel you have questions about, please talk with your agent or one of ours.
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?Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.? Always check with your chosen professional as to statements made in this blog for your particular situation.
Tags: business watercraft uninsured motorist, uninsured motorist coverage for watercraft, watercraft uninsured motorist insurance
Source: http://www.commercialinsurance.net/blog/?p=647
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