Big People Toys
Watercraft
Many watercraft owners wrongly assume that boats are covered automatically by their home’s insurance policy. This is not the case! Boats, their accessories, their contents, their tender-craft, and their liability all need specific coverage.
Bowers insures all watercraft, from 75-ft. yachts to personal watercraft (such as wave runners or jet skis). Of course, the premium cost is primarily dependent on the value of the vessel, but also depends on the age/condition of the boat, and the driving record of the operators.
Replacement cost is the best and most expensive coverage. It states that if your boat is lost, the company will give you a brand new boat to replace yours. This is typically only offered to boats that are 3 years old or less, or are antique boats.
Agreed amount coverage is the second best option. This type of coverage means that if the boat is lost, the insurer will pay the amount you and they agreed to at time of application.
Actual cash value means that an insured will be paid the limit of insurance purchased or the value of the boat at the time of loss, whichever is less.
Common watercraft coverage problems we encounter are:
- Inadequate liability limits
- Coverage for Jones Act not included, but required.
- Tender not covered.
- Navigation limits exceeded
Recreational Vehicles
Bowers can insure any kind of recreational vehicle from a moped to a scooter to a motor home.
The recreational vehicle policy is very similar to an auto policy. It requires both on and off premises coverage, which in most cases is not automatically provided by a homeowner's policy.
What constitutes a recreational vehicle? Examples include an ATV, moped, motorcycle, go-cart, motorized scooter, snowmobile, even a golf cart.
Without a recreational vehicle policy you will likely have no coverage for damage or theft of the vehicle, nor will you have liability for a lawsuit arising out of it use.
When you insure a camper or motor home, other coverage may be needed. Many times awnings are your greatest exposure but are not automatically covered. Contents are not always included. If you reside in your home permanently or seasonally, personal/premises liability may also be needed.
Time and time again, we find that clients have bought some type of recreational vehicle and assumed that coverage was automatically extended from a homeowner's policy, as is the case with a riding lawn mower used to maintain the premises. This is not the case! The cost of insurance is small compared to uncovered claim.
The Bowers Group…Real Solutions for the Real World.