Boat & Marine Insurance
For boat owners, there are various types of coverage available, such as hull and machinery, protection and indemnity (P&I), medical payments, uninsured boater coverage, and more. Representing several boat insurance carriers, Paramount Insurance Agency offers several competitive options to protect your boat and personal watercraft.
About Boat & Marine Insurance Coverage
Hull & Machinery Coverage
Damages to your boat or personal watercraft can happen unexpectedly on or off the water, which is why physical damage coverage is essential.
Hull & Machinery insurance repairs or replaces your vessel and its permanently attached equipment, offering protection against risks such as collisions, grounding, heavy weather, sinking, fire, theft, and vandalism. Typically, the insurer covers the cost of repairs, salvage operations, or the agreed value of the boat in the event of a total loss.
Medical Payments Coverage
Onboard injuries can occur quickly, whether from rough water or an accidental slip. Medical Payments coverage pays for reasonable and necessary medical treatments for you, your passengers, or crew members injured in a boating accident, regardless of who was at fault, up to a specified limit. Usually, the insurer covers immediate expenses such as ambulance fees, emergency room visits, surgery, and hospital stays.
Protection & Indemnity (P&I)
Accidents involving other vessels, docks, or swimmers can lead to significant exposure, making liability coverage critical. Protection & Indemnity essentially rectifies injuries or damages caused by your vessel, offering protection against third-party claims related to bodily injury, property damage, or loss of life.
Typically, the insurer covers legal defense costs, court awards, and settlement fees to protect you from catastrophic lawsuits.
Uninsured/Underinsured Boater Coverage
Not every boater carries adequate coverage, which leaves you vulnerable on crowded waterways. Uninsured Boater coverage steps in when an operator with no insurance—or insufficient insurance—causes an accident that results in injury to you or your passengers. The insurer usually covers your medical bills, lost wages, and related damages that the responsible party's lack of insurance leaves unpaid up to specific policy limits.
Accidental Fuel Spillage Coverage
Accidental fuel leaks or vessel sinkings can cause severe environmental damage, leading to steep regulatory consequences. Oil Spillage & Pollution coverage essentially protects you against the high costs of environmental cleanup and federal or local fines following an accidental discharge of oil or fuel. Typically, the insurer covers containment efforts, environmental remediation, and legally mandated pollution cleanup fees up to a specific policy limit.
Need Help with Boat or Marine Insurance?
NH & ME Clients: (603) 424-2339
MA Clients: (978) 898-0810