Most of the bigger tournaments ask you have $300,000 liability insurance. I never read mine until i just got asked by a friend but my medical liability is only $1,000 coverage and vessel liability is $300,000 is this normal? I thought mine was normal because it runs the same as everyone else's around here.
Good morning, These are the kind of question I was hoping would get asked. First off the medical payment portion of the policy is to protect your quests. If you have somone on your boat and they get injured the medical payments will step up and take care of the medical bills. I usualy write $5,000 in medical payments. In most cases that is enough to take care of minor injuries. In response to the liability portion of the policy I prefer to write $300,000 and higher. We are in a very sue is happy society and the liability is the least expensive portion of the coverage's. In most cases to go from $100,000 in liability to $300,000 is less than $30.00 a year and to go $500,000 is about the same.It is also very important to understand your policy. Most companies write A.C.V. policies, whice means they will only pay what the boat is currently worth in they event of a total loss. You may owe more than you recieve from the insurance company. I always try to insure the boats with either agreed value or replacement coverage. This way in the event of a total loss there are no surprises and in most cases you will also get replacement on partial losses. Whice means there is no depreciation on your lower unit claims. I exclusively insure watercraft and represent over 20 companies and write in over 40 states. I insure every boat the exact way I do it for my own boat. I personaly beleave service is the most inportant tool we have in todays market place. I have insured a number of the members already and will continue to try and earn your business. This post is a great way to see that because I type one finger at a time and this has taken a longgggggggg time to write. Thanks Bob Luellen 800-339-1235
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