Is Your Boat Covered When In Dry Dock?

Boating enthusiasts frequently think they don’t require any extra protection on the water, particularly if they’re qualified and have a safe record. The truth is that boat insurance is important and you may be at risk on the water because of the uninsured boaters.

It’s even more important to know what your policy covers. For instance, you need to know whether the policy covers damage when the vessel is in dry dock. Here’s what you need to know about boat insurance.

Dry Dock

A dry dock is a narrow vessel or basin that you can flood and then empty for repairing ships. Once you place your vessel into dry dock or remote storage, you might not think twice about its overall safety.

However, you should. Depending on the policy, you may lack protection against losses that arise from placing your boat in storage. For this reason, it’s imperative you purchase insurance to ensure your boat is protected even when you’re not using it.

Beware that marina contracts for dry and wet storage as well as docking differ significantly. Several of the contracts will restrict the amount of exposure the marina has to damage your vessel. This could imply that you’ll be responsible for its lack of structural integrity or damage.

Boat Storage and Insurance

When the time comes to store your boat, you must consider the technique you’ll use. Regardless of whether your boat is in dry dock or other type of storage, risks exist.

There are circumstances in which you’ll have to use dock storage depending on the type, location, and size of your boat.

When in dry dock, your vessel remains in the water or out of it. In this case, it may be exposed to the elements and you may find that it’s at risk of vandalism, theft, or weather-related damage.

While boat storage is necessary, leaving the boat unprotected throughout the storage period is risky. Nevertheless, the right coverage will help you store it safely.

Boat Insurance

A boat is a huge investment, so you must have the appropriate insurance to protect it. Regardless of how huge the vessel is, it’s important to consider protection to cover bodily injury, physical damage, and liability during an accident.

Unlike several homeowners or auto policies, boat coverage isn’t a one-size-first all. Therefore, it’s imperative you read the fine print and understand your limitations and coverage when selecting the appropriate policy.

What Boat Policies Cover

Where and how you use your boat establishes the kind of coverage you require. While an “all risk policy offers the best protection, it doesn’t cover each kind of loss. In insurance, the term “all risk” simply means that any risk not omitted specifically is covered.

Typical exclusions include marring, wear and tear, and design defects. It may also be possible for you to include additional coverage. Accessible options may include personal effects and medical payments.

Factors to Consider When Getting Boat Insurance:

Replacement Cost

Ensure you purchase insurance that offers coverage close to the boat’s current market value. You may have to modify the amount at every renewal to account for depreciation.

The vessel you are insuring

Although you can obtain boat insurance from various companies, if you own a commercial vessel or yacht, you must specifically find an insurance provider who focuses on yacht insurance or commercial boat insurance.

Remember, there are several considerations when it comes to insuring more costly and bigger yachts and a proficient insurer will be able to develop a policy that will suit your unique needs.

Final Thoughts

Your prized vessel probably wasn’t cheap, so it’s important to locate the appropriate boat insurance. It’s also just as important to understand what’s included and excluded in a boat policy. If you’re wondering whether your policy covers your boat when in dry dock, this guide will shed some light.

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