Is your watercraft properly insured?

Is it time to take your boat out of storage and get it on the water? Before you do, be sure to take a second to make sure that you and your watercraft are properly insured.

Insurance For Physical Damage

Physical damage claims for watercraft are settled at Actual Cash Value (replacement cost minus depreciation). Replacement Cost is only available for watercraft that are less than three years old. Replacement Cost is not available for personal watercraft (jet-skis/wave runners).

Be sure to consider the following:

• Boats and Trailers – damage from accidents or theft. Proper valuation is important.
• Motors – Outboard motors are listed separately with their own details and value.
• Accessories/Equipment – fish finders, trolling motors, downriggers, etc.

Liability Coverage

Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:

• Bodily injury to another person
• Bodily injury to you that is caused by an uninsured watercraft operator
• Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as waterskiing risks)
• Property damage to another watercraft, a boat, or a dock
• Fuel Spills

Discounts

Be sure to take advantage of these available discounts:

1. Boat Protective Devise Discount

• Automatic Fire Extinguishing Equipment – Equipment installed in the engine room designed to automatically extinguish a fire
• Local Alarm System – An audible alarm system
• Monitored Alarm System – An alarm system that is monitored and sends notification to the owner as well as a monitoring company
• Lightning Strike System – A system designed to attract and then deflect lightning strikes away from a boat

2. Safe Boating Credit

• Coast Guard Auxiliary
• Power Squadron
• Captain’s License
• Merchant Marine License
• Marine Pilot’s License
• Chapman Boating School
• State and Federal Accredited Maritime Academy courses

FB Insured Watercrafts

Farm Bureau insures the following types of watercrafts:

• Fishing Boats
• Ski Boats
• Pontoons
• Sail Boats
• Yachts (Up to a million dollar value)
• Jet Skis and other personal watercrafts

If you have any questions, or if you feel that you need to make changes to your policy, call our office today and we would love to guide you to the policy that best meets YOUR needs!

Call us at (517)381-8110 or email us at 4757staff@fbinsmi.com.