Insurance

Believe it or not there are many companies willing to insure and protect your investment. You can contact your local agent who handles your other assets, but our advice is to shop around. After all, it is your money.

The major corporations are competitive, but there are also other companies who specialize in boating. These agencies may be able to offer you better rates based upon usage (i.e. you are in a location in which the boat is winterized for part of the year), location, area traveled (if using a trailer) and boating experience.  Depending on the age of the vessel your insurace company may request a survey.  If this is required you want it completed prior to purchase just as with a home.  Rest assured your insurance provider will want any reccomendations completed.  For further information on surverys and appraisals click here.

In 2006 a winter storm hit Lake of the Ozarks, Missouri. It involved a few inches of ice on the dock roofs followed by a foot of snow which caused some docks to collapse and sink. This created substantial damage to the vessels. Unfortunately for some owners their insurance company claimed this as an "act of god" and did not pay the claims. Whoever you deal with make sure to clarify this point with your agent and add any riders to the policy if required.

If you are going to use the vessel as a guide or charter you will need to make sure you have a commercial policy. You will also need to assure you have a captain’s license if you plan to use the vessel for business. For further information contact the coast guard and they can assist you.