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June 2018 57 boatingonthehudson.com
lender wants to be sure their interest is protected, or a marina or boat club may
require you have liability insurance in the event you cause property damage
or bodily injury through your “negligence”. So, as you can imagine, there are
many boats and PWCs out there with no insurance if there is no loan and
not stored at a marina or club, as then insurance is voluntary. What is your
exposure as an owner if you do not have insurance? You may operate your
boat in a way that causes damage to another boat or dock or cause injury to
a passenger on your boat, another boat, someone in the water or on the dock
or shore. An electrical malfunction on your boat could set off a chain reaction
causing many boats to burn. A waterskiier could be struck or a passenger on
your own boat could lose their balance and fall into the water, hitting their head
causing severe injury. The list goes on of the potential catastrophic incidents
that could result in a law suit. A watercraft policy can provide coverage and
legal defense costs for you to protect you and your assets. Think about the
total of your assets, which may include a home, car(s), boat(s), investments
and even a future salary that could be garnished.
What can you do about protecting yourself with insurance from the uninsured
or underinsured boater? Most watercraft policies that you can buy for your
own boat or PWC have a coverage called under or insured boater liability. You
can usually purchase a limit equal to the liability limit you have selected for
your own boat, which can either be called bodily injury liability or protection
and indemnity insurance. I have not seen any New York insurance contract
that provides property damage coverage, that would pay for damage to your
own boat by underinsured or uninsured liability, only for bodily injury to you
or your passengers. I would think it a good idea not only to buy the highest
limit of bodily injury coverage not only for yourself, but also for the uninsured
and under insured boaters to protect you from these hazardous boat and PWC
operators. You may not think the cost of medical attention is not a concern
since you have your own medical insurance, but it is very possible at some
time you may have a passenger on your boat with no medical insurance where
this coverage would provide insurance coverage for medical costs if the other
negligent operator was found to be at fault and with no insurance or a low limit
that was insufficient to pay for the passengers injuries. This is a coverage you
can buy to provide insurance for injuries to yourself and your passengers and
not rely on another boater’s policy to respond, who caused the loss, where
there might not even be a policy.
The presence of Coast Guard and Police Boats seems to be more prevalent
since 9/11, so be aware of your speed with regards to distance to shoreline, that
you have the boater’s safety course card with you if by age you are required
to have taken it as I have outlined above. Be aware that a ticket or fine can
appear on your New York driver’s license and then affect your car insurance
premium with a surcharge, if you receive a moving violation, such as speeding.
Start the season safely making sure you have the proper education
requirements fulfilled, an insurance policy with adequate limits of coverage and
knowledge of the speed limits and rules of safe operation!
Cathy J Karas, President, Karas Insurance Agencies Inc, 321 South
Riverside Ave, Croton-on-Hudson, NY 10520. I can be reached by phone
(914-271-5188) or email ) for any
questions or personal or commercial insurance quotes.
Disclaimer: This article is for informational purposes only. Contact the NY
State web site parks.ny.gov for the Boater’s Guide rules or your insurance
agent or company for information on your own policy.
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