When offering boat insurance, it’s essential to explain what it covers and what it doesn’t cover. Boat insurance from NCIB Group Inc. in Chicago, IL, covers your boat from damage and protects you against liabilities and injuries you might suffer after a boating accident. Regrettably, like other insurance coverages, your boat insurance isn’t entirely faultless — it has exceptions and exclusions.
Below are some common boat insurance exclusions you should know about.
Regular wear and tear
When you buy your boat, it’s your responsibility to maintain it in tip-top condition. As such, if the paint starts chipping or electronics starts falling apart, that’s not your insurer’s headache. It will help if you take optimal care of your boat as long as you have it.
Whether it’s pest or mold infestation, your boat insurance won’t cover the ensuing damage. So, if termites chomp on your boat or mold invades your watercraft, you may have to pay for the damage from your pocket.
However, the good thing is that strategies like keeping your boat dry and contracting exterminator services can keep off mold and pests from your boat.
Your typical boat insurance isn’t likely to cover damage from whales, sharks, octopi, and other aquatic life creatures. So, if you like exploring unruly waters, you may need to add an endorsement to cover such damages.
Your basic boat insurance is unlikely to cover damage or malfunction of any boat part, whether it’s due to gradual deterioration or mishandling. However, your boat insurance will cover the said parts if damaged by a covered peril.
Your boat insurance is unlikely to cover damage and liabilities arising from high-speed competitions. Please talk to your insurance agent for supplemental coverage if you are about to participate in such fun.
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Would you like to learn more about boat insurance? Would you like to purchase boat insurance in Chicago, IL? Please get in touch with NCIB Group Inc. for all your boat insurance matters.