In our series on boat insurance, Jay Kay—president of Stafford Marine Insurance and a BoatingLocal sponsor—explains the need to review your current policy to make sure you’re covered for important and expensive items such as the engine, electronics and equipment:
Engine & Equipment Coverage:
Kay recommends digging deeper into the valuation terms of your policy. He says to check the value assessed for partial losses on big-ticket items beyond the hull, such as electronics, the engine, the generator and the trailer.
Be aware that the repair or replacement of sails, curtains and canvas will rarely be awarded replacement cost, as most companies will deduct depreciation on these items.
“Unlike a car, each part of the boat needs to be covered. You need to consider cost and depreciation on the engine, safety gear, sails, canvas—you name it,” Kay explains. “Most boaters neglect to consider the value and depreciation of expensive electronics when insuring their vessels. Some insurance companies will not pay the full cost to replace your chart plotter, radar and fishfinder. Others will.”