As a boat owner, you already understand that responsibilities come with risks. However, risks are increasing with each passing year. Unpredictable weather and ever-shifting shorelines are rapidly changing the way boat owners can and must manage their responsibilities.
Our planet is constantly warming, and that has brought several changes that directly impact the coastal boating community. Each year, we see an increase in the intensity and frequency of storms, which leads to more powerful winds, waves, and tumultuous waters. Further, rising sea levels trigger coastal erosion, which has the domino effect of even more extensive flooding during storm surges.
Owning a watercraft of any kind is a luxury that requires an ongoing investment. Insurance is part of that investment. And in recent years, boat insurance rates have risen. Why? There are many factors that go into how an underwriter determines boat insurance rates. In addition to natural disasters, your specific vessel, how far you travel from your home port, and even the lay-up period all make a difference. To get the best marine insurance rates, talk with one of our agents.
Whether you are looking to protect your home or your boat, preparedness leads to prevention, which equals protection. The first order of business is to decide on a safe location for you. If a coastal storm is on the horizon, you must also have both a disaster plan and a predetermined hurricane refuge for your vessel. This could be a dry dock, secure marina, or “hurricane hole,” a location that has some natural defense against high winds. You will also need to discuss with your family as well as the marina’s staff who is responsible for each step of the preparation process.
Remember, your insurance carrier must know your evacuation plan and when and if it goes into action. Boats moored outside of their designated navigation territory may not be covered if the new location has not been disclosed to your insurance carrier.
Being a responsible boat owner in today’s changing climate demands a proactive approach, which includes understanding location-based risks and their impact on your boat insurance coverage. By prioritizing preparedness and maintaining an open line of communication with your insurance provider, you can navigate the challenges of boat ownership and help protect your investment for years to come.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.