What do I need to know about Boat Insurance?

Here are some items you’ll need to consider when shopping for boat insurance:

  • NAVIGATIONAL AREA

    Know where you are covered in the water. Some companies, such as Safeco Insurance, offer protection that covers you up to 75 miles from the U.S. coastline; into Canadian coastal or inland waters; and into the Pacific coastal waters of Mexico. In California, Florida and Oregon, additional coverage area can be purchased.

  • AGREED VALUE COVERAGE

    Watercrafts depreciate just like automobiles. Actual cash value policies can make it difficult to replace a boat that’s been stolen or destroyed. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.

  • LIABILITY

    Like car insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are at-fault.

  • MEDICAL PAYMENTS

    Medical Payments Coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault.

  • PHYSICAL DAMAGE COVERAGE

    Physical Damage Coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged.

  • UNINSURED / UNDERINSURED WATERCRAFT BODILY INJURY

    Since boat coverage is not always mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater, and you are injured, this type of coverage pays for medical treatment, lost wages, and other costs associated with the accident.

  • FUEL SPILL LIABILITY AND WRECKAGE REMOVAL

    Should your boat sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat’s owner you are required by law to have this cleaned up, which can be time consuming and expensive.

  • PERSONAL EFFECTS

    Your policy can provide coverage for many personal effects, including clothing, jewelry, cell phones, scuba/snorkeling and other sporting equipment, and fishing equipment. Limits vary by state. Personal effects coverage does not include jewelry, watches or furs.

  • UNATTACHED EQUIPMENT COVERAGE

    This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps etc.

  • EMERGENCY ASSISTANCE

    The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water.

ALLIANCES INSURANCE AGENCY, LLC can help you determine the right amount of coverage to meet your specific needs. Contact us to find out how to get the best boat and watercraft insurance coverage for you.


Boat & Watercraft Insurance

Insurance Coverage For The Captain Of The Ship

ALLIANCES INSURANCE AGENCY, LLC can help make your time on the water relaxed and worry-free! We will find you comprehensive protection that protects you, your friends and family, your watercraft and your boating equipment. The average boat costs less than a dollar a day to insure. You will enjoy being on the water even more when you aren’t worried about your safety, the safety of your passengers, or your investment.


Preventing Identity Theft

Your Identity Belongs to You. Protect It, Too.

The best way to protect yourself against identity theft is to prevent it. If your identity is stolen, you’ll be able to lessen problems by being prepared to act quickly.

Start with Good Preventive Habits

  • Leave your Social Security card at home in a safe place.
  • Shred papers with personal information.
  • Reduce your credit card accounts, and carry only the cards you need.
  • Photocopy both sides of your credit cards and store safely.

Watch Your Accounts Closely

  • Review balances and transactions often by phone or online.
  • Make sure every transaction on your credit card statements is accurate.
  • Sign up with ExperianTransunion and Equifax. Stagger your requests to get a free credit report every four months or sign up for credit watch service that will report directly to you.

If Identity Theft Happens to You

  • Report to the police immediately and make several copies of police report.
  • Call your credit card companies and ask where to send a copy of the police report.
  • File a Federal Trade Commission ID Theft Complaint and Identity Theft Affidavit.
  • Have your bank place an alert on your driver’s license number and Social Security number, and freeze your account.
  • Call fraud units of the credit report agencies ExperianEquifax and Transunion.

Tools and Resources

Federal Trade Commission identity theft line and websites

Social Security fraud line

  • 1-800-269-0271

Credit reporting agencies

 


Do You Need Umbrella Insurance?

Posted by Safeco October 20, 2014

Umbrella Coverage Explained

umbrella

One of the most certain things in life is, certainly, uncertainty. Your dog could bite the neighbor’s kid. Yourteen driver could hit a cyclist. A guest could fall down your stairs. A rainy morning commute on worn-out tires could result in a multi-car accident. And you could be held liable to others for the cost of damages – injuries, property destruction, emotional distress, lost wages and more.

Good thing you have insurance. But, wait, your policy covers $300,000 of liability, and, in a lawsuit, you’re judged liable for $1 million. That leaves $700,000 left to pay. How will you cover it?

If you have umbrella insurance and your policy covers the incident, the additional $700,000 will come from your policy. If not, it will come from the assets you have now, such as your home and savings, and from future assets, such as your wages or inheritance.

The fact is, it only takes one serious accident and a resulting lawsuit to put everything you own – and will own – at risk. And it only takes one umbrella policy to help protect it all.

Here are a few things you should know about umbrella insurance:

  • Personal umbrella policies typically offer $1, $2, $3, $4 or $5 million of liability coverage. Consider your net worth when choosing your coverage –you could be sued for everything you have.
  • An umbrella policy is not a stand-alone policy. Your insurance carrier will typically require you to meet certain qualifications, such as having an auto policy with a certain level of liability coverage, in order to purchase umbrella insurance.
  • Even when you have umbrella insurance, your car or home insurance is your first line of defense. For example, if you are liable for $2 million in a car accident and your auto insurance covers $500,000 of liability, your auto policy covers the first $500,000. Your umbrella policy covers the remaining $1.5 million, assuming your policy covers the incident and that you purchased that much coverage. If you are liable for $250,000 in an accident on your property and your homeowners insurance covers $300,000, your umbrella policy won’t be needed.
  • If you insure a motorcycle, ATV, golf cart, snowmobile, motorhome or watercraft, your umbrella policy may provide additional liability coverage on top of those policies as well. Be sure to check with your carrier to confirm your coverage on these types of vehicles.
  • A single umbrella policy typically covers all of your family members who are residents of your household.

Essentially, an umbrella policy gives you excess liability coverage on top of what your other policies provide. If you’re at fault for a serious accident, you’ll need it.

Umbrella insurance also gives you liability coverage in instances where other policies don’t. Examples include driving in a foreign country or renting a boat.

 


6 Questions for Your Annual Insurance Review

Posted by Shaun Murphy, Pablo Beach Insurance June 18, 2015

Assess Whether Your Current Insurance Fits Your Current Life

Annual_Insurance_Review

Everyone gets busy with daily life – family, jobs, kids, school, travel, and the list goes on. Before you know it, a year or more has slipped by without you giving your insurance coverage a second thought.

You pay your premiums and phone your carrier when an accident or other need arises. Otherwise, you assume all is well with your policies. But, what if it’s not?

There are a number of life changes and events that should prompt you to pick up your phone and call your insurance agent. You may need more homeowners coverage, for example, or you may need to remove a driver from your auto policy.

Even if you adjust your coverage as some of these changes occur, you’ll likely only catch others if you catch up with your insurance agent once a year – or more often. When you do, here are six questions you should be prepared to address:

  1. What Have I Added or Updated Around My Home?
    Did you add an addition to make room for baby? Did you remodel after the youngest left the nest? How about adding a pool or finishing your basement? All of these examples and more increase the value of your home and how much it would cost to rebuild it. You should update your insurance coverage to reflect not only the new home value but also any new risks.
  2. What Has Changed With My Vehicles or Drivers?
    Are you driving a longer distance to work? Is the vehicle you previously used for commuting now sitting in your garage more often than not? It’s a good idea to reexamine your auto insurance coverage at least once a year to ensure you have the exact coverage you want – not too little, and not too much.
  3. What Significant Purchases Have I Made?
    Did you invest in a home automation system or a high-end leather couch? What about that piece of fine jewelry you picked up on the cruise ship? If the value of your personal belongings has increased significantly, you’ll want to check whether your homeowners or renters insurance still provides enough coverage. If not, you can likely purchase additional coverage for specific items or possibly groups of items. Otherwise, if a costly item is lost, damaged or stolen, you may find yourself needing to replace it with a lower-cost version.
  4. What Is New With My Family?
    Did someone leave for college? Are more people now driving your motorcycle? These are things to discuss with your independent insurance agent, too.
  5. Are There Any Discounts for Which I Now Qualify?
    Doing things such as adding a burglar alarm to your home or driving your car less may help you gain discounts you didn’t qualify for when you first purchased your policy. So, if you like to save money on your insurance as much as the rest of us, an in-depth annual discussion of recent changes in your life and around your home is a must.
  6. Should I Consider Any Coverage Options?
    More than likely, your carrier offers some coverage options that might just be a good fit for you now, even if they weren’t when you first purchased your policies. Examples can include roadside assistance for cars, motorcycles, scooters, RVs and other vehicles. You may want to add stereo coverage for the new system you put in your car or appliance coverage following a kitchen remodel. Your agent, of course, can help you explore these options and select what fits.

Some other questions you might consider before your annual insurance review include:

  • Do I need any specialized disaster coverage, such as flood insurance or earthquake insurance, that I don’t already have?
  • Is my home inventory current?
  • Can I afford to raise my deductibles, and would it lower my insurance costs?
  • Am I carrying high enough liability limits to protect myself?
  • Is an umbrella policy right for me?

Just like filing your taxes, an insurance check-up is an annual item on your to-do list that can’t be skipped. After all, there’s nothing like the headache and heartache of thinking that you’re fully covered and then finding out you’re not when a claim occurs.

Remember, your insurance policies should reflect the life you have now – not the life you had when you first signed up with your carrier. So, keep your insurance policies up to date and keep your annual appointment with your insurance agent.