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Read Your Insurance Policy

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Old 11-27-2007, 05:53 PM
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Default Read Your Insurance Policy

In the last few weeks there have been several posts about coverages on boats when they're out of your possession. One was specifically about a boat being at a repair shop and stolen. I believe the insurer was State Farm. At any rate, when the claim was filed, the owner was informed it was an excluded loss and not covered.

I make it a habit of reading these insurance contracts, even though all those big words make my head hurt. After reading about the previous exclusion of coverage, I re-looked at mine. While it does not exclude coverage while at a marina or repair facility, it specifically excludes losses that occur while the boat is in the possession of another party for the purposes of sale of the craft.

Probably a good thing to know before you leave your boat with someone. In business, I always request an insurance certificate from all suppliers, vendors, etc. I even ask for certificates of E&O coverage from the accountants and lawyers. It seems now that asking for them from EVERYONE just might be prudent.
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Old 11-27-2007, 06:53 PM
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for those of you having boats on lifts behind the house, look for exclusions unless the boat is in an enclosed/locked area, I kid you not.................
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Old 11-27-2007, 08:35 PM
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im reading my policy soon as i get to my desk
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Old 11-27-2007, 08:51 PM
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You would think with all the exclusions it would be a little cheaper.
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Old 11-27-2007, 09:11 PM
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Read the part about drivers also.

I know both of my past 2 policies were named driver policies. That means if you decide to tie one on and let your buddy drive home, the boat isn't covered while he is driving. Consequently neither are you if you are twisted up.
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Old 11-27-2007, 09:32 PM
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Yawll scaring me rereading mine
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Old 11-27-2007, 10:26 PM
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Just looked over my policy and emailed my agent as well...
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Old 11-27-2007, 11:14 PM
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Quote:
Originally Posted by thedonz View Post
for those of you having boats on lifts behind the house, look for exclusions unless the boat is in an enclosed/locked area, I kid you not.................
Thanks !

I just shut the electric off on my lift.
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Old 11-27-2007, 11:15 PM
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That was my State Farm policy..... insurance azzholes.
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