Question for Insurance, about adding a clause to a policy
 

No way to PC this question so I am just going to ask it.

If I am involved in a boating accident the ends in my passing, can a clause be added to my policy that my boat be destroyed, or basically parted out. To never be used on water again??

BTW if marketed correctly this would be a huge incentive to choose one insurance company over another!

Thanks

WILL

That's entirely up to you. Put the boat into a trust. Have the trust stipulate that if there's an accident in the boat resulting in your fatality that no claim will be made on the insurer and the boat is to be destroyed.

If you or your heirs want to make a claim, the insurer now owns the boat and has an obligation to its shareholders to extract whatever remaining value exists.

Chris good point, but lets be honest the gov. doesn't like for trusts to own "toys", at least in our experience. Obviously a will stipulating would be possible. Just seems like a addition to the policy would be easy also.

You know if marketed correctly could bring business, kind of like progressive offering "pet Insurance" automatically with their Auto insurance. Its all really peace of mind?

WILL

Look at it this way- the government goes to great lengths to ensure that automobiles are built to strict crash standards. Then, once one is crashed, they have absolutely no rules or mechanisms that prevent anyone, regardless of qualification, from cutting two wrecked cars in half and half-ass welding the two pieces back together and sending it out on the road.

And there's a hell of alot more wrecked cars than wrecked boats out there.