How much coverage do you have for liability?

[Kevin McFarland]

I just insured my first boat but looking over the coverages, I'm thinking I'll increase liability before hitting the water. Thanks in advance. Right now it's set at:



BODILY INJURY & PROPERTY DAMAGE LIABILITY

BI $50,000 EACH PERSON - $100,000 EACH ACCIDENT

PROPERTY DAMAGE LIABILITY - $25,000 EACH ACCIDENT

UNINSURED BOATERS

$50,000 EACH PERSON - $100,000 EACH ACCIDENT

MEDICAL PAYMENTS $5,000 EACH PERSON (WATERSPORT INJURIES)

 

[Scott Hammer TOXIC]

Check your state laws. I am required to carry a lot more because I guide and there is also an additional requirement in my Bass Pro Shops contract since I do seminars and tank demonstrations for them. I think I am up to 1.5 mill now.



TOXIC

 

[Brian Ingersoll]

As Toxic said, check your state laws. When I got mine I went with the $300,000 liability for Tournaments, but the agent told me the liability limits are usually what people sue for.

 

[Bryan McDonough]

Ask waht happens when someone rips off all your stuff but leaves your boat. Many ins companies default this at $1000, I boosted my content coverage to 6k.

 

[Chad Dwyer]

Aside from the requirements set by the Tournament Org's, you need to select a limit of liability around what you have to lose financially.



If you have a net worth of $500,000 and only have a 50/100 policy you fall way short and leave yourself open to personal lawsuits. Auto policy, boat policy and homeowners, etc.



If you have a $500,000 net worth (as an example) you should have a MINIMUM of the $500,000 as a limit of liability.



Another person mentioned increasing the contents coverage...great idea and is highly recommended!

 

[Roy Cody]

I added a rider to my policy for "contents/gear" for $4000 and bumped the liability to $500K. It only increased my monthly premium by about $5.00.



RoyC