Bass Boat / Top Speed / Non Disclosure

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Something that comes up in the forums often is TOP SPEED and BASS BOATS.  When it comes to insurance...

Lots of folks chime in and say, “Don’t tell 'em” or “My 20-footer with a 250 only goes 55MPH”

Here is a tip:

Tell the truth.

Non disclosure is a very serious issue in the insurance world. Here is why:

  1. Insurance is not only for you. If you operate a boat that is underreported for speed on the application for insurance and you hit someone causing substantial bodily injury the insurance company will pull the application. They may decline for insurance fraud if the application states a top speed of substantially less than your boat can perform. The court may award damages that your insurance company can decline. Therefore the injured party will need to collect from your personal assets. To paint this picture, someone who cannot work or is handicapped or a family member of the deceased will now have to depend on your assets and the court order to maintain a life.
  2. Ignorance is not a defense. Should you sign an application based on what the salesperson says and not read it for yourself, this is not an excuse. Your attorney may try to defend you as not an insurance professional and pursue action against the salesperson. This is a substantial delay in restitution for the injured party.
  3. There are plenty of insurance companies that will cover your boat appropriately for its top speed. Usually the insurance companies I work with start at 75MPH. Some will cover up to 100MPH.
  4. Please do your due diligence for yourself and for your fellow anglers. Make sure you ask and get an answer in writing from your insurance carrier for these questions: A)Am I covered for the full policy limits if I fish a tournament that has a cash prize of any monetary value? (If you fish tournaments) B) Is there a speed limitation on my policy? If so, what is it?

The purpose of this article is to educate. I cannot publicly state the name of the carriers who specifically exclude tournament coverage. I can say with confidence that several anglers who I talk to tell me they are with “XYZ” company and have been for years. I pull them aside and politely refer them to this article.

Ronald Regan said it best. “Trust but verify”

Here is to a safe and successful summer on the water!

Ben
Ben Green Insurance