The claim scenario is this. You are on the water in the evening and you pull up to one of your favorite spots to fish. You anchor and start getting your rods set up for an enjoyable evening of fishing with your buddies. You have the white anchor pole light lit and the red and green running lights are off, per the law, as you are anchored.
As you sit and wait for a bite, along comes another boater who doesn’t see you in the darkness, even with your white pole light clearly visible from 360 degrees, and he runs right over your boat. Your passengers and you realized right at the last minute what was happening and you jump overboard to avoid injury. It happens in an instant.
The driver of the other boat dies in the incident. Witness state that you did everything correct. You’re safe right?
Wrong, the spouse of the deceased and their attorney decide to sue you. The insurance carrier prolongs the investigation as the case is investigated. The legal defense bills to defend you start to add up. You have to be represented and it better be by someone who knows the admiralty laws of the waterway that you were on. Big dollars.
If you don’t have the right boat insurance policy with a leading insurance carrier, you will be paying for your defense out of pocket. A good policy with the correct limits helps defend you whether you are right or wrong.
Good insurance doesn’t cost, it pays. You hope you never have a claim. And if so, you are blessed. Count your lucky stars. You can even complain about the high cost of your insurance premiums and the fact that you have never filed a claim. I’ll even listen to you. But on that day, when in just a few seconds your life completely changes, you will never ever think about how much your insurance costs you.
Times change, your wealth changes, your insurance needs change. A checkup on your insurance needs is free, and only takes a little time to protect yourself and your family from potential financial ruin. Someday I hope to report to you on the outcome of the above scenario.
Next issue…Personal effects coverage. What is it, what does it protect, and why you need it.