How much liability insurance

Discussion in 'Boating' started by pamlee101, Jul 5, 2007.

  1. pamlee101

    pamlee101 New Member

    Messages:
    53
    State:
    carrollton
    do ya'll carry on your fishing boats? we put $500,000 on the cruiser. being as it was our first boat and neither of us had any experience we figured we would go high on it. now we have the 17 ft bass hawk and are wondering what to do on insurance for it. Lee thinks even $100,000 liability is high for it. i think it is the least we should go. our ins through nmu includes uninsured boaters ins at no extra cost and i like that cause it seems a lot of people with boats don't have ins since it isn't required.

    anyway, was just wondering how much ya'll carry... maybe it will help me convince Lee :wink:

    ya'll have a good one
    pam
     
  2. Arkansascatman777

    Arkansascatman777 New Member

    Messages:
    7,782
    State:
    AR
    Liability Insurance Requirement

    All personal watercraft and motorboats powered by engines of more than 50 horsepower must be covered by a liability insurance policy issued by an insurance company authorized to do business in Arkansas.
    • The policy must provide at least $50,000 of liability coverage per occurrence.
    • It is illegal for the owner of such vessels to operate or allow others to operate unless the vessel has the required insurance.
    • The insurance requirement does not apply to vessels properly registered in another state.
    Proof of insurance must be carried on board the vessel and be available for inspection by an enforcement officer.
    Registration applications for vessels requiring liability insurance must be accompanied by proof of the insurance policy.

    This is what the regs are for the state of Arkansa so that is what I carry on the toon. I get it cheap through my home insurance policy. The boat itself could probably be replaced for $4000 to $5000 so I don't carry full coverage. If I owned a boat that was worth $10000 or more then I would carry full coverage on it.
     

  3. pamlee101

    pamlee101 New Member

    Messages:
    53
    State:
    carrollton
    i am assuming it isn't required here in ky since no one asked me for it when we registered the boat. shoot, i never even thought about it till i read it on another boat board. we checked with our home/auto ins but got more ins for less money elsewhere. i personaly think it should be required the same as it in on cars. jmho
     
  4. Mr.T

    Mr.T Active Member

    Messages:
    2,554
    State:
    MO
    The purpose of liability insurance is to protect your personal assets in the event of an accident for which you are at fault: You run into another boat and someone is injured. Your best friend gets thrown from the boat and drowns when you hit a submerged log. You run over a 7 year old kid who fell off a jet ski. That kind of stuff.

    So the question is, what kind of assets do you have to lose? A house? Cars? Savings accounts? A small business?

    If you live in a rented trailer house, drive a $500 beater and exist paycheck to paycheck, there's not much they can take from you. But if you drive an Escalade and live in a 7500 sq ft mansion, you've got a lot at risk...

    Buy enough liability insurance to protect your stuff.
     
  5. pamlee101

    pamlee101 New Member

    Messages:
    53
    State:
    carrollton
    they can attach future assets too.