The recreational marine industry is growing in the United States and contributes tens of billions of dollars to the economy each year. Based on market trends, boating product sales and memberships in boating clubs are projected to keep growing. As more Americans take to the water, recreational marine insurance programs can help mitigate risks and safeguard people and property when unfortunate circumstances arise.
Recreational marine insurance provides compensation to policyholders when losses occur. These losses may involve property damage, bodily harm or theft. Recreational marine insurance is important because in exchange for the payment of a premium, it is designed to protect investments and guarantee recompense in case of a loss. There are many programs available to meet consumer needs, and policies can be underwritten to provide both property and casualty coverage.
Depending on a policyholder’s needs, recreational marine insurance programs can provide both liability and comprehensive coverage, much like an automobile insurance policy. When consumers evaluate options, it can be important to consider other types of insurance coverage that may already be in place and how premiums can be affected by factors such as lay-up periods (time when a boat is not in use), safety features and owner/operator training. With adequate recreational marine insurance in place, policyholders can enjoy greater peace of mind both in and out of the water.