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Elmira, NY offers access to a variety of rivers and lakes for boating. While these bodies of water may be more protected than the ocean, accidents still happen and boats occasionally still sink. In case your boat or personal watercraft ever does sink, here are three boat insurance coverages that we at the Stewart Agency, Inc. recommend having.

Comprehensive and Collision

Comprehensive coverage and collision coverage protect your boat against covered causes of damage. Covered damage could be caused by a submerged object, shallow shore, or colliding with a dock or other boat. 

In such cases, one of these coverages may pay to repair or replace your boat. Paying to replace your boat is more likely if the watercraft is submerged. The damage that water causes to engines, carpeting and upholstery can be extensive.

Fuel Spill Liability

A sunken boat poses an environmental hazard, as it could leak fuel and/or oil into the water. The costs of cleaning up leaked fuel or oil are often expensive — and yes, you might be financially liable.

Fuel spill liability is designed to help with such costs if your boat’s fuel or oil causes environmental contamination. This could be a leak while your boat is floating, or if fluids leak after the watercraft sinks.

Salvage Coverage

Raising a sunken boat from the bottom of a lake or river requires specialized equipment and professional divers. Salvage coverage is a critical component of a policy that pays for the recovery of the vessel. This protection is not the same as towing coverage, which is for when a boat is floating.

Get the Right Coverages

If you need help finding boat insurance, contact us at the Stewart Agency, Inc. Wherever you like to boat in or near Elmira, NY, we can help you find boat insurance coverages that’ll keep your watercraft protected.

When the weather gets too cold to go out on the water, it’s time for your boat to go into storage. However, storing the boat in a storage space doesn’t guarantee it will be completely safe. Someone could get injured in or around your boat, or your boat might get damaged in storage. Separate boat insurance is essential while your boat is in storage, and Stewart Agency Inc., serving Elmira, NY, can help you find proper coverage.

Boats Are in a Special Category

Usually, when you store items in your garage or at a storage unit, your renter’s or homeowner’s insurance covers losses and damage to those items. For expensive items, like jewelry and electronics, you can add extra coverage to your home or renters policy using a "rider." But boats are in a special category as far as homeowners and renters insurance is concerned. That insurance will cover a limited amount, and only for smaller boats with smaller motors. Unfortunately, the amount the policies usually cover tends to be the same amount as a typical insurance deductible. That would effectively reduce your coverage to zero. And unlike jewelry, boats don’t have their own riders that you can add to your existing home policy.

It is much safer to obtain a boat insurance policy and keep it, even in winter or when the boat is in storage. With a boat insurance policy, you know that any covered event (damage or liability, etc.) will qualify, even if the boat is big or has a powerful motor. It’s that simple.

If you don’t already have a boat policy or would like to explore the types of premiums we can offer, contact Stewart Agency Inc., serving Elmira, NY. Let us help you find a policy that works for your budget.