Boat Owners Beware

A typical boatowners policy will pay $100, $500, or $1000 toward emergency services to recover a boat in need of a tow or perhaps worse - a capsized vessel. When you purchase a boat owners policy these are the coverage limit you can select. The richer the limit the higher the premium. Last week a client called and said thier boat was capsized on Lake Powell, Utah. The cost to recover the boat and move it about 30 miles off the lake to the marina was $2,700. Tip - make sure you know what your boat owners policy covers and how much it will pay toward a boat towing/emergency recovery expense. Often the cost to upgrade from $100 limit to $1000 limit is only $10 or $20 per year. Note the policy paid $29,750 to the insured for the damaged boat so they made out ok on the boat but the emergency recovery was a hard expense to swallow.