Boat Insurance


Watercraft come in many shapes and sizes.

Units such as canoes, kayaks, paddle boats and other similar small non-motorized units are typically treated the same as motorized units when considering insurance coverage.

Ski boats, runabouts, bass boats, personal watercraft such as jet skis, as well as pontoons, all have more significant value and also have a greater potential for injury. Owners should give serious consideration to providing insurance coverage on the units. Your homeowners might allow for an endorsement which would provide limited coverage for the watercraft, but in most cases we suggest you consider an insurance policy which is specifically designed for watercraft coverage.

Most watercraft policies will provide you with a variety of options including:

  • Liability 
    • This coverage protects you for the legal liability you incur due to an accident that involves injury or damage to property.
  • Physical damage 
    • Comprehensive
      • This covers your watercraft in the event of damage caused by fire, theft, vandalism, or animal.
    • Collision
      • This covers your watercraft in the event of damage caused when you collide with another object such as other motorized units, trees, and a variety of other items.
  • Medical payments 
    • Medical bills related to a watercraft accident would be paid up to the coverage limit if this coverage is selected
  • Uninsured Boaters 
    • This coverage is paid to the policy holder for lost wages and medical treatments you would have received from the other party if they would have had a policy in force. This usually occurs when the other party in the accident is legally liable due to their actions.
  • Other optional coverages applicable to the specific unit to be insured
  • Fishing equipment
  • On water towing and labor
  • Roadside Assistance
    • Primarily used for repairs of flat tires on boat trailers, other emergency repairs that might be needed for the trailer holding the boats
  • Fuel spill liability
  • Replacement cost coverage for new boats
    • This is a specialty coverage but it is one that can be very valuable to owners of new boats. In the event of a total loss, this coverage replaces the current boat with a new boat that is, to the extent possible, the same make and model, and which contains comparable equipment. If the boat is not available, then a comparable model will be substituted for boats five model years old or less. For boats over five years old the company will pay the base value stated on the policy. It is important to remember that replacement of the unit is required if the replacement value is to be used in the loss settlement.

Special Coverage We Would Suggest

  • We strongly encourage our clients to consider a separate boat policy when they are considering insurance for a motorized boat. In addition to being able to offer a variety of additional coverages for the watercraft we also believe it is best to have the so called toys excluded from the home insurance policy to avoid a loss that could adversely affect the homeowners premium or its actual existence.
  • Medical payment coverage is crucial especially for units that might have water skiers, wake boarders, and tubers.
  • Special attention should also be given to items that are added to the boat after its manufacture. Fish locaters, down riggers, GPS systems, and kicker motors should be declared so that proper coverage can be determined and provided.
607 Northwest 5th Street Grand Rapids, MN 55744
218-326-0563 -

Located in Grand Rapids Minnesota, situated in the middle of Minnesota's lakes and forests. In addition to personal insurance coverages which include life, auto, home, and recreational vehicle coverages, we also specialize in coverage for the timber industry.