What Insurance Covers Boat Theft?
South Florida attracts thousands of boaters and a significant amount of boat thieves. According to the non-profit National Insurance Crime Bureau, in 2018 alone 1,114 watercrafts were stolen and only 392 were recovered. Florida has the highest number of boats stolen than any other state in the nation.
Approximately 75 percent of stolen boats are less than 26 feet in length. Larger vessels aren’t stolen as often, primarily due to increased security measures and being docked or stored in more secure facilities. Boats parked on trailers in backyards and driveways are prime targets. The thefts typically take place at night and are a ready-made target, complete with wheels and hookup for a fast getaway.
Insurance policies for vessels typically cover theft, provided that specific conditions are met. It can help individuals pay for replacement of the craft if it’s stolen when on land or water. Depending on the policy, coverage can extend to the trailer, special equipment, and accessories.
A boat stolen from storage is usually covered by the facility’s insurance, but the boat owner’s insurance can provide critical secondary insurance. Policies can vary widely as to what they cover and owners should spend the time to discuss specifics with their agent.
There will be coverage limits. Boat insurance is offered as an actual cash value policy or on an agreed amount value basis. Actual cash value pays cash for the value of the boat at the time it was stolen and takes into account depreciation. Agreed amount policies pay a specific amount that individuals and their insurer has agreed on. Depreciation isn’t considered and coverage is typically offered for newer vessels.
No one expects their boat to be a target of theft, but it’s a potentiality of which every watercraft owner needs to be aware. Another factor that boat owners should consider is the amount they’re willing or able to pay out of pocket should the vessel be stolen.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
