Media Advisory: Insurance Resources For Reporters Covering New York Boat Show

2017 and 2018 Atlantic Hurricane Seasons Highlighted Importance of Boat Insurance Coverage

FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
 

NEW YORK, January 22, 2019 — Reporters covering the New York Boat Show (January 23-27) and seeking insights on how to insure recreational watercraft can contact the Insurance Information Institute (I.I.I.).

Boat insurance policies provide coverage to repair a policyholder’s boat if the vessel is accidentally damaged or destroyed due to a collision, striking a submerged object, fire, theft, vandalism, windstorm, or lightning.

Other boat insurance coverages include:

  • Damage caused to someone else’s property.
  • Medical payments, for injuries to the boat owner and other passengers.
  • Bodily injury, for injuries caused to another person.
  • Guest passenger liability—legal expenses incurred by someone using the boat with the owner’s permission.
  • Hurricane haul-out provisions to keep the boat out of harm’s way.
  • Full salvage coverage—includes wreck removal.
  • Consequential damage coverage for major events, such as a sinking or a fire.
  • Fuel spill liability protection for cleanup or third-party property damage caused by a boat’s accidental discharge.
  • Personal effects coverage for expensive equipment, such as watersports toys or fishing gear.
  • Ice and freeze coverage for damage to a boat’s engine and water systems.

Hurricanes Harvey and Irma either damaged or destroyed more than 63,000 recreational boats in 2017, causing at least $650 million in losses, according to Boat Owners Association of The United States (BoatUS), the nation’s largest advocacy, services, and safety group for recreational boaters. 

Boat insurers price their policies based largely on the boat owner’s experience and background, and the boat’s make, model, age, market value and cruising area.

The New York Boat Show is being held this week at the Jacob K. Javits Convention Center, 655 West 34th Street, New York, NY 10001.

RELATED LINKS

 

The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org

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