A Day On The Lake
By Phil Hager

     The weekend has finally arrived.  You have been waiting for this day for months.  Your best friends are visiting for a day on the lake.  It is your responsibility to provide the lake transportation so you have been getting the boat ready all week.
The engine has been serviced, the boat cleaned out, all of the on board necessities have been stowed - like maps, life preservers, ski ropes and skis, a cooler for refreshments and your boat insurance policy.
     What, you don’t carry your boat insurance policy on your boat and you have not read it lately?  Or is it possible that you have never read your policy?  While it is really not necessary to carry your policy with you on board, it is very important that you become familiar with the coverages in your policy.  First, read it.  Then, contact your insurance agent for a review.
Here are some of the coverages that should be found in your policy:

Hull Coverage:  You need protection that goes with your boat when you take it on the road and in the water.  Most policies cover your boat for a wide range of hazards that can happen while boating, launching, hauling, or storing.  Such as:  theft, vandalism, windstorm, hail, lightning, damage in transit, collision, and sinking.
Hint: while this part of your policy provides broad coverages, look for hazards that are specifically excluded.

Liability Coverage:  Protects you in case you or a member of your household accidentally injures another person or damages another persons property.  For example, your policy can cover you if:  you accidentally hit a swimmer, your boat collides with and damages another boat, or your boat damages a dock.

Medical Payment Coverage:  Provides coverage for expenses resulting from injuries received in a boating accident.  Those covered are:  you and the passengers in your boat, water skiers behind your boat, and you, members of your household and guest passengers, while in the water, if struck by any boat.

Watersport Liability:  Generally included in regular boat policies but is many times limited, if not excluded, in Personal

Watercraft policies.  Watersport liability coverage affords coverage to skiers pulled by your PWC.  If you have a PWC, make sure that you have this coverage at the same limits as your liability coverage.

Uninsured Boaters Coverage:  Should be a part of every policy, but often is an option.  UB comes into play if your boat is hit by an uninsured boat.  Since boat insurance is not a required insurance in Virginia, there are some boats on the Lake that are not insured.  This coverage pays for injuries which a person occupying your boat is entitled to recover from the owner or operator of the uninsured boat or PWC.  Of course, the amount recovered would be subject to the limits provided in your policy.
     Options to consider if they are not already a part of your policy:  Agreed Value, Replacement cost coverage, Personal effects coverage, Emergency service protection.
     There are ways to cut cost on your boat insurance without compromising coverages.  Most companies recognize and offer discounts to boatowners who have taken boating safety courses.  We are fortunate at Smith Mountain lake to have several courses offered throughout the year.  Other discounts offered are:  Protective device, higher deductible and multi-policy discounts.
     Take advantage of those discounts.  Make sure that you have the coverages you need and have a happy and safe boating season.
     Phil Hager and his wife Margaret are the owner/agents of Phil Hager Insurance Agency at Smith Mountain Lake, since 1984.