Important Note

You are now leaving the Strong Valley Wealth & Pension, LLC ("Strong Valley") website. By clicking on the "Schwab Alliance Access" link below you will be entering the Charles Schwab & Co., Inc. (“Schwab”) Website. Schwab is a registered broker-dealer, and is not affiliated with Strong Valley or any advisor(s) whose name(s) appears on this Website. Strong Valley is/are independently owned and operated. Schwab neither endorses nor recommends Strong Valley. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Strong Valley under which Schwab provides Strong Valley with services related to your account. Schwab does not review the Strong Valley website(s), and makes no representation regarding the content of the Website(s). The information contained in the Strong Valley website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

Article

Summer Heat Means More Boating Days

Summer Heat Means More Boating Days

On bright and sunny summer days, the allure of the water can be irresistible. If you live near a lake, river, or ocean, boating trips may be the perfect getaway when warm weather hits. But before you set sail, take some time to consider whether you and your passengers meet the required safety standards and are prepared for any unforeseen events. This article covers the basics of boat owners insurance.

July 16, 2021
Summer Heat Means More Boating Days
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

On bright and sunny summer days, the allure of the water can be irresistible. If you live near a lake, river, or ocean, boating trips may be the perfect getaway when warm weather hits. But before you set sail, take some time to consider whether you and your passengers meet the required safety standards and are prepared for any unforeseen events.

Boating can be a lot of fun, but it can also be dangerous. The U.S. Coast Guard reported that last year, there were 4,168 accidents that involved 613 deaths, 2,559 injuries and approximately $55 million dollars of damage to property as a result of recreational boating accidents. The fatality rate was 5.2 deaths per 100,000 registered recreational vessels.

Fortunately, the Coast Guard statistics also reveal that the number of accidents and fatalities seems to be on the decline, as compared to previous years. To further this trend, the Coast Guard offers online boating safety tips at www.uscgboating.org, along with the opportunity to take online boating safety courses and earn certifications.

However, the potential for mishaps and liabilities has made boat owners increasingly aware of the need for boat owners insurance.

Boat Owners Insurance 101

A typical boat owner’s policy can provide protection for your boat, motor, and equipment against damages incurred by weather, sinking, capsizing, stranding, explosion, fire, and theft.

A policy can also help safeguard boating equipment, which may include anchors, oars, fuel tanks, life jackets, dinghies, tools, and canopies.

Liability coverage is also offered as legal protection against damages inflicted by the use of your boat, and it may also cover medical treatment needed by your occupants as a result of an accident. 

You may choose to add additional coverage to your policy. Some examples of endorsements include emergency services, such as towing and pre-hurricane haul-out.

Additional coverage add-ons could insure personal effects, fishing tackle, and replacement cost motor coverage.

In some cases, discounted policy rates may apply for owners who have taken boating safety courses or have good operating records; or if the age of the boat and the ages of all operators are deemed favorable.

When selecting a boat owner’s policy, ask questions. Some topics you might want to discuss include the following:

  • What laws are unique to my state?
  • Is my trailer covered, and which boating supplies are covered?
  • Will completing boating safety courses make me eligible for discounts, and if so, which courses apply?
  • Are both inland and ocean boating covered?
  • Is there an age limit on operators, and who will be covered?

When applying for a boat owners insurance policy, be prepared to supply the following information:

  • The age and driving record of all operators
  • The year, type, model, value, power supply, and material of the boat
  • The amount of horsepower, year, and value of the motor
  • The manufacturer, year, and value of your trailer

Your Financial Advisor

Taking a few minutes to answer these questions can help determine the appropriate coverage that will protect both you and your loved ones. Routine safety checks should also be a part of your protection plan.

With the purchase of boat owner’s insurance, you may be a step ahead in protecting yourself from the sometimes unpredictable elements of the sea.

If you need to discuss your boat coverage options, talk to your financial advisor.

Other content you may like

  • Punxsutawney Phil and the Shadow of 2021

    February 2, 2021
    Winter might be six weeks longer, but it might be better to spring clean your investments now, rather than waiting until spring.
    Read this Article

  • Implement a Family Debt Ceiling

    September 17, 2024
    Adopting a personal debt ceiling can be a transformative step for families, helping your whole family to stay focused on their long-term financial objectives. In the process, there are several benefits along the way, such as promoting financial discipline, reducing stress and avoiding excessive debt.
    Read this Article

  • Money Market Assets at Historic Peak

    March 30, 2023
    This month’s Student of the Market looks at U.S. stock performance after peaks in Money Market fund assets and performance following peaks in inflation. The big question in many minds is “how long will this inflation last?” An answer might be found in these stats on prior inflation cycles. Plus a chart on a possible downside with risky income asset classes and more market insights.
    Read this Article
  • coronavirus on financial graph

    Additional Coronavirus Aid, Relief, and Economic Security (CARES) Act Updates

    April 4, 2020
    Who is affected by the CARES Act? The Coronavirus Aid, Relief, and Economic Security (CARES) Act, or the "CARES Act," provides relief to individuals, families, small businesses, and major employers.  The bill also puts measures into place designed to help the healthcare industry, as well as other sectors affected by the outbreak of the virus.  […]
    Read this Article
    • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    No, stay on StrongValley.comContinue to link
    phone-handset