A boat owners policy can insure against many of the risks inherent in owning and operating your boat, its motor and its trailer. Some of the risks may include: sinking, fire, storms, theft, capsizing, stranding, collision and explosion.
Property coverage in a boat owners policy should include the boat itself, equipment permanently attached to the boat as well as other items such as: anchors, oars, seat cushions, life preservers, and others.
Watercraft liability and medical payments coverage should also be part of the contract to cover you in the event you cause bodily injury or property damage to others with your boat. Liability coverage provides protection for legal liability you could incur due to an accident resulting from the ownership, maintenance, or use of your boat. Medical payments coverage will pay for the reasonable and necessary medical expenses sustained by yourself and/or others while on your boat, who have suffered injury from an accident arising out of the ownership, maintenance or use of the vessel.
Other coverages to consider include: Uninsured Boat Coverage, Towing and Assistance Coverage, and coverage for items typically excluded from the policy, such as: camera or video equipment, clothing, stereo equipment, scuba gear, etc.