Wednesday, March 11, 2015

10 Things to Know About Boats and Marinas

Spring is fast approaching and with that the water sports will be coming soon. Here is an interesting article for all you boaters out there. 10 Things to Know About Boats & Marinas
March 2, 2015:
  1. Recreational boating in 2013 accounted for 4,062 accidents that involved 560 deaths; 2,620 injuries; and approximately $39 million dollars of property damage. —United States Coast Guard (USCG)
  2. Compared to 2012, the number of boating accidents decreased by 10 percent in 2013; the number of deaths decreased 14 percent; and the number of injuries decreased 12.7 percent. —United States Coast Guard (USCG)
  3. Most marine policies offer pollution coverage, which is a very important coverage to have if the boat sinks and spills oil or fuel. Especially on larger boats, most marinas are now requiring evidence or proof of pollution coverage. All types of pollution and/or fuel spill losses can cause a lot of damage to the environment. — Kim Loos, Personal Lines Underwriting, American Modern Insurance Group
  4. The top five primary contributing factors to boating accidents in 2013 were: operator inattention, improper lookout, operator inexperience, excessive speed and machinery failure. —United States Coast Guard (USCG)
  5. Boat and yacht owners should have Agreed Value vs. Actual Cash Value (ACV). If the vessel suffers a total loss on an ACV form, the owner will receive the current market value, which could be thousands of dollars less than what was paid for the boat. Agreed Value is a set amount and not a depreciated amount at time of loss. —Kim Loos, St. Louis Marine Service Center from American Modern
  6. Wreck removal is another needed coverage. If a boat sinks the owner may be required to have the wreck removed from a navigable waterway. —Kim Loos, St. Louis Marine Service Center from American Modern
  7. There were 5,537 watercraft thefts in the U.S. in 2013, down 6 percent from 2012, with jet skis being the most frequently stolen watercraft. — Insurance Information Institute
  8. 40 percent of the thefts in 2013 were recovered by April 30, 2014 —Insurance Information Institute
  9. The 10 states with the highest boating thefts in 2013, according to the I.I.I., were: Florida (1,310), California (628), Texas (382), Washington (208), Georgia (182), North Carolina (178), Tennessee (167), Alabama (165), Arkansas (157) and South Carolina (151). —Insurance Information Institute
  10. It was estimated that 25,000 boats in New Jersey were damaged during Hurricane Sandy, at a cost of $242 million. —Insurance Information Institute.