The reality is that accidents happen. And the real reason people buy insurance is in case of an accident. Sure, price matters. But when your boat is damaged or destroyed, the only thing that really matters is that you receive every penny it will take to repair or replace it. Unfortunately, this does not always happen because many owners do not have enough coverage.
Marine insurance is unregulated.
This means that there are few rules by which insurers must comply. So it is critical that consumers understand what kind of policy they buy and what kind of service they will get in the event of a claim. Please consider the following tips. This is the only kind of insurance policy that will fully protect a wooden boat in the event of a claim. Buy an Agreed Value policy specifically designed to cover the full value of your wooden boat.