Many boat owners are unaware that their marine insurance doesn’t offer coverage to extended family members or friends that operate their boat. To ensure the boat and all people aboard are protected, you may require temporary boat insurance in addition to your standard coverage.

Is Standard Liability Coverage Enough?

Similar to a standard auto insurance policy, a marine insurance policy only offers coverage in the event of an accident if the owner of the vessel is driving. In a standard marine insurance policy, the following types of risks will be covered.

  • Boat or equipment damage
  • Driver and passenger injuries
  • Second-party property or vessel damages
  • Premium fire, weather or theft loss

How You Can Maintain Coverage While Borrowing Your Boat

If you plan to regularly lend your boat to a friend or interested party, you may certainly consider purchasing temporary boat insurance. Umbrella coverage can be tied into your standard liability insurance to provide the same coverage to the borrowing party that the owner would have if they were driving.

In some states, you may be required to purchase at least $5 million in umbrella coverage if you plan to have a second party operating your boat, which can be extended to $500 million in coverage upon personal preference. As a rule of thumb, $5 million in coverage adds around $400 per month to your total insurance premium.