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Sinking boatIt goes without saying. Sinkings pose significant risks to commercial boaters and their passengers.

Businesses could face considerable financial losses in case of a hull loss. Such an action may even force the company out of business. Note to mention, a sinking is an extreme liability risk for passengers.

It is important to have the proper insurance coverage in case of sinkings.

Insurance for Commercial Boat Sinkings

Hull loss is extremely expensive, not to mention dangerous. Consider each of these options when buying boat insurance:

  • Hull Replacement Insurance: In case you lose a new boat, this coverage will get you the proper funds to totally replace the boat. However, your boat often has to be less than five years old to qualify for this coverage.
  • Medical Bills Coverage or Personal Injury Liability Coverage: A sinking might cause injury to commercial boat passengers. This coverage can help the company cover passengers’ medical bills.
  • Personal Property Loss Coverage: A sinking could cause the company and passengers to lose belongings. This coverage might help you cover the costs of replacing damaged personal property. It might also help you cover lawsuits brought by passengers for lost property.

Safety Precautions in Case of a Sinking

No boater wants to face a sinking. But, it can happen. If you operate a passenger boat as a business, you have to see to the safety of any passengers. Doing so will help you properly minimize insurance risks.

  • Require all passengers to wear life jackets and other protective gear at all times. Explain to passengers how to operate safety and lifesaving equipment before you sail.
  • Keep proper safety devices aboard the boat. These may include life rafts, buoys, flares, first aid equipment and other materials.
  • In the event of an emergency, follow all evacuation procedures. Signal for help by sounding emergency alarms and sending a radio signal, if possible. Make sure your passengers remain calm, and evacuate the boat in an orderly fashion.
  • Do not leave the boat until you can account for all passengers. Never leave passengers on the boat. Make sure you keep your passenger manifest with you to help account for passengers.
  • Upon rescue, keep all passenger information. Stay aware of all of the passengers’ conditions following the accident. Give the passengers a way to reach you about any questions, concerns or legal questions.
  • Cooperate with the authorities to the fullest extent of the law. An accident investigation will help establish fault for the accident. Regardless of if you are to blame, you can protect yourself by cooperating with investigators.

Boat sinkings are terrifying events. However, boat insurance can help you protect your financial risks in the event of such a loss.

Voyager Insurance Services has your boating needs in mind. We can help you get the Dallas commercial boat insurance coverage you need. Call us at 972.712.8000 for more information.

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