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people on boatsPlenty of individuals use charter boats to do business, such as carrying passengers for hire. With this business endeavor comes certain legal and liability concerns. After you obtain operator licensing and equip your vessel with safety gear, you’ll also need to consider a commercial boat insurance policy.

As the boat’s operator, you’re responsible for providing your crew and passengers with a safe trip. And given today’s litigious society, just one incident may be enough to rock the financial stability of your business. Talk to your independent agent about protecting your vessel and finances with the following coverage options, along with others that suit the needs of your charter boat.

Hull and Machinery Insurance

This is essentially property coverage, protecting your vessel in the event of collision, fire, theft, sinking or other covered incidents. This coverage may also extend to protect various components of the boat, such as engines, electronics and other machinery on board. However, equipment that is not attached to the boat—such as navigational tools or fishing gear—will likely need to be covered by a rider to your policy. It’s also important to note that this policy will not cover damage due to normal wear and tear or inadequate maintenance.

Protection and Indemnity Vessel Insurance

This acts as a broad form of liability coverage, indemnifying passengers for personal injury or property damaged suffered while aboard your boat. P&I insurance also covers defense expenses and settlements if charges are made against you. There are a few things to keep in mind with this type of coverage, including the following.

P&I insurance often covers accidental pollution, such as a fuel spill. If not, this coverage can be purchased as a rider.

Passengers are covered when they are aboard your vessel. Shore excursion coverage can be purchased to extend protection to shore visits; however, this does not include unaccompanied drop-offs.

This coverage does not extend to people in the water. Divers will need the protection of their own insurance, which often necessities them to be accompanied by a licensed instructor or dive master.

Breach of Warranty Insurance

This coverage is meant to protect the mortgage holder of your vessel. If the boat should become a total loss, this policy can pay off the remaining balance of the loan (up to policy limits). Losing a vessel is tough enough without the need to continue making payments on it.

Do you have the right protection for your business? Call Voyager Insurance Services at (800) 342-4444 for more information on Dallas commercial boat insurance.
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