Why a homeowners policy is not enough for a boat
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Homeowners: low sublimit for boats, trailers, equipment and motors; a covered peril does not lift it.
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Theft only on the residence premises; windstorm only inside a fully enclosed building.
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2011 HO-3 liability: outboard 25 hp or less OK; sailboat under 26 ft; owned inboards excluded; 45-day reporting.
What a boat owners policy covers
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Outline liability terms: operations, passenger and flotilla liability.
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Medical payments pays regardless of fault; liability needs legal responsibility.
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Physical damage = own boat; no wear, tear or gradual weathering. Agreed value: no depreciation.
The yacht policy: hull, trailers, and protection and indemnity
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Yacht policy = hull + boat trailers + protection and indemnity (P&I).
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Hull = the yacht itself; P&I = liability to others.
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P&I does not include liability covered by workers' compensation.