Financial Liabilities: Without watercraft insurance, boat owners can face substantial financial burdens in the event of an accident. Personal liability claims can reach staggering amounts, potentially leading to bankruptcy.
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Natural Disaster Vulnerability: Boats are susceptible to natural disasters like hurricanes, storms, and floods. Watercraft insurance can help protect against these events by providing coverage for repairs or replacement, ensuring owners don't face devastating financial losses.
Theft and Loss: Watercraft insurance provides coverage for stolen or lost boats, ensuring that boat owners are not left empty-handed. Without insurance, boat owners bear the full burden of replacement or recovery costs.
Property Damage Expenses: Boat owners without insurance are responsible for covering all repair costs resulting from accidental damage, such as collisions or vandalism. Repairs can be costly, depending on the extent of the damage and the boat's value.