Special considerations when insuring a fishing boat

WHAT'S SO DIFFERENT ABOUT BUYING FISHIN' BOAT INSURANCE?

Five Buying Tips from BoatU.S. Angler

When it comes to catching fish, most anglers already know the best fishing spots, the best pole and reel combo to use, or the bait that's most appealing to their prey. But buying insurance for your fishing boat isn't so easy. When compared to buying other types of insurance, some of the differences lie in the expensive tackle often found aboard fishing boats, the need to trailer the boat to distant fishing grounds or occasionally enter an amateur tournament.

Here are five questions any angler should ask when shopping for insurance for their fishing boat:

1. The first choice: do you need an "actual cash value" or "agreed value" policy? If you have an insurance claim, actual cash value policies take depreciation into account when getting reimbursed for a loss. For example, if your 12-year old bass boat is totaled, you will be reimbursed for its actual, present day market value - not what you paid for it. However, "actual cash value" policies are generally the less expensive option.

"Agreed value" policies are generally more expensive but pay for repairs or replacement up to the value stated on the policy - except for a few specified items - regardless of the age or condition of the boat or equipment. A partial loss, such as a stolen 10-year old fish finder, is replaced "new for old." However, there is no wrong or right answer in selecting one over the other - it all depends on your budget and what risk you feel comfortable with.

2. Is my fishing gear covered? Fishing gear isn't "optional" for anglers. So why do some insurance companies make you pay extra for this coverage? Any fishing boat insurance policy should automatically include some type of coverage for expensive tackle.

3. What is the fine print on towing assistance services? Like an "auto club," some fishing boat insurance policies include on-the-water or roadside assistance service. The problem is that when you need to call upon these valuable non-emergency services - such as an on-the-water gas delivery, a tow back to the launch ramp, or roadside jumpstart - it counts against you as an insurance claim. You shouldn't be penalized when taking advantage of these services. Find an insurance company that offers them but does not require you to file an insurance claim in order to use them.

4. Where can I go? Unlike a car insurance policy that is good for every state you drive in, most boat insurance policies have what's called "cruising grounds" which limit where the policy is in force. Trailer your fishing boat outside those areas and you'll need to call your company for an "extension" to ensure coverage remains in effect.

Look for an easy to use insurance policy that doesn't put limits on where you can trailer your boat - especially if you have a smaller boat.

5. What about tournament coverage? If you'd like to try your hand at a local tournament, make sure the policy provides the liability coverage required. Another thing to think about is what happens if you've paid your entry fee but can't make the tournament because of a trailer breakdown? Look for a policy that offers some type of reimbursement for your entry fee if trailering troubles or other covered losses prevent you from getting to the starting line.

(company pitch deleted)

:The interesting aspect of many insurance companies' skinflint behavior :is that it normally applies far more to their own policy holders than :to folks with a claim for damage caused by any specific company's :policy holder. They can be almost generous with a victim.

Remember that most insurance policies cover very different things for the insured and for third parties. If you crash into someone else's boat, you're liable for their losses. That includes not just the physical damage to the boat, but also the economic losses, such as loss of use, and lost income for a commercial vessel. Most policies don't cover such losses for the insured.

When a sailboat failed to hit reverse in a timely manner and rammed its anchor and bow pulpit through my transom several years ago, (the sailboat was named "Penetration", by the way), the culprit's insurance company was downright generous. We were scheduled to leave on our long summer cruise the following week, and obviously the repairs were going to take a lot longer than that. The perp's insurance company offered to charter us a similar boat so we wouldn't miss our vacation cruise. In the end, we did some quick and dirty temporary repairs to be able to take our own boat......but it was commendable that the insurance company made the offer.