Summer means party time in Lake Michigan. If you own a boat or yacht that frequently hosts parties in Chicago, IL, you risk injuries occurring during your events, especially if you enter the Crib near the city’s shoreline. Boat/watercraft insurance can help protect you against unexpected incidents, but what happens if injuries occur in the water near your vessel? NCIB Group Inc. can help you select an insurance policy to meet your needs.

Liability Coverage Extends to Adjacent Waters

Boat/watercraft insurance can cover injuries that you or your guests cause in the water near your vessel. The two policy provisions for such incidents are bodily injury liability and medical payments, which cover you and your passengers regardless of fault. These provisions allow you to pay for medical expenses, hospital bills and rehabilitation if someone sustains injuries in a mishap where you are involved or are legally responsible. 

Other Provisions To Consider

Your insurance carrier may offer specific coverage for activities like water skiing or tubing. Just as with auto insurance, make sure you have uninsured/underinsured boater coverage in case an uninsured or underinsured boater causes injuries. Check your policy provisions to determine if certain activities are excluded from coverage. Also, check if your policy extends to others who operate your boat. And be aware of potential policy violations that could lead to denied claims.

Another consideration is liability limits. If you have a yacht, some people may perceive you as a target for an expensive lawsuit. To protect yourself and your investment, you may want to add an umbrella policy to cover court costs and excessive medical costs from multiple or catastrophic injuries occurring near your vessel.

NCIB Group Inc., serving Chicago, IL, can help you determine what type of boat/watercraft insurance you need. Contact us to get started.