What is covered?
Boat insurance policies are normally written using an “all risk” policy form. Do not think “all risk” means everything is covered. “All Risk” means that all damage to the boat is covered unless specifically excluded. So, when you have an “all risk” policy you need to review the policy exclusions to see what is covered. If it is not excluded, then it is covered.
Not common in the boat insurance industry but a policy could be written using a “named peril” policy form. A “named peril” policy only covers what is specifically stated or named in the policy. Fire, lightning, wind and theft would be common named perils.
There is really no way a “named peril” policy can name all the unexpected, odd situations that can happen to a boat owner. Think of the oddest situation you have experienced as a boat owner. With an “all risk” policy, if it is not specifically excluded, then it is covered.
What is excluded?
All boat insurance policies have exclusions. The excluded items vary from company to company but generally include loss caused by wear and tear, gradual deterioration, weathering, insects, mold, animals and marine life. Some companies include coverage for damage caused by zebra mussels; others do not. Additional excluded items may include marring, scratching or denting, osmosis or blistering, manufacturer’s defects or defect in designs, and corrosion, except electrolytic (stray current) corrosion.
Review your current policy terms to verify what is covered and excluded.