For those who own boats and other types of watercraft, insurance is an important component of ensuring that on-board guests are safe in the event of an accident. However, there are a few other important ways boat insurance can keep owners and enthusiasts safe out on the water. This article outlines three aspects of coverage and why you might want to consider adding them to your policy if you don't already have them.

Agreed-Upon Value

Many insurance providers offer what is known as agreed-upon value coverage, which is essentially an agree-upon dollar amount between you and the insurance provider regarding your boat's value. This figure is generally set when you first obtain coverage, and can be beneficial in a number of different ways.

The most important of these is that your boat's depreciation will not affect your insurance policy's payout amount in the event it is stolen or rendered a total loss in an accident. Instead, the insurer will provide the insured with the dollar amount agreed upon in the insurance policy. This process can save a lot of time that might otherwise be spent waiting for adjusters and analysts to calculate the value of your watercraft. More importantly, there is no need to fret over whether your provider will provide enough money to replace the watercraft.

Personal Effects Coverage

Many boat owners aren't aware that unless it is clearly delineated in their policy, insurers don't generally cover personal belongings that were lost or damaged in an accident. However, for a minimal increase in your deductible, some insurance providers will offer substantial coverage for any personal effects that were destroyed or lost during theft or a boating accident.

The desire to keep your deductible as low as possible is an understandable one, but in lieu of expensive smartphones and other electronics that many boat owners often take with them on the water, this particular coverage can be vital in minimizing the financial impacts when disaster strikes.

Fuel & Wreckage Removal

Another aspect of coverage you may want on your policy is that which covers the cleanup costs of an accident. Cleanup is slightly more complex on the water than it is on dry land, and currents can carry wreckage—wreckage that you're legally obligated to remove from the water—for miles.

Not only is drifting a complication of marine cleanup, but you should also consider the difficulty of removing gasoline and petrol based substances from the water. This likely isn't something you can do yourself, and if your insurance policy doesn't cover these kinds of spills, you'll need to hire a cleanup company that specializes in marine waste removal.

Overall, there are a number of options when it comes to boat insurance, but an agreed-upon value, personal effects coverage and wreckage removal are three of the most important kinds of coverage you can have. For more information, contact a company like The Flechsig Insurance Agency Inc.