Your commercial hull policy provides coverage for more than just your hull. It may extend coverage to the “hull, tackle, apparel, engines, boilers, machinery, appurtenances, equipment, stores, boats and furniture.”

But what happens when you have a claim involving any one of these items? If the claim is covered, you have to pay the deductible first. Depending on the amount of hull coverage you have, this can be rather sizable and may exceed the value of the damage.

Do you have a tender? List it separately on the policy with its own hull limit and a smaller deductible. The liability coverage from your vessel still extends to the small boat but when the tender has its own hull value listed, you can have a much more manageable deductible. And don’t forget to tell your insurance agent if you have purchased a new outboard for the tender. This can increase its value and exceed the value of what you have insured the tender for.

Do you store items ashore during the off season? Some policies will reduce the coverage on these items while off the boat by covering only fire-based claims. Be aware: Should an item be stolen then your boat’s policy will not react.

Have you installed special equipment on your vessel to perform specific work? They can be scheduled on your policy with a stated value along with an appropriate deductible.

Do you operate equipment overboard? Good luck getting that added to your commercial hull policy. If you have ROV units stored on board your boat you may be able have them scheduled on your hull policy. But when they go overboard coverage ceases. Obtaining a stand-alone policy specifically to cover your ROVs is the proper way to provide coverage. This policy will react to claims from incidents both on the boat as well as in the water.

Take a moment to look at your boat and the equipment that you have on board. Then give your insurance agent a call and discuss the current limits you have for the vessel and everything on it, especially what can be stored (or is stored) on land. You will be happy you did should you need to file a claim.

Chris Richmond is a licensed mariner and marine insurance agent with Allen Insurance and Financial. He can be reached at 800-439-4311 or [email protected]