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Your Insurance
with
Cathy Karas.
photo courtesy Youtube.com
I
nsurance is required
by lenders for home,
property, car, boat and other tangible items in the
event they are involved in an incident where there is
a total loss or damage to protect the lender’s interest.
Leasing companies, landlords, Departments of Motor
Vehicles, Marinas, equipment and car rental agencies
require liability insurance in the event you cause bodily
injury and/or property damage and they are drawn
into a law suit. But what about those situations where
insurance is not required, but there is a great exposure
for an out of pocket expense or law suit that could
wipe out your assets that you may not have thought
of? It is not possible to insure every mishap, but let’s
look at some common situations that could affect you
and how insurance can minimize your exposure. Let’s
look at some of these situations as they may relate to
your leisure activities and what you can do to protect
yourself from financial loss, law suits and loss of your
free time activities.
BOATS & PERSONAL WATERCRAFT
- In New York,
the Department of Motor Vehicles does not follow
registrations to see that you have insurance, as they
do with cars, trucks and vans. The marina or boat club
where you keep your boat may require you to have
liability insurance in the event you or your boat causes
bodily injury or property damage. If you keep your
boat at your residence or even at a location where you
are not required to have insurance, you are taking a big
When Insurance Is
Not Required But
Necessary
risk without it. Not only can you suffer the out of pocket
consequence of having to pay to repair or replace your
vessel, but you could face a law suit by other boat owners
in individuals that have suffered injuries on board, in
another boat, on land, or in the water or damage to
another boat, dock or structure. A recent fire at a nearby
marina in Verplanck, NY started in the middle of the night
apparently on a boat which ultimately damaged other
boats. The cause is under investigation, but you can
see what can happen. Also, you if participate in tubing
or waterskiing activities, be sure your policy provides
coverage for injuries to those you are pulling behind your
boat. Often this is an exclusion of coverage and you “can
buy it back” with an endorsement, or if it is unavailable it
may mean having to change insurance companies.
MOTORCYCLES
-
As with boats, in New York the
Department of Motor Vehicles does not keep track of
insurance. However, if you are stopped by police or
involved in an accident, your operation without insurance
can mean a fine and then a law suit from someone who
has suffered bodily injury or damage to their vehicle.
GOLF CARTS
-
A New York homeowners policy will
usually include the liability insurance for the use of
the cart, provided you are not on public roads. I have
seen these carts being used as modes of transportation
to go to and from stores, parties at friend’s homes and
even as “recreational vehicles” with young children
operating them. There are insurance companies that will