Do you reside in Arkansas and own a boat or a watercraft?
Do you know the insurance requirements of a boat in Arkansas? There is no need for alarm if you are not familiar with these details.
For starters, Arkansas law doesn’t allow a minor to operate a boat, even if there is an adult providing supervision. If a minor is caught, he or she and the adult present may be subjected to penalties and fines.
The state of Arkansas doesn’t require people who own a boat to have insurance. However, some facilities may demand coverage due to liability. Banks are an excellent example of institutions that may require you to have boat insurance. The issue arises when you are planning to finance the purchase, and the bank expects the policy to cover the cost of the watercraft. Another requirement is to include the bank as the policy’s lienholder, whereby it may be compensated in case of a loss or damage.
Marinas in Arkansas may also require you to take boat insurance should you wish to use their facilities.
It may not be a requirement, but it has been recommended. The homeowners’ policy may cover specific aspects of the boat, but it also depends on the size and the value of the watercraft. Boat and watercraft policies will protect the people on board your boat and cover liability in accident situations. Replacing your boat can be expensive but can be covered by collision and comprehensive policies. Discussing your options with a knowledgable Arkansas agent is highly suggested.
At Timberline Insurance Agency, LLC, we help our clients to secure reliable watercraft policies. By speaking with our agents, we can walk you through the insurance process and help you get a quote. Visit us or call today and learn how you can insure your boat today.