It’s Winter - are you fully covered?

It’s winter outside, and you may be tempted to cancel your boat insurance until the next boating season. But you may want to think twice about deleting any coverage between boating seasons.  "The majority of vessels have liens against them, and lien holders demand proof of insurance anyway," says DeeAnn Harvey, vice president of operations for a Lower 48 insurance agency. If a boat owner cancels his or her own watercraft policy, the lender will put a single-interest policy on the vessel. The boat owner pays for that policy although it does little to protect him or her.

"All it covers is the amount of the lien," Harvey says, "and it can cost the former insured three or four times the amount it would cost to keep their own, full-coverage watercraft policy through an agent."

Even when watercraft is not being operated, boaters continue to have loss potential from perils such as theft, fire, vandalism, weather and liability.  If you cancel your policy, you may face losses with not coverage.

If you want to make sure you’re fully covered to protect your property all year round, ask the insurance professionals at Denali Alaskan Insurance to take a look at your boat insurance coverage - or any insurance you may have - to help you develop a personalized program that best fits your needs.  Contact Denali Alaskan Insurance at 257-1625 in Anchorage or 694-6860 in Eagle River.  Matanuska-Susitna members may call the agency at 373-2223, while other Alaskans outside of these areas can call the toll free number: 800/770-1825.

This article was reprinted with permission of Safeco Life, and presented by Denali Alaskan Insurance.