Boat and watercraft insurance is designed to help Fillmore, NY, residents if something happens to their boat, such as a natural disaster. In many cases, coverage includes on-water towing or fuel delivery if your boat breaks down. When it comes to piracy, though, things work a little differently.
The Piracy Exclusion
Most policies don’t cover piracy under standard coverage, largely because this type of coverage is usually unnecessary for the average boat owner. Piracy tends to be a greater concern in specific international waters than in domestic recreational boating areas. According to tracking data from the IMB, the areas with the highest rates of piracy and armed robbery incidents include:
- The Singapore Strait
- The Strait of Malacca
- The Gulf of Guinea, off the coast of West Africa
- Somalia and the Gulf of Aden
- The Philippines
Because of this, most American boaters don’t need coverage for scenarios like piracy or ransom situations. Insurance companies typically design standard boat and watercraft policies around more common, everyday risks instead.
International Waters
Many standard policies only extend to American waters, and you’re very unlikely to encounter piracy off the coast of New York. If you ever plan to travel into international waters, you’d need to upgrade your policy beforehand, which is the natural time to check into piracy-related coverage. An agent at Walker and Associates Insurance Agencies Inc. can help you learn more about your specific coverage.
Maritime Insurance
If piracy or ransom situations are a genuine concern for your travels, maritime insurance is the right category to explore. Ask an agent about Maritime Kidnap and Ransom coverage, which can help cover or reimburse ransom costs and often includes access to a crisis response team to help negotiate a safe resolution.
Agents at Walker and Associates Insurance Agencies Inc. can help you learn more about the different types of coverage available, decide what you actually need, and point you in the right direction if we don’t offer it directly. Contact us today to get started. We’re currently serving the Fillmore, NY, area.
