While the registration and inspection of your boat are required in Canby, OR, having insurance is not mandatory. This does not mean that it is a good idea to hop into your boat without any liability or damage coverage. If you get into an accident or somebody is injured on your boat, you may be overwhelmed with legal fees. There also may be contractual requirements for you to have boat insurance in some instances. Oliver Insurance is an option to evaluate your insurance needs in Canby, OR.
Private Organizations May Require It
It is not unheard of for both marinas and banks to require boat insurance. Marinas will want boat insurance to make sure that boaters using their facilities are covered for their own damages and legal liabilities to save themselves from a headache. A bank will want you to have insurance because they see it as an investment and they want it kept in good shape in case it needs to be repossessed.
Whether your boat is for commercial or personal needs, you have invested a large amount of money and one disaster can completely wipe out your expensive boat. It is very common for fires and storms to take out boats that could have easily been covered by their insurance policies. You may find the investment in insurance worth it if you can find the right plan for your budget.
Protection From Lawsuits
If you invite people onto your boat, you need to keep in mind that you are responsible for them. Considering that lawsuits are so common in our culture, it is a good idea to have insurance as a backup plan to cover your losses.
Hopefully, you are convinced that you are likely to need boat insurance. Take into consideration the amount of money you put into your boat and decide if it will be worth it. Consulting with an insurance professional, like Oliver Insurance, will give you the right idea of what options are available to you.