Boats provide both adventure and recreation to their enthusiastic owners, but with the fun comes risks as well. Others help chip in some income or both. Well, it is not impossible to use your craft for recreational as well as commercial activities primarily in Clovis, NM where fishing is an everyday economic activity. It is a very prudent idea to make money while still doing what you love.
What you need to know
However, when it comes to insurance, it is essential to understand how it works. The short answer to our little question is no– your boat insurance cannot cover both commercial and recreational activities. At General Insurance Agency, we recommend buying boat insurance as well as commercial insurance if you are earning income from a boating activity.
For commercial insurance, you will need to state the exact type of enterprise that makes income like ferrying people or fishing. All insurance policies are quite specific in their coverages. Therefore, you need to be specific about your needs. If you use your boat for both commercial and recreation, it is prudent to seek an insurance expert at General Insurance Agency to help you come with a reliable option and also ensure you have every facet of insurance that needs for both working and playing.
As for boat insurance, the value, type and size of your boat you use factor into what type of coverage you need and how much you need to pay for it. Make sure you understand the perils that are covered before settling in your option.
Your insurance company may offer optional coverages which may be necessary depending on your craft. For more information about the boat and commercial insurance, visit us at General Insurance Agency located in Clovis, NM and our insurance experts with help you with decision making.