What kind of insurance do I need for my boat dock at the Lake of the Ozarks?
Winter weather has everyone wondering if their boat dock, at the Lake of the Ozarks, has the right kind of insurance coverage. Melissa Kupfer at McGrath Insurance Group has some quick tips to make sure you have the coverage you need.
First things first, you need liability protection. We will assume everyone is careful while enjoying the use of your boat dock, but accidents can still happen. You need to make sure that your liability coverage will extend from your homeowners or fire insurance policy. Make sure your insurance agent is aware that you have a dock on the premises so they will properly cover your exposure.
It is likely that you have some money invested in your boat dock so now you need to purchase physical damage coverage. You would probably like to insure your dock against wind, fire, or damage caused by collapse. This can typically extend from your homeowners or fire insurance policy under your coverage for outbuildings. This coverage is usually automatic and typically it amounts to ten to twenty percent of your dwelling amount. If your automatic coverage is not sufficient to cover the full value of your dock, most insurance companies will allow you to buy an additional amount of insurance coverage for a minimal premium. Just remember to include the value of your lift and any other attached items when advising your agent of your docks value. You might also want to confirm that your personal property on the dock (i.e. life jackets, rafts, fishing poles, etc…) will be covered on your home or boat insurance policy.
Collapse coverage on boat docks always comes up this time of year, especially with record snowfalls. Some companies automatically provide coverage for the collapse of your dock caused by the weight of snow while others specifically exclude it. There are also some insurance companies that will provide "All Peril" dock coverage with an additional endorsement for extra premium. When available, this endorsement can cover your dock for damage caused by weight of ice, snow, shifting of ice, and even wave wash.
The best approach to having adequate boat dock insurance coverage is to make sure your agent is aware of your exposure. Coverage varies from company to company, so be sure to have everything in the open and documented so you can enjoy your summer on the dock and not worry about the risks involved.