Knowing a little about Maritime Laws will benefit you as to certain coverage you may want.  On the water puts you under certain differences as to personal responsibilities and liabilities and you want to be aware of these.  When you get boat insurance it is not exactly the same as car insurance.  Much of the responsibility is placed on you.  You are telling your insurance company that the boat you are insuring is “seaworthy”. 

What exactly this means is somewhat open to interpretation, but you are stating that whatever you do with your insured craft, it is reasonably designed for such activity.  If you put an extreme load in a smaller boat and capsize due to the affect that the cargo (persons or otherwise) had on handling the boat, your insurance company does not have to stand behind you. 

Let’s rephrase that: Your insurance company will NOT cover your losses.  You must be one honest individual with your insurance agent or you could find that when you need to file a claim something you were doing made the policy void.

Make certain any boat insurance policy you have does not have exclusions that leave you unprotected as to certain activities you may intend to do.  If you enjoy racing, or may use your boat for hire (even occasionally) or loan or rent it out, you want to make certain that you are still insured in the event of an accident. 

Another thing to consider is if you capsize, what about the expenses incurred due to emergency personnel involved in a rescue? Or if the boat sinks, while tied at the dock, the boat may be covered but is the raising of it? Towing is another realistic situation that all boat insurance policies may not cover.