When you start looking for boat insurance you are looking for indemnity and legal protection as well as having your boat covered in case of damage to the hull or mechanics, or any equipment on board.  Also, in the event of total loss, due to an accident or storm or fire.  Theft or vandalism are reasons to be covered with an affordable boat insurance policy. 

You don’t expect boat insurance to cover the normal wear and aging with common use, nor would most boat insurance policies cover what is considered part of routine maintenance, such as interior or exterior painting. 
Since, like other insurance policies, all boat insurance policies are not the same, when speaking with an insurance agent it is as important to know exactly what is NOT covered as much as what is. 

Similar to your car insurance policy, your boat insurance policy should primarily include giving you protection and indemnity in the event of an accident.  This is the liability portion of your boat insurance. Protection covers any collision or damages that might have been caused by someone in another boat.  It is a very real possibility that the other person may not have boat insurance. 

And since you can often not “squeeze blood out of turnip” you having boat insurance is a protection for you and ones with you.  The company you have insurance with can then take care of your expenses and losses and go after the responsible party for reimbursement.  Indemnity is for the liability portion of an accident, including both physical injuries to all parties, and any damage to property.       

Both protection and indemnity are very important features of a boat insurance policy, and in the event they are called upon due to an accident, will save you headache and money – sometimes a very large amount of money!