What is a Boat Insurance Lay Up Period?

Are you a boater looking for more information about boat insurance? If so, it’s important to be aware of the terms and conditions that come with any given policy. One component of many policies is known as a lay up period, but what exactly is this – and why might it be beneficial in protecting your beloved vessel? The lay up period serves as an important element of your boat insurance coverage that can help you save on costs without sacrificing quality or coverage.  We will take a closer look at lay up periods when it comes to boat insurance, understanding what they are and looking at how they can help secure your valuable asset while out of the water.

What is a Lay Up Period?

A lay up period, also known as lay-up or layup, occurs when a boat is taken out of service for an extended period of time and is stored in a safe location to protect it from damage. It is a preventative measure most commonly used with boats that will not be in use for more than a few months.  For example, this usually is when the boat is taken out of the water for the cold winter months.

Is Your Boat Covered During its Lay Up Period?

Whether you’re taking a break from boating over the winter or between excursions in the summer, lay up periods are just part of owning a boat. During lay up, it’s important to make sure that your boat is covered to guard against any kind of accidents, damage, theft, and other unexpected costs. If you have a boat loan or your vessel is worth a decent amount, having lay up coverage in place can provide significant peace of mind during this time. 

Lay up coverage usually applies to boats left unattended and provides protection for impacts (such as natural disasters) and theft that would otherwise not be covered by traditional marine insurance policies. This type of policy usually gives boat owners the option to reduce their premium or receive a discount on coverage during that period, assuming they meet specific requirements laid out by the provider. They receive these discounts since they are already taking proactive measures by helping reduce the risk of loss during a period when their boat may be more vulnerable.

However, specific terms can vary so investigating lay up rates and provisions means that you will know exactly what type of protection you have in place for your boat during its lay up period.

Do All Policies Have Lay Up Period Coverage?

While lay up coverage is a popular choice for boat policies, not all policies take this option into account. For some policyholders, lay up coverage is an attractive option since they won’t have to be worried about their possessions while the boat is in storage. However, that protection isn’t always available; it depends on the insurer and the type of policy purchased. If lay-up coverage isn’t included in a policy, the insured may need to purchase additional insurance during those idle times, as most policies will state limits of only covering when in use or operation.

Ultimately, if lay up coverage is something important to you, make sure to check your stated coverage details before committing to a certain policy.

What if You Don’t Have Lay Up Period Coverage?

Not having lay up period coverage on your boat can be a cause of great financial burden and stress. Most cases, lay up coverage is provided to protect the insured in scenarios such as when the boat is left unattended for extended periods of time. While this coverage might not be mandatory, it adds an extra layer of assurance that any potential risks the boat may face during lay up remain covered by the policy. Depending on location, frequency, duration, and other factors, lay up coverage might be able to provide better protection against certain perils that may exist outside of normal operating conditions such as exposure to temperature fluctuations and unwanted animal visitors. Ultimately, investing in lay up period coverage should help rest assured that your boat will remain adequately protected regardless of how long it has been inactive for.

Contact Sound Choice Insurance 

Even if you don’t plan on using your boat during the wintertime, it’s important that you insure it against potential damage. A lay up period is when a boat owner takes their vessel out of the water to store it for an extended period of time, usually because of inclement weather or ice. Many insurance policies will cover boats during their lay up periods, but it’s always best to check with your provider to be sure. Without coverage, you could be facing some expensive repairs come springtime. Sound Choice Insurance can help you find the right policy for your needs and make sure your boat is properly covered during its lay up period. Give us a call today to get started.