Taking to the High Seas This Summer? -- Protect Yourself with Safety Education & Your Boat with Proper Insurance, Warns The I.I.I.

NEW YORK, June 18, 2003 - Over 70 percent of all boating accidents are due to inattention, speeding or boating under the influence of drugs and alcohol, warns the Insurance Information Institute (I.I.I.). In fact, there were over 6,400 accidents resulting in 4,272 injuries and 681 fatalities in 2001.

According to the U.S. Coast Guard, education is the key to preventing boating accidents. Last year, 80 percent of all boating fatalities occurred on boats where the operator had not completed a boating safety course.

Although collision with another boat is the most reported type of accident - hurricanes, theft and fire also pose a significant threat to boat owners. In fact, over 40 million dollars worth of boats are stolen each year, according to the National Insurance Crime Bureau.

With private boats costing over 29 billion dollars in 2001, having the appropriate property and liability coverage is essential, warns the I.I.I.

Canoes, small sail boats, and boats equipped with motors that are less than 25mph are generally covered under a homeowners or renters insurance policy. Coverage is usually about $1000 or 10 percent of the home's property value and it generally includes the boat, motor, and trailer combined. Liability coverage is typically not included - but it can be added as an endorsement to a homeowners policy.

Larger and faster boats, yachts, and personal watercrafts such as jet skis and wave runners require a separate boat insurance policy. For yachts, damage to the craft, including the hull, is covered. These policies also provide broader liability protection. A boat insurance policy will cover:

• Bodily injury - for injuries caused to another person.
• Property damage - for damage caused to someone else's property.
• Guest passenger liability - for any legal expenses incurred by
  someone using the boat with the owner's permission.
• Medical payments - for injuries to the boat owner and other passengers.
• Theft

Most companies offer liability limits starting at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.

The type of vessel, the horsepower of the engines, the value of the vessel, and the location where it is kept are all factors in determining coverage and premium.

Another variable influencing the cost of boat insurance is the water where it's used. Sailing in the Caribbean is generally riskier than sailing a quiet lake. The I.I.I. suggests that boat owners discuss this with their insurance agent or company representative to protect their boat and determine their coverage needs.

Boat owners should also find out about the following discounts:

• Diesel powered crafts. It is less hazardous than gasoline since it is less likely to explode.
• Coast Guard approved fire extinguishers.
• Ship-to-shore radios.
• Two years of claims-free experience.
• Multi policy with the same insurer, such as a car, home or umbrella policy.
• Safety education courses, such as those offered by the Coast Guard Auxiliary (http://www.cgaux.org), U.S. Power Squadrons (http://www.usps.org), and the American Red Cross (http://www.redcross.org).

To be a safer boater, the U.S. Coast Guard suggests that you:

• Get a free vessel safety check by calling 1-800-368-5647 or visiting http://www.vesselsafetycheck.org.
• Monitor the weather forecast and let someone know where you're going and when to expect you.
• Check engine, fuel, electrical and steering systems, especially for exhaust-system leaks.
• Keep marine-type fire extinguishers accessible and in condition for immediate use. Make sure they are matched to the size and type of the boat.
• Equip the vessel with required navigation lights and with a whistle, horn or bell. Consider additional safety devices, such as a paddle or oars, a first-aid kit, a supply of fresh water, a tool kit and spare parts, a flashlight, flares and a radio.
• Make sure that every person on board the boat wears a life jacket and don't permit riding on the bow, seatbacks or gunwales. Every year, 80 percent boater fatalities are attributed to a missing life jacket.
• Never boat under the influence. In 2001, alcohol was involved in more than one third of all boating fatalities.

Boaters can get more information about insurance coverage by accessing I.I.I.'s Web site at http://www.iii.org or calling their insurance professional. Information on how to protect a boat from theft can be found at the National Insurance Crime Bureau's Web site at http://www.nicb.org.