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Yes, at the very least liability coverage, because they technically own the boat with you. Any damages that you inflict on someone's property or body they share responsibility for.
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Is boat insurance mandatory in the state of Kentucky?
No state requires boat owners to have insurance on a pleasure boat. If you have a loan using the boat as collateral, the bank will usually require insurance coverage on the boat. They will also require to be listed as a loss payee which protects their interest in the event of loss to the boat. Some marinas will require the boat owner to carry liability insurance and the marina may also require they be named as an additional insured.
What is PMI Insurance mean?
Private Mortgage Insurance is extra insurance that lenders require from most homebuyers who obtain loans.
What type of title insurance is requested by lenders?
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
Is boating insurance required in California?
The state of California does not require you to have a boat insurance but it is important to get the boat insured for your own sake and safety in future.
What does it mean if you're obligated to get car insurance?
The word obligated means: You Have To. Most States have minimum insurance laws. All lenders require insurance on the car.
Does homeowners insurance cover the lenders title insurance?
No it does not. Lenders Title insurance is a whole other form of coverage
Is boat insurance mandatory in Georgia?
Georgia does not require boat insurance Its not required by law, in most states. You'll have to check with your department of motor vehicles where you register the boat. You do have to have a title and registration for boat and trailer because of them being on the roads. If you find that you need an insurance policy you can get a quote
What types of boat insurance are required by law and what companies sell it?
There is no state or federal law requiring boat insurance, however if you took out a loan to purchase the boat your bank may require it and some marinas require it. It is a good idea to have some kind of insurance coverage to protect yourself in case of an accident. Many of the companies that sell automobile insurance (such as Progressive and State Farm) also sell boat insurance and you may get discounts for purchasing them at the same time.
Are lenders obligated to require you to have flood insurance?
If you are located in a flood zone they are probably obligated to their shareholders and the other people they finance for to assure the stability of the company to make sure that you have flood insurance and property insurance.
In what states is boat insurance a requirement?
It's not possible to know if all states require boat insurance. However in most states you must have a drivers license and insurance to operate a powerboat rated above a certain horsepower.
Is boat insurance required in Louisiana?
Boat insurance is no required in the state of Louisiana,however if your boat is financed your finance company most likely will require proof of insurance. Its not required by law, in most states. You'll have to check with your department of motor vehicles where you register the boat. You do have to have a title and registration for boat and trailer because of them being on the roads. If you find that you need an insurance policy you can get a quote
Do I need boat insurance or can I go without?
To identify if you require marine or boat insurance, refer to the law in your state. These laws are accessible from the following informative website: http://personalinsure.about.com/od/watercraft/Watercraft_Boat_Insurance_Policy_Information_Articles_Savings.htm
