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Liability Insurance for Watercraft Racing
Watercraft refers to vehicles used in and on water. The term includes but is by no means limited to boats, ships, and hovercraft. When it comes to watercraft racing, this could include everything from the Oxford and Cambridge boat race to personal watercraft such as jet skis. When combining racing with watercraft, risk can be high. Accidents do occur. This makes insurance for watercraft racing essential for individuals and businesses operating in this area.
While watercraft like jet skis are frequently used for leisure, adding the racing element takes things up a notch in terms of risk. The combination of rigorously designed vehicles, competitive sportspeople, and water is exciting, but sometimes leads to tragic accidents. For this reason, best safety practices are critical and insurance for watercraft racing is a must.
Risks of Watercraft Racing
In addition to the risk of drowning, injuries due to collisions, such as broken bones, are also possible. And falling off a jet ski can land the rider in the path of a high-pressure jet of water that can force water into the rider’s orifices, causing mutilating injuries or even death. A lawsuit against Kawasaki for such an injury led to the award of $1.5 million in damages.
Daniel O’Keefe, A sailboat captain who was struck in the chest by a boat and landed in Lake Michigan unconscious sued the other captain, Todd Abram of Minnesota, for $1 million. His injuries included broken ribs and a heart contusion. Christopher Cooke, the defendant’s attorney, said that competitors accept inherent risks, but that certain things are unavoidable in the heat of competition.
And it’s imperative not to overlook the risk to equipment and property. Such risks include property damage to watercraft or docks, accidents while towing, and theft. Watercraft racing comes with a significant risk of injury on the water and potential damage following a collision. The legal costs associated can mount quickly, making watercraft racing insurance a wise investment for any individual or business in this industry.
Insurance for Watercraft Racing and How XINSURANCE Can Help
With such potential for spiraling lawsuits, insurance for watercraft racing can provide some much-needed peace of mind so that organizers and competitors can focus on what they do best. XINSURANCE can help provide a solution for this industry in which it can be challenging to acquire coverage.
If you have been denied coverage due to past experiences, your insurance has been canceled or will not be renewed, or you are concerned about gaps or exclusions in your coverage, give XINSURANCE a call to ensure that you are protected.
XINSURANCE is an insurance partner providing specialty liability insurance solutions, powered by Evolution Insurance Brokers, LC (“EIB”), an excess and surplus lines insurance brokerage, with an all-in-one approach. We can offer solutions despite a claims history or when an individual or business has been denied.
Contact XINSURANCE for a Quote for Insurance for Watercraft Racing
For a quote for watercraft racing insurance, don’t hesitate to get in touch. Our website has more on our extensive product line and a facility to request a quote or send us a message. You can also reach us using the following details:
Make the most of our skill in providing specialty liability insurance solutions. Our team is looking forward to learning more about your circumstances and your needs. Contact XINSURANCE today for more information.
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.