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ISO WATERCRAFT POLICY OVERVIEW

(January 2023)

INTRODUCTION

The ISO Watercraft Policy provides protection to watercraft as well as against a craft owner’s liability to third parties for both injuries and damage to their property.

ELIGIBILITY

Individual companies have the authority to develop their desired criteria. However, this policy is designed for boats used for pleasure and recreation, not commercial use.

Related Article: ISO Watercraft Policy Coverage Form Eligibility

POLICY MAKE-UP

The ISO Watercraft Policy consists of the following forms:

• Watercraft Declarations
• WT 01 00–Watercraft Policy
• Policy Cover Page or Jacket

This form is designed by individual insurance companies for their own purposes and may include a table of contents or index to meet the requirements of some states.

WATERCRAFT POLICY

The ISO Watercraft Policy covers property and liability exposures typically faced by many pleasure boat owners. The optional endorsements available to use with it should be examined and used to tailor the coverage to meet the needs or requirements of a given owner.

Related Article: ISO Watercraft Policy Analysis

COVERAGE FORMAT

The ISO Watercraft Policy is made up of the following, separate sections:

• Insuring Agreement
• Definitions
• Part A–Liability Coverage
• Part B–Medical Payments Coverage
• Part C–reserved for future use that is activated when WT 04 01–Uninsured Watercraft Coverage Endorsement is attached
• Part D– Coverage for Damage to Your Watercraft
• Part E–Your Duties After an Accident or Loss
• Part F–General Provisions
• Definitions
• Property Coverages
• Liability Coverages
• Uninsured Boater Coverage
• Loss Duties
• Settlement provisions, additional exclusions and limitations
• Other Policy Conditions

Related Article: ISO Watercraft Policy Analysis

ENDORSEMENTS

Endorsements tailor the coverage forms to customize the protection needed for specific situations. Examples are the various state amendatory endorsements and those containing the terms for cancellation and suspension. Others are used only with certain types of boating situations. Some cover additional insureds and others with a financial interest in the covered craft. A few endorsements add coverage, such as expanded emergency service or personal effects, while others add additional provisions.

Related Article: ISO Watercraft Policy Form Optional Endorsements