How is property coverage in a boatowners policy generally written?

Property coverage in a boatowners policy is typically written on an open perils basis. This means that the policy covers all types of risks except for those specifically excluded in the policy. Open perils coverage provides broad protection since it does not limit the insured against specific risks; instead, it is designed to cover any unforeseen damage to the boat or its equipment, promoting peace of mind for the policyholder.

This approach differs from a named perils basis, where only the risks explicitly listed in the policy are covered. In addition, specific basis coverage would refer to particular types of loss or damage, which does not align with the comprehensive nature of open perils. Comprehensive basis, while similar in terminology, typically refers to auto insurance, and while the term reflects a broad coverage, it is not the standard terminology used for boatowners policies. Therefore, the open perils basis is the most accurate representation of property coverage within a boatowners policy.