Consider this scenario: You win the lottery and, finally, your dream of owning a yacht comes true. Now you are rich enough to buy one and that’s exactly what you do. Then you may think to yourself, “I don’t need boat insurance. If my boat gets damaged in an accident, I have so much money that I can just pay for the repairs myself.” This may be true, but you also need to consider the liability coverage that a boat insurance policy offers as well. Liability coverage is a lot more important than physical damage coverage, especially since you just won the lottery.
Here’s why liability coverage is important for lottery winners. When people know that you are rich, you could be a target for lawsuits, especially frivolous lawsuits. They know you have the money and you would be able to pay. Do you really want to risk losing all of the money that you won in the lottery? Of course not! Continue reading ‘Boat Insurance For Rich Lottery Winners’ »