Boatowners policies are generally written on what type of basis?

Boatowners policies are typically written on an all-risk basis. This means that the policy covers a wide range of potential risks, providing protection against nearly all types of loss or damage to the boat, except for specific exclusions listed in the policy. This comprehensive coverage is beneficial to boat owners, as it safeguards them against various unforeseen events that could lead to a financial loss.

In contrast, a named peril basis would only cover risks that are explicitly listed in the policy, which could leave the insured vulnerable to losses caused by unlisted risks. An exclusion basis is not a standard way of coverage but rather refers to the approach of explicitly stating what is not covered, which is more limiting than a comprehensive all-risk approach. Similarly, the term "standard basis" does not accurately capture the comprehensive protection typically associated with boatowners policies, as it lacks the specificity to denote the level of coverage provided. Therefore, the all-risk basis is the most appropriate description of how boatowners policies are structured.