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!
Consider this: You have your friends out on your yacht one beautiful summer day. One of them isn't wearing a life jacket and falls into the water after the yacht crashes into a big wave. Despite your efforts of trying to save him, he drowns. His family would be quite likely to sue you and a boat insurance policy would cover your liability.
Don't think a scenario like that could happen to you, especially since you take every safety precaution imaginable? Then consider this: While your boat is parked at the pier, some teenagers decide to trespass and walk onto your boat. One of them slips while walking on the boat and breaks his neck. He could possibly sue you too and know safety precaution can guard against this type of scenario.
So, if you win the lottery and decide to buy a yacht, be sure to get a boat insurance policy whether or not you think you need one. It is very important.
Tino writes a blog about lottery winners. It includes many stories about people that have become rich from winning the lottery.
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