Which statement about Boatowner's policy coverage is incorrect?

The statement indicating that most Boatowner's policies have limitations on how the boat may be used is indeed correct. In crafting Boatowner's policies, insurers often include specific limitations and exclusions related to usage to mitigate their risk. For instance, many policies may restrict coverage based on whether the boat is used for personal use or commercial purposes. Additionally, they might specify limitations regarding where the boat can be operated, such as restricting use to inland waters or requiring that the boat not be operated in certain conditions.

In contrast, generalized statements that suggest policies can have broad coverage for theft, typically provide liability protection, or claim no restrictions regarding usage do not accurately reflect standard practices in the industry. Therefore, the assertion that there are no limitations or exclusions in most Boatowner's policies regarding how the boat may be used is incorrect and does not align with the realities of policy provisions.