Oh there is nothing better than hearing that ol diesel engine hum and kick some butt out at the local lobster boat races. Right?
If you own your boat outright like many people do, it is a great way to have some fun. Fortunately they have almost always been fun, safe events.  But if you have a loan on your boat you may want to know if your Bank requires you to have breach of warranty coverage before you head off to the races. If you have a loss while racing your boat chances are it may not be covered.  Check the policy over closely many policies have a commercial hull use only clause.  So if you go out racing, you are breaching your contract with the insurance company and they could possibly deny a loss if it happens while racing. Breach of Warranty coverage would cover a loss if you are in violation of your insurance policy contract.  So just make sure you are really covered! 
And its off to the races.

Paul J. Miner
Compass Insurance