1st Blown Motor Update

[fishinwrench]

Any kind of impact should be covered.

Example:  If you "impact" a plastic ice bag that someone threw in the lake, and it blocks your water intake causing an overheat that blows the powerhead, you should be covered.  

Picking up old fishing line, cutting a propshaft seal that causes lower unit failure is covered. 

Insurance usually does not cover mechanical failures unless the failure is the result of some form of accident.  And by that I don't mean "accidentally" forgetting to do proper maintenance.