Boat / Yacht Insurance

The Basics of Boat Insurance

Before purchasing boat insurance this review will be very helpful so that you can make an informed decision. Boat insurance policies typically offer coverage on boats up to 26′ in overall length. Vessels greater than 26 feet, it’s generally considered a “yacht”, and therefore qualifies for yacht insurance. Read more.

Commercial Towing and Assistance

Typically boat insurance policies provide coverage for towing and emergency services. Some policies may automatically include the coverage while on others it may be optional. Read more.

Exclusions

Every boat insurance policy has exclusions. The excluded items vary from company to company but typically include loss caused by gradual deterioration, mold, insects, animals and marine life, wear and tear, and weathering. Some companies include coverage for damage caused by zebra mussels; others do not. Read more.

Fuel Spill – Pollution Coverage

While typically Pollution has always been covered under the liability section of boat insurance policies. Recently we have seen boat insurance companies providing a separate limit for Pollution/Fuel Spill coverage. Most companies do not make pollution/fuel spill coverage dependent on a covered loss, but some do. Read more.

Hurricane Haul-out Coverage

Hurricane Haul-out coverage reimburses some or all of the expense of having the boat hauled in the event of a hurricane, tropical storm or tropical depression. Read more.

Motor-Machinery

Insurance companies will vary on how your motor is covered . Because of high probability of loss, damage to stern drives and outboards is one of the most difficult t topics of coverage faced by you and us as your insurance agent. Please refer to the partial loss section of your policy , review the items in the section that explain Replacement Cost and Depreciated Value. Read more.

Named Storm Deductibles

A Named Storm Deductible (NSD) is common today for vessels in areas vulnerable to hurricanes, tropical storms and tropical depressions. The NSD is higher than the normal hull deductible and will be applied if the boat is damaged due to a named storm. Read more.

Partial Losses

Most people think about a total loss when discussing insured value and how a boat insurance policy will pay. While important, the majority of claims are partial losses, not total losses. Depending on how your policy details, those details could cost you several thousand dollars above your deductible. Read more.

Salvage Charges

Salvage charges are amounts paid to protect the vessel against additional loss. This could be as easy as adding a barrier to a broken window or as difficult as a salvage company protecting the vessel if it is grounded. Read more.

Total Losses

In the event of a total loss, your boat insurance policy may pay you based on the Agreed Value, Actual Cash Value or the Replacement Cost Value. Here are the explanations of how these three policy forms are different, using a three-year-old boat, insured for $50,000 which was destroyed by fire. Read more.

What Is Lay-up

Lay-up is the period of time that the vessel is not in use. lay-up is typically for boats in climates in the northern regions, therefore not in use in the winter months. Boat insurers offer discounted premiums for lay- up. Read more.