Boat Insurance

Boat insurance policies can vary depending on your needs and risk assessment.  A typical policy will protect your boat against theft, damage caused by a collision, damage caused by striking a submerged object and property damage caused by windstorms, lightening and vandalism. 

Other coverages incorporated into boat insurance policies may include:

• Medical Payments for injuries
• On-water towing if your boat unexpectedly breaks down
• Personal effects, such as fishing gear
• Fuel spill liability

Boat insurers use differing factors when assessing the risk and price of their policies.  Common factors include:

• Boat owner's operation experience
• The boat's age, make/model, and condition
• Where the boat will be operated - often called navigational territories
• The value of the boat
• The size of the boat 
• The Max speed of the boat

When buying or renewing your policy there are some key points you should consider:

• Lay-up Period: Does your boat have coverage during the off season?
• Navigational Territory: Some policies specify territories for where your boat is covered.  If you navigate outside of these areas you may not have coverage.
• Hurricane Haul-out: If you live in an area that is prone to hurricanes, you may want to consider getting this service which moves your boat out of harms way before a windstorm.
• Agreed Value versus Actual Cash Value: Does your policy specify and agreed value for your boat, or would you receive the depreciated value of your boat, including deductions for wear and tear, in the event your boat is lost or significantly damaged?
• Does your marina require additional liability coverage?