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Yacht Insurance d.o.o.

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Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

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Blog | A-Z Guide to Luxury Yacht Insurance

Although in many states, the law doesn’t require owners to carry yacht insurance, most yachts are insured because of the astronomical cost of repairs. Yacht insurance is also typically required by banks, marinas, yacht clubs and the federal government to cover crew-related liabilities (unless the vessel is owner-operated).

However, because each yacht is highly unique in size, systems, crewing and operational geography, buying yacht insurance is much more complex than insuring a car, for example. Yacht insurance policies are tailored to individual vessel needs, and owners can benefit from dissecting the elements of a policy so they know what questions to ask and what exclusions and inclusions to pay attention to.

YACHT INSURANCE 101

All yacht insurance policies offer two key coverages – physical damage and liability. Physical damage coverage includes repairs of the hull, machinery and equipment, but exceptions apply and they vary from one insurer to another. Ask your broker in detail which physical elements and systems are covered and which are not.

Liability coverage protects you from claims of damage to persons or property. The scope of these claims can be quite extensive and include damage to other vessels, port equipment and facilities, as well as injury or death. Your coverage must include environmental damage remediation, such as cleaning up oil contamination or removing a wrecked vessel from the water, and it must cover incidents involving onshore marine workers and crew members, as per federal law.

Yacht insurance can include many types of protection for policyholders, but insurers vary in what risks they will and will not cover. That’s why it’s so important to review exclusions in detail. You don’t want to discover something isn’t covered after the fact.

WATER CRAFTS AND ‘TOYS’

Personal water crafts and ‘toys’ – from jet skis and seabobs to submersibles – are expensive assets that should also be insured. Review your vessel policy with your broker to see if yacht insurance covers these water toys and equipment. If this is not the case, you may need to get a separate policy for each of these items.

INSURANCE COVERAGE DURING LAND STORAGE OR TRANSPORTATION

If you have to transport your yacht by land or on a yacht delivery ship, you will need a policy that extends to those cases. Under the U.S. Carriage of Goods at Sea Act, the steamship line liability for damages to your yacht can be as low as $500, so you may need to supplement that with further coverage. Similarly, if you keep your yacht on land during the off-season, you will need to cover fire and other natural perils, as well as theft and vandalism. 

UNINSURED BOATER COVERAGE

Although most yacht owners carry comprehensive insurance, some owners still do not. An uninsured boater policy protects you in the event that you or someone on board your yacht sustains injuries during an incident with a vessel that has no insurance.

EMERGENCY TOWING AND WRECK REMOVAL

Whenever you need fuel delivered at sea or towed to a place of repair, you want to have these costs covered by yacht insurance. Review your policy to check if there is a limit on these costs or a limited number of towing services per year. Similarly, if the yacht is wrecked as a result of a major accident or disaster and becomes an environmental or navigational hazard, you want coverage that will pay for salvage and disposal.

WHAT IS TYPICALLY EXCLUDED FROM YACHT INSURANCE?

Although many yacht insurance policies are quite comprehensive, there are always certain types of damage or liability either not reimbursed or categorized as “extras”. Here are some issues typically excluded from normal wear and tear coverage:

Insects, Mold and Marine Life Encounters

Mold and pests can cause costly damage to the hull, decks, interior or equipment, but they are not covered by insurance. For example, if a shark sinks its teeth into the stern (unlikely) or bugs eat through soft goods during winter storage (more likely), you’ll need special coverage to pay for those repairs.

Negligence, Boating Under Influence and Racing

Like other insurance policies, yacht insurance excludes losses through negligence or willful misconduct. If your yacht is involved in an incident due to someone operating it under the influence, your insurer may reject the claim outright or only the liability portion. Racing may be another excluded event and require its own dedicated policy.

Geographical Limitations

Most yacht insurance plans extend to specific cruising areas and deactivate when a yacht sails beyond these navigational limits. Yacht owners must ensure their navigation area is covered by insurance. In addition, many policies require yachts to be stored above certain latitudes during hurricane season. Owners should be aware of these requirements or have their insurance plans extended to where the yacht is moored. 

AGREED VALUE VS. ACTUAL CASH VALUE

In addition to the scope of coverage, most owners are concerned with the amount of insurance compensation, insurance premiums and their impacting factors. How an insurer values your claim is a big factor in determining both compensation and premiums.

If you elect to carry an ‘agreed-value’ policy, you get the exact amount shown on the policy when it is signed, minus your deductible. This option comes with higher premiums, but it’s preferred by many owners. Your other option is an ‘actual cash value’ (ACV) policy, where the insurer factors depreciation into the claim value, resulting in lower annual premiums.

BEST OPTIONS TO BUY YACHT INSURANCE

While smaller boats can be insured by your home insurance, owning a mega yacht always calls for a tailored insurance plan. A comprehensive yacht insurance policy should cater to specific risks associated with navigating a larger vessel on high seas, including the liability to your crew or other boaters, damage to water toys or other property aboard or sailing in certain geographic regions.

Many owners turn to yacht brokers or professional maritime insurance providers, like Oversea Insurance Agency, who leverage a worldwide network to offer 24/7 assistance all over the globe. By having a comprehensive yacht insurance plan from industry experts, yacht owners can rest assured that they will receive the most comprehensive insurance coverage and full support from initial consultation to insurance claim resolution.

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• Personal Finance

Yacht Insurance: What It Means, How It Works

What Is Yacht Insurance?

Yacht insurance is an insurance policy that provides indemnity liability coverage for a sailing vessel. It includes liability coverage for bodily injury or damage to the property of others and damage to personal property on the vessel. Depending on the insurance provider, this insurance could also include gas delivery, towing, and assistance if your yacht gets stranded.

Key Takeaways

• Yacht insurance provides indemnity liability coverage for a sailing vessel.
• It has two principal parts: hull insurance and protection and indemnity (P&I) insurance.
• While there is no legal agreed upon length that separates a yacht from a pleasure boat, generally it is considered to be somewhere between 27 and 30 feet.

Understanding Yacht Insurance

Some companies specialize in providing coverage for antique and classic boats. You can choose between an actual cash value or agreed value policy. The former is cheaper but factors in depreciation and market value, so your payout will be less. Some policies include discounts based on your boating education, safety features, and whether you have a hybrid or electric boat. Some companies also offer a package deal that decreases the rate on a yacht insurance policy if you purchase additional policies, such as for your home or car.

Boats are defined as vessels under 197 feet long, while ships are 197 feet long or longer. There is no agreed upon length for a yacht , but they are generally considered to be at least 30 feet long. A vessel under 27 feet is considered a pleasure boat.  

Although there isn't a standard definition of what the size of a yacht is, we can see that there is a general agreement within a range. With that being said, this general range falls within class 2 and class 3 of the Federal boat classification system.

For its own purposes, the National Boat Owners Association marks the dividing line at 27 feet. Most yacht coverage is broader and more specialized than pleasure boat coverage, because larger vessels travel farther and are exposed to greater risks.

Yacht insurance is broader and more specialized than pleasure boat coverage, due to the fact that a yacht can sail farther and thus runs greater risks.

A yacht insurance deductible, the amount of money you must pay out of your own pocket before your insurance kicks in, is usually a percentage of the insured value. A 1% deductible, for example, means that a boat insured for $100,000 would have a $1,000 deductible. Most lenders allow a maximum deductible of 2% of the insured value.

Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.

Two Parts of Yacht Insurance

There are two principal sections of a yacht insurance policy.

Hull insurance

Hull insurance is an all-risk, direct damage coverage that includes an agreed amount of hull coverage. That amount is settled on when the policy is written, and in the case of a total loss it will be paid out in full. In addition, there is replacement cost coverage on partial losses, though sails, canvas, batteries, outboards, and sometimes outdrives are not include and instead are subject to depreciation.

Protection and indemnity (P&I)

Protection and indemnity (P&I) insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Longshore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and important, because your losses in these areas could run into six figures. P&I will cover any judgements against you and also pays for your defense in admiralty courts .

Insurance Information Institute. " Boat insurance and safety: Boat insurance coverage ." Accessed Jan. 31, 2022.

National Boat Owners Association (NBOA). " The Best Yacht Insurance Rates ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Insurance Discounts ." Accessed Jan. 31, 2022.

Malhotra Insurance. " Watercraft and Boat Insurance: Is There a Difference? " Accessed Jan. 31, 2022.

U.S. Government Publishing Office. " Coast Guard, DOT ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Boat Insurance Coverage FAQs: What is a normal deductible? " Accessed Jan. 31, 2022.

Absolute Insurance of Palm Beach County, Inc. " Yacht Insurance ." Accessed Jan. 31, 2022.

International Marine Underwriters. " Commercial Hull and P&I ." Accessed Jan. 31, 2022.

DiscoverBoating.com. " Boat Insurance Guide: Boat Insurance Coverage FAQs: What should I look for in a yacht policy? " Accessed Jan. 31, 2022.

Gallagher Charter Lakes. " Protection & Indemnity Insurance – What is it??? " Accessed Jan. 31, 2022.

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Yacht Insurance

Yacht insurance cover tailored to you.

Our Yacht Insurance Policies cover sailing vessels both large and small cruising UK Waters, Europe and Worldwide.

Get the right level of cover with our yacht & sailing boat insurance so you can enjoy cruising on your yacht or sailing boat with confidence.

The team at Topsail Insurance are highly passionate and knowledgeable in Boat Insurance and Travel Insurance, with over 100 years of combined experience, they will ensure you get the policy best suited to you.

Our policies offer comprehensive and flexible cover for both local and offshore sailing.

We offer both agreed value and market value insurance policies to suit your individual needs.

What typically does our Yacht Insurance Policy cover?

• Accidental damage

Is Third Party damage covered?

Yes, our comprehensive policies include up to £5 million liability cover as standard. In most cases, we can also arrange Third Party Only policies too.

What additional benefits are included in my Yacht Insurance cover?

Many of our polices include:

• Personal Accident
• Medical Expenses
• Up to 25 % NCB
• Marina benefits

We can often offer Excess Waiver, Protected No Claims Bonus and Legal Expenses cover.

What cruising areas to we cover?

We cover UK, Europe and Worldwide/Bluewater cruising.

Do we offer any discounts?

We offer discounts for a number of Owners’ Associations, and Yacht Clubs, such as our partners, The Cruising Association and Ocean Cruising Club .

If cruising within the UK or Europe, you could be offered an instant quote online which you can purchase immediately.

Click here to access our online Quote and Buy .

Our team will be happy to compare your boat insurance renewal quote or provide you with a quotation for your new boat insurance. Enjoy making memories, we’ll handle the rest.

For more information about the features of our Topsail Insurance, please refer to the relevant policy document.

Enjoy making memories, we’ll handle the rest.

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

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We help you stay ahead and informed with these helpful tips and tricks

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Understanding boat insurance

A comprehensive guide to finding the right boat insurance coverage.

This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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on the water, 

around the world

A SHARED AFFINITY

AIG's yacht offerings were crafted by people who relish life on the water and deeply understand the complexities of owning watercraft.

ALL-ENCOMPASSING COVERAGE

AIG's yacht policy addresses nearly all types of property damage or loss, with coverage tailored to align with personal cruising plans.

NEWLY ACQUIRED VESSELS

Newly purchased tenders and yachts/boats are automatically covered for up to 30 days after the date of purchase.

IN & OUT OF THE WATER

Coverage includes protections for crew, marine environmental damage, tenders and on-board property, as well as occurrences while on dry land.

SAFETY AT SEA: LOSS PREVENTION

Dedicated loss prevention services range from crew first aid training and storm preparedness to on-board art collection management.

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What to Consider When Insuring Your Boat

Your dreamboat may be a sailing yacht, a family cruiser, or a large yacht with worldwide navigational capabilities. Regardless of its size or how you use it, you can more effectively protect your family and your investment with a thoughtful approach to insurance.

Boating Safety Best Practices

Safe boating practices should begin well before the vessel is launched. The following information is intended to help you anticipate unforeseen events and enable crew, family, and guests to return home safely.  

How to Prepare if You Need to Abandon Ship

When sailing offshore—whether cruising, sport fishing, or yacht racing—it is the responsibility of the vessel’s owner and captain to ensure the vessel is ready for its intended use. Use the following to help you guide your preparations.  

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The Differences between Boat & Yacht Insurance

When you look at a boat insurance policy, you'll notice the language is unlike your typical homeowner's or auto policy. What you may not know is that vessel insurance can even vary from policy to policy, depending on a variety of factors.

Yachts are classified as vessels 27 feet or more in length, while boats are 26 feet or less. No matter what type of vessel you have, when it comes to the type of policy, seek out Agreed Value. Agreed Value policies are cover all damages, except for sails, outboard motors, canvas covers, cushions or other specified items. They do not reflect depreciation or market value, which means you will get a greater settlement in the event of a claim. Other policies such as Actual Cash Value may be cheaper, but they also factor in depreciation and market value and will subtract that from your payout.

Also, when it comes to navigation limit, boat and yacht insurance policies can vary due to different exposures. For example, a boat policy typically includes unlimited overland transportation on a trailer, while a larger yacht policy would restrict overland trailering to only several hundred miles.

Deductible amounts can also differ. A yacht policy can offer deductibles of up to 3 percent for any hull damage. However, deductibles for a total loss, marine electronics loss or a windstorm loss can vary depending on your particular policy. By contrast, a boat policy offers a flat deductible, typically of $250, $500 or $1,000.

Because yachts inherently incur more risk due to their size and navigation, the liability feature of yacht insurance provides broad coverage designed to shield you from the effects of the maritime law. Your coverage is much broader than with a typical watercraft liability policy, and offers protection to permissive users, captain and crew liabilities, along with the Jones Act, a federal law that allows a seaman who gets injured on the job to bring a suit for damages against his or her employer.

Besides, yacht insurance addresses salvage to a damaged yacht, legal liability to remove a sunken wreck and uninsured boater coverages. In a typical boat policy, only general liability protection is included. For example, if your boat sinks in the Great Lakes or any of its tributaries, the U.S. Coast Guard says it must be raised. There will be salvage costs, fuel clean-up - and you'll have to pay the bill regardless of your coverage.

While most yacht policies provide salvage coverage, they do so in different ways. Some choose to limit the dollar coverage to a stated amount or percentage of the hull amount.

Another very important part of the salvage issue is wreck removal. Some companies include wreck removal under their hull coverage, which then limits its value. A true yacht policy will include it under the protection and indemnity limit, which will provide much higher limits and additional coverage.

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Another difference is that in yacht policies, your legal defense is in addition to protection and indemnity limits, while boat policies offer legal defense within the limit of liability.

Yacht policies have warranties, including the seaworthiness, navigation limits territories and navigation lay-up limits. While some boat policies do not require warranties, others may incorporate them.

Many boaters consider adding their vessels to their homeowner's insurance in an attempt to reduce their costs. Although the cost is substantially less when you add a boat to a homeowner's policy, but you don't get near the coverage. In this case, the old adage still holds true - you get what you pay for. The bottom line is not the amount of your policy premium, but how much you will collect at the time of loss.

For more information on boat and yacht insurance, or to talk to an experienced agent about different coverage options, contact NBOA Marine Insurance. Representing several A+ rated carriers, their insurance specialists will be able to create a customized policy that fits your specific needs and would be happy to answer any questions you may have.

Call 1-800-248-3512 or start your online boat insurance quote today.

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Envision the serenity of gliding across a glistening sea, the sun casting golden reflections on the water, your boat moving effortlessly through the waves. It’s the epitome of freedom and joy that comes with owning a boat, a dream cherished by many.

Yet, beneath this serene tableau lies an ocean of unpredicted risks and challenges. In these waters, boat insurance emerges not just as a necessity, but as your steadfast beacon of security. It shines light on the dark, uncharted possibilities, offering you protection and peace of mind.

This comprehensive guide will navigate you through the essentials of coverage, compensation, and selecting the ideal policy, ensuring your maritime journey is as safe as it is exhilarating.

Dive Deep into Coverage

Your boat is more than just a fun way to spend a sunny day on the lake–it’s an investment. But accidents and unexpected damage can mean financial disaster without the security of boat insurance.

You’ll be covered for any physical damage, like collisions or theft, but you’ll also be safeguarded from liability if another person gets injured while on your boat or their property is damaged.

Arm Yourself with Knowledge

There are several types of coverage available, which include things like mechanical breakdowns, salvage costs, and navigational limits for larger boats.

But most importantly, properly understanding the insurance coverage options provided in your policy could save you thousands of dollars in the long run.

Evaluate Insurance Options 

When thinking about boat insurance, you have to consider the advantages and disadvantages of Actual Cash Value (ACV) and Agreed Value (AV) policies.

An ACV plan is likely more affordable initially, however the payment in case of a total loss decreases as your boat ages. It means that if your boat is damaged, the insurance company will give you what your boat is worth at that point, minus your deductible.

For an AV plan, you make a deal with the insurer on the value of your boat when you start the policy. If you suffer a complete loss, they pay out that prearranged amount. This can provide more security for new or costly boats, but may not be beneficial for older ones.

Eventually, the choice depends on aspects such as the age and condition of your watercraft, your budget, and how much risk you’re willing to take.

Grasp Restrictions

Comprehending navigational restrictions in your boat insurance policy is critical, as these dictate the geographical area in which your boat is protected. These rules are particularly necessary for larger boats, such as yachts, where cruising areas can be more extensive.

If you journey outside the outlined area in your policy, you could forfeit your insurance coverage. Meaning, any damage or obligation incurred beyond those bounds won’t be covered by your insurer. These are like boundary lines set by your insurance. They define where you can take your boat and still be covered.

The navigational limits are often established according to the type of boat and intended usage zones–for instance seas, lakes, rivers, or coastal regions. Policies with broader navigational boundaries usually require higher premiums, highlighting the augmented danger associated with a wider marine region.

It’s paramount to accurately gauge your seafaring practices and regions of operation when deciding on an insurance plan to guarantee that you are sufficiently shielded within your ordinary boating area.

 If you decide to take on a longer journey or switch sailing areas, it’s best to speak with your insurer to modify your policy accordingly.

Gain Complete Protection

Essential coverage may include liability, salvage, medical coverage, and protection against uninsured boaters. Plus, personalize your policy with specialized add-ons for extra security.

Additional services like towing services, fuel delivery, hauling protection, and mechanical breakdowns/special equipment coverage can guarantee that you are equipped for any unforeseen circumstances while captaining the open seas.

Select the Right Policy 

The dimensions, class, and location of your boat determine whether an insurance company will create a policy for it. You can decide between larger companies that offer multiple types of coverage, or select specialized ones that understand boating better. Both options have advantages, so choose what best fits your requirements and expectations when making this crucial decision

When determining which insurance provider to safeguard your beloved boat with, it is paramount to consider if an individual policy should be taken out instead of a homeowner’s policy.

Homeowner’s policies may restrict or exclude marine-specific risks, but they can cover smaller boats adequately. It is almost always wise to go with a dedicated marine insurer for total and complete coverage​​.

Dedicated marine insurers are equipped with the knowledge to provide comprehensive coverage tailored for maritime boats.

Be Vocal about Needs

Securing the right boat insurance policy requires extensive research and a deep understanding of your particular needs. Consult experienced boaters for advice and evaluate how insurers processed past claims, as that’s usually an accurate indicator of their future service quality. Inquire with local insurance agencies to gain further insight about companies’ reliability and trustworthiness.

Furthermore, understand your chosen policy’s claims process; a simplified yet supportive system is essential during times of trouble.

Make sure to choose an insurer who volunteers assistance beyond just the claim – arranging emergency services demonstrates their devotion to customer satisfaction.

Lastly, make sure to balance coverage, cost, and the insurer’s credibility for service and support when making your final decision.

Save Money, Win Benefits

Saving money on boat insurance doesn’t mean you have to compromise on coverage. There are various ways to reduce costs while maintaining adequate protection.

These include opting for policies with diminishing deductibles, which reduce your out-of-pocket costs over time.

Completing boater’s safety courses can also lead to discounts, as many insurers offer incentives for educated and safe boaters.

Bundling your boat insurance with other policies under the same insurer can also lead to savings.

Additionally, some insurers collaborate with boat manufacturers to offer special deals, which can be a cost-effective option if you own a boat from one of these manufacturers.

Final Thoughts

Now that you are armed with a guide offering actionable advice, such as the importance of understanding policy restrictions and how to choose between different types of insurers, you can leave the harbor with confidence, knowing that you are well-informed and totally secure.

So, unfurl those sails, and keep a peace of mind! 

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From classic yacht insurance to modern cruiser/racers we can help. Mariner staff are keen yachties and will often be out there too. Let us put together a yacht insurance policy to suit you.

Monohull and multihull sailing vessels, from classics and cruisers to modern racers are covered under our yacht insurance policy. Yachts are covered for sudden accidental physical loss or damage; spars, sails, machinery, tenders, outboards, equipment and other accessories are covered, there is an option  to insure fishing gear too. Coverage  up to 200 nautical miles offshore from North or South Island. Racing and offshore extensions are available for most yachts, and there are also other benefits with our yacht insurance too like being able to claim (with no excess deducted) if you need to be towed home.

How much you’ll pay to insure your boat depends on a few important factors, including the type of boat, its size and age, and how you plan to use it. You can reduce the cost of your premium by selecting a bigger excess . If you race, or just do the odd rum race, we won’t rate you like a more hard core racer. 

We need to know where your yacht will be moored or berthed, and how you are going to be using it. Are you a harbour or coastal cruiser or are you sailing around New Zealand! Please tell us if your yacht is going to be out of the water for any length of time, or if you want to race. If you are doing a bit refit let us know too – we have a policy for that too. To save you time and hassle, we will automatically send confirmation of your insurance renewal to your marina operator each year once you have paid your premium.

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Home > Browse the GEICO Insurance Information Center > Insurance Options For Your Coverage Needs

Learn About Personal Watercraft (PWC) Insurance

So don't get thrown overboard by an accident that leaves you and your ride landlocked. Make sure you know how to safely operate your PWC and let the GEICO Marine Insurance Company help you get a personal watercraft policy. A personal watercraft insurance quote is fast , easy and above all—free. Plus, if you have any questions concerning personal watercraft coverage, give us a call at (855) 395-1412 .

What is PWC insurance?

PWC insurance helps insure you and your personal watercraft against accidents, vandalism, and liability. That means smooth riding. The GEICO Marine Insurance Company can help you get the right personal watercraft policy to suit your needs.

What does PWC insurance cover?

The most important part that's covered is you. A personal watercraft insurance policy typically insures you against many common liability losses regardless of whether you operate it yourself or loan it to another person.

In situations like these, you may be covered for:

• Damage to another craft or dock
• Bodily injury or death to another person due to your negligence
• The negligence of another driver while using your PWC
• Towed water skiers or wake boarders who become injured using your craft
• Physical damage to the hull, machinery, and equipment
• Injury to you caused by an uninsured watercraft operator
• Towing assistance if you break down on the water

What is excluded from a PWC policy?

You should read each line in your policy to get the facts on excluded items.

Typical examples of what's not covered are:

• Any craft that has been modified to enhance speed and performance
• Operation of a PWC after dark—dusk to dawn

Because insurance needs differ depending on the type of personal watercraft you own, read the details in your policy to see what is covered and what is specifically excluded.

What types of PWC can the GEICO Marine Insurance Company help you insure?

While the official definition of a personal watercraft varies from state to state, these are two of the more common types of personal watercrafts that GEICO Marine Insurance Company can help you insure:

• A stand-up PWC allows for one rider who either stands or kneels on the watercraft, as opposed to sits. Leading brands of stand-up PWCs include Kawasaki and Yamaha.
• Sit-downs, which allow the rider to sit or stand, can usually carry 2–4 people and often have the ability to tow skiers and wake boarders.

Can I add a PWC to an existing boat insurance policy?

No, your PWC will need its own insurance policy. You can get a personal watercraft insurance quote . It's easy. We can help you find the right coverage.

Some discounts, coverages, payment plans and features are not available in all states or in all situations. GEICO has teamed up with its subsidiary, BoatUS, to bring boaters a policy developed by experts, with the great service you expect from GEICO. Policies are underwritten by GEICO Marine Insurance Company. When you begin a quote, you'll be taken to the BoatUS website for a secure boat quote. Any information you provide will be subject to the privacy policy posted on their website.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

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