Boat insurance is a policy that helps protect you from financial loss if your boat is damaged, stolen or involved in an accident. It also covers liability if you cause injury or property damage while operating your vessel.

Common Coverages

• Liability coverage can help cover costs if you’re responsible for injuries or property
  damage to others.
• Physical damage coverage can help pay for repairs or replacement if your boat is
  damaged by collision, weather, theft, vandalism or another covered event.
• Uninsured/underinsured boater coverage can help cover accident-related costs if
  you’re hit by someone without sufficient insurance.
• Emergency towing and assistance can help if your boat breaks down on the water and
  needs help reaching shore.
• Personal effects coverage can help replace personal items on board—such as gear,
  electronics, and equipment—if they’re damaged or stolen.
• Trailer coverage can help pay to repair or replace your boat trailer after a covered
  accident or incident.
• Wreckage removal can help pay to remove the wreckage of your boat if it sinks and
  removal is legally required.
• Pollution liability can help cover clean-up costs if your boat leaks fuel or oil into the
  water.

Common Endorsements

• Agreed value coverage locks in a payout amount for total loss, regardless of
  depreciation.
• Fishing equipment endorsement increases limits on fishing gear lost or damaged on
  board.
• Hurricane haul-out can help cover the cost of moving or hauling your boat to safety
  during a named storm.
• Navigation area extension expands the geographical coverage area if you travel
  outside the standard policy zone.
• Charter use endorsement allows limited use of your boat for paid charters or rentals.
• Boat show and exhibition coverage can help provide coverage for the boat while it is
  displayed at shows or public events.
• Mechanical breakdown coverage adds engine or mechanical failure coverage,
  typically excluded from base policies.

Premium Cost Factors

Several things influence how much you’ll pay for boat insurance. Here are the most
common factors that can affect your premium.

Boat-specific factors:

• Type of boat—Speedboats, fishing boats, sailboats, yachts, and personal watercraft
  carry different risk profiles.
• Length and horsepower—Larger, faster boats usually cost more to insure due to
  higher repair and liability risks.
• Age and value of the boat—Newer or more expensive boats generally cost more to
  insure.
• Construction material—Fiberglass, aluminum, wood, and other materials differ in
  durability and repair costs.
• Modifications or custom features—High-end electronics, custom engines, or
  upgrades can increase both the value and risk.

Usage and operation:

• How the boat is used—Personal use, chartering, commercial fishing, or racing affects
  your rate.
• Navigation area—Inland waters are usually cheaper than coastal or international
  waters.
• Lay-up periods—Premiums may be lower if the boat is only used seasonally or stored
  for part of the year.
• Storage method—Boats kept in secure dry storage usually cost less to insure than
  those docked in water year-round.

Owner-related factors:

• Boating experience—More experience can reduce your premium, especially if you take
  safety courses.
• Claims history—A clean record helps lower costs; previous claims can raise them.
• Driving record—Some insurers consider your driving history as an indicator of risk.

Policy choices

• Coverage limits—Higher coverage amounts increase premiums.
• Deductibles—Choosing a higher deductible can lower your premium, but you’ll pay
  more out of pocket if there’s a claim.
• Selected endorsements—Adding optional coverage (like towing, personal effects, or
  agreed value) increases the cost.

Learn More

Every boat and boater is unique. The best way to get the right coverage is to speak with
an agent who understands your needs. Our team can walk you through your options and
provide a personalized quote.