Marine Insurance FAQs

If you have a yacht policy, damage is calculated on a replacement cost​ basis, with the exception of certain items specified in your policy. For a boat policy, damage is calculated on an actual cash value basis, with appropriate depreciation applied to the items being repaired.

You may choose your own boatyard. A representative will work with you and the boatyard you choose to estimate covered damages. 

Additional items identified during the repair of a covered loss will only be considered if they’re determined to be directly related to or caused by the loss.

Under a yacht policy, you’ll receive the replacement cost, up to the policy limit. Under a boat policy, you’ll receive the actual cash value. 

Waterway towing is covered if your boat breaks down or suffers damage. This includes running out of fuel or being involved in a collision. This is not a marine towing service, but a reimbursement for towing to the nearest port.

If a storm is approaching, your policy​ does not cover the cost of hauling the boat out of the water as a precautionary measure.

A: Coverage for your personal belongings depends on the type of policy. For yacht policies, your belongings are covered, subject to certain limitations and a special deductible. Boat policies generally don’t provide this coverage, but you can add coverage with an endorsement. We can work with you to find the coverage that best suits your needs and budget.