Marine Insurance FAQs
Generally, the difference between a boat policy and a yacht policy is determined by the size of the boat. Boat policies cover boats less than 24 feet long, and yacht policies cover boats 24 feet long or more. Exceptions may apply.
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.
Damage and Repairs
Additional items identified during the repair of a covered loss will only be considered if determined to be directly related to and/or caused by the loss. Typically, the normal “wear and tear” of an insured item will not be covered.
Yes. A representative will work with you and the boatyard you choose to estimate and/or repair covered damages.
Waterway towing is covered if your boat breaks down or suffers damage. For example, if your boat runs out of fuel or is involved in a collision, coverage will apply for towing. However, if a storm is approaching, your policy does not cover the cost of hauling the boat out of the water as a precautionary measure.
Your boat may have been towed for safety reasons during a storm, or because it was in a location deemed unsafe for surrounding waters and other boaters. In these instances, licensed salvors may be called by the Coast Guard or a local harbormaster to enforce boating laws. Your boat may be towed by one or more of these entities to ensure safety. Reimbursement for these claims depends on the terms and conditions of your policy.