If you own a motorized boat, sailboat, personal watercraft or other marine vessel, we can offer you a variety of packages.
Coverage is available as a standalone policy through several marine specialty insurers, for personal watercrafts right up to mega yachts, with liability available up to $2,000,000 for boats and $1,000,000 for personal watercraft. They offer discounts for boating education courses and claims free.
All of our general insurance companies will add boats and motors, or non-motorized marine vessels (sailboats, canoes, etc.) to your primary residence policy. Some will also offer coverage for personal watercrafts.
Vessels over 10 years old are insured on an actual cash value basis with most companies, so it is important to make sure your stated value is reflective of the actual cash value of your boat. Boats that are less than 10 years old are covered on an agreed value basis for a total loss (this is the stated amount of insurance on your policy, some restrictions apply), and on a replacement cost basis for a partial loss. Some examples of the perils insured are damage caused by hitting a rock, theft, fire, damage caused by freezing, (provided reasonable precautions were taken to protect the property prior to freezing), wind, hail, lightning, etc. Navigational limits are available worldwide, and all premiums are based on the value of the vessel.