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Boat and Yacht Insurance:

Boat and Yacht Insurance: 

Why is boat and yacht insurance coverage necessary?


The primary reason why you need a boat insurance is that the boat is not covered by homeowner’s insurance. Homeowner’s insurance may extend to small watercraft such as a paddle boat or sailboat but it doesn't extend to larger, more expensive varieties having motors. So, having boating insurance in this situation will protect the owner in the event a coverable issue arises.

How boat and yacht insurance differs from homeowners or auto insurance:

Though all general insurance policies have some similarities; they have their own unique qualities. Like home and auto insurance, if someone is injured by the boat, a boat insurance policy covers the policyholder. If the boat causes damage to someone else’s property, including docks and other boats, it also covers the policyholder.  It also provides coverages for physical damage to the boat in case it runs into something or runs aground.

The ability to add extra coverage that protects against vandalism, theft, fire, and flood is another similarity to other types of policies. There is such coverage that protects personal property that are adhered to the boat such as fishing equipment.

How the boat insurance differs from home and auto insurance is that boat insurance allows the policyholder to suspend the coverage when the boat is not adrifted. This option is not  available typically for home and car insurance. Boat owners taking advantage of this feature of the policy need to be mindful of the time frame when the boat is not covered. Any incidents that occur during that time will not be covered by the policy, if the boat is used while the coverage is suspended.

Types of boaters insurance

Typically, two different types of boat insurance: “agreed value” and “market value” are offered by insurance companies. Insurance Experts  describes the difference between these two policy types that the difference lies in the depreciation value of the vessel. Agreed value policies require that both the insurance company and policyholder agree on the market value of the boat at the beginning of the policy. If something unexpected happens to the boat, the policyholder receives the full value of it. On the other hand, market value policies require that the vessel is insured for the current market value of it. So for example, the policyholder will only receive the current market value for it if an older boat or yacht is damaged beyond repair.

When the boat is not in the water, whether insurance will still  cover the boat:

The answer to this question is yes. It is generally accepted fact  that when a watercraft is not in the water, it is not covered by boat insurance. The boat is covered by the policyholder’s auto insurance policy, if the policyholder is towing the boat with a car and hits something with the boat.  It will be covered in part by the homeowner’s insurance policy, if a watercraft is damaged while parked on the owner’s property. However, in one of the situations the homeowner’s policy will only cover physical damage to the vessel but it will not provide coverage if the boat is vandalized or stolen while sitting on the property. When a homeowner wants extended protection while a water vessel is on the ground, experts suggest that you purchase an umbrella policy that extends coverage to terrestrial areas.

Navigational limits

Most watercraft insurance policies restrict navigational limits. For boats that are smaller up to 26 feet, coverage is usually limited to coastal waters or inland waters in Canada and the United States. More specific territories are defined by particular insurance companies for those vessels that are larger than 26 feet. No matter what you’re looking for large or small boat insurance, there is a policy for you to choose from. However, boat insurance companies will usually work with them to provide temporary coverage that extends beyond the specified areas In case a boater or yachter desires to have a one-time trip outside the regularly insured area.

Getting started

It is to be remembered that boat and yacht insurance does not cover failure to maintain the vessel or normal wear and tear. According to Marine Agency, many insurance companies require that a marine survey looks for hidden damage to the vessel.  However, when no exclusionary issues are found, the issuing of marine insurance should not present a problem.

Being a responsible and safe watercraft owner,  you may purchase a boat and yacht insurance. A policy of this type from Marine Agency can help assure that you are protected in case your vessel is damaged. Moreover, it can also help you pay for some medical bills associated with a boating accident.


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