Maritime Coverage Corp Answers FAQs

How much can I Insure my vessel for?

Marine policies provide coverage for your investment in the vessel not to exceed the vessel’s current market value.  This means the carriers will provide coverage for the purchase price of the vessel, with consideration towards capital improvements in the boat. The purchase price, CAPEX and market values must be documented. Some carriers will provide slightly higher options provided the survey value (Market, Not Replacement) supports the limit.


What companies do you have access to and are they rated?

We have access to many markets and only deal with carriers who have an expertise in the marine segment. The vast majority of our policies are written with American carriers that are “A” rated with AM Best.  There are occasions, when the type of risk coverage is not available otherwise, an approved Excess-Surplus Lines Carrier may be necessary.


What vessels require a survey?

Generally, a survey requirement only applies to Private Pleasure Vessels 27′ or greater and Charter Vessels – as described below. However, insurance requirements aside, if you are purchasing a used boat, it is probably a good idea to get one.  If you have any questions about survey requirements or options, please feel free to contact us.


How can I get a lower premium?

  • Raise deductibles. Generally, the higher the deductible, the lower the premium. There are risks though. Ask, because often there is a threshold where the return becomes significantly diminished.
  • Education. Obviously, operation of a commercial passenger vessel requires the appropriate licensing by Federal or State Authorities.  However, for recreational vessels, while not all carriers take this into account, those who do provide nice discounts for safety courses, training and licensing.
  • Navigation – Limiting your navigational territory (especially on yachts) can provide some premium relief. Having a navigational limit into areas with Hurricane Exposure, without the need to travel there, can add additional load.
  • Lay-Up Periods – Vessels which are taken out of service for specific periods of time (example for winter months) can be provided with a Lay-Up Credit.  While the vessel is still covered for damage occurring during the lay-up period, the vessel is not permitted to navigate.  Be sure to know the requirements of your policy as they tend to vary by carrier.  Some policies will allow the vessel to navigate from its birth to a maintenance facility, while some policies require the vessel to be hauled and stored out of the water during the lay-up period.  You should discuss these requirements with your agent.

How long does it take to get Insurance?

Most of the time, once quoted, it generally takes 1-2 days (assuming you have everything necessary)


What is Uninsured Boater Coverage and why do I need it?

This provides MEDICAL coverage that is required as a result of an Uninsured Boater. Damage to your vessel is protected under your Property Coverage.


Where are you located?

Our office is in office in Ormond Beach, Florida.

555 W. Granada Blvd., Suite #G-2, Ormond Beach, FL 32174


Are discount programs available?

Discounts are available for Seasonal and Inland Operations


Is Marine Insurance required?

Marine insurance is not required by law (not even pollution for most vessels) …but the first insurance in the history of the world was marine insurance, and for good reason. This means, since you are not required by government to buy it, that the marine insurance marketplace is very competitive.

Because vessels can easily travel from state to state, into federal regulated and international waters, marine insurance is largely unregulated by the states. That is, government has no rating or coverage requirements and generally does not oversee the conduct of companies participating in marine insurance.

Marine Insurance is generally written on an annual basis, even if the vessel it is written for operates only part of the year.