Marine insurance covers a wide array of watercraft. You may be surprised to find what can be insured. Marine insurance policies include:
- Boat
- Personal Watercraft (PWC)
- YACHT - generally, vessels 26' and smaller are called "boats,” and "yachts" are 27' and larger. Yacht coverage tends to be broader and more specialized because larger boats travel farther and have more unique exposures.
- SAILBOAT
- DINGHY
- Boat & PWC Rental - Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
- Boat Clubs - covers all members of club while operating a boat.
- Professional (ProAngler, Fishing Guides & Charters) - These policies are very customizable and can cover items like travel to a tournament, equipment and more.
Types of Boat Insurance Coverage
This will depend on the type of policy, but common coverage add-ons (in addition to basic ones above) include:
- Specialized Coverage: Coverage for something specific on your boat like an expensive prop or navigation equipment.
- Salvage: Coverage that pays to remove your boat due to damage, from substantial to minor.
- Consequential Damage: Covers a loss that was the result wear and tear rather than an accident (rot, mold, corrosion).
- Towing: Towing your boat across a body of water to safety can cost $400 per hour.
- Cruising Extension: You can get temporary, additional coverage if you plan on leaving the USA (typically to Mexico or the Bahamas).