Marine Insurance Terms

Marine Insurance Terms

Hull Coverage:
Provides coverage for accidental, direct physical loss or damage from external causes with little exclusion. Hull coverage is “agreed value” on total losses and replacement cost (with no depreciation) on most partial losses, subject to a deductible. Most deductibles are based on a percentage of the hull value (i.e. 2%, 3%…) Windstorm deductibles are based a percentage also they are usually double your Hull deductible.Liability / P & I Coverage:
Covers the insured’s liability for property damage, bodily injury or death of another resulting from the ownership or use of the insured boat. We recommend a limit of $500,000 or higher.

Medical Payments:
Reasonable medical expenses resulting from injuries encountered by the boat owner, guest or family members while on board, boarding or leaving the insured boat.

Uninsured Boater Coverage:
Uninsured boater benefits cover damages resulting from bodily injuries received aboard an insured boat that its owner is legally entitled to recover from an uninsured owner or operator of another vessel. **Please note that boat insurance is not required like auto insurance, so not everyone has boat insurance.

Personal Property Coverage:
Personal property belonging to a boat owner and family is covered while aboard the covered boat and while being loaded and unloaded.

Towing and Assistance:
Reimbursement for emergency commercial towing service.

Vessel Trailer Coverage:
Provides coverage for loss or damage to the vessel’s trailer, there will be a deductible for this coverage.