Boat, Yacht and Commercial Vessel Insurance

What is hull coverage? Hull coverage covers the physical hull, machinery, engines, standing rigging of boats, yachts and ships.

Can we cover our personal property in our boat/yacht? Yes personal property can be insured.

Will coverage provide haul-out in event of named storm? The better coverage forms do provide some coverage for haul out.

Are all policies alike? No coverage can vary widely from insurance company to insurance company.

Can I pay my premium on installments? Yes, many carriers have installments, most policies are direct billed by carriers.

Does my coverage pay replacement cost on vessel? No. Typically claims are paid on an agreed value or actual cash value with depreciation on certain items such as machinery, awnings, etc.

Are surveys/inspections required? Typically larger vessels 30’ an above of a certain age require out of the water surveys on a three to five year basis.

What is a “lay up period?” “Lay up period” is the time when the carrier knows the boat will be stored ashore, generally there is a credit on the policy for this period when the boat is not in use.

What is Protection and Indemnity? Protection and Indemnity is the liability portion of the coverage, provides third party damage or third party bodily injury as a result of operation of the vessel.

If I have a paid crew in service to the vessel how are they covered? You can purchase Crew Coverage under the Protection and Indemnity coverage of your policy.

Is pollution coverage provided? Generally speaking ,yes, but again, this is dependent on the coverage form and the specific carrier.

Is environmental coverage provided (i.e. reef coverage)? This is typically an excluded coverage though some policies can be endorsed to provide coverage.