Boat Insurance

About Boat & Yacht Insurance

Marine coverage as we know it took shape in 1688 at Edward Lloyd's Tower Street coffee house, where shipowners and financiers traded intelligence and subscribed hull risks; the foundation for today's specialist yacht market.¹

Parliament cemented those practices with the Marine Insurance Act of 1745, which required every insured to prove an insurable interest and effectively birthed the protection-and-indemnity (P&I) promise modern boaters rely on for third-party liability, pollution, and wreck removal.^2,3,

Stateside, BoatUS began issuing plain-language recreational policies in 1967 with agreed hull values, fuel-spill liability, and 24/7 catastrophe teams, features carriers continue to expand through haul-out credits, towing endorsements, and multi-policy programs.⁴

Coverage Highlights

Marine policies blend hull protection, maritime liability, and specialty endorsements that follow the vessel wherever it operates.

• Agreed Hull Value: Locks in the replacement amount for total losses and waives depreciation on most partial repairs, so salvage and rebuild checks match the number set at binding.¹
• Protection & Indemnity (P&I): Covers injuries to passengers, damage to other boats or docks, wreck removal, and pollution fines so a marina collision doesn't become a personal liability.²
• Medical Payments & Uninsured Boater: Pays medical bills for you and your guests regardless of fault and adds bodily injury protection when the at-fault skipper lacks coverage.³
• Personal Effects & Fishing Gear: Extends the policy to rods, dive gear, electronics, and other belongings being loaded, unloaded, or stored onboard, preventing out-of-pocket replacements.⁴
• Towing, Haul-Out & Emergency Services: Covers TowBoatUS dispatches, named-storm haul-outs, and on-water fuel delivery so you can act before a breakdown or hurricane escalates.^5,6
• Fuel-Spill & Pollution Liability: Dedicated sublimits respond to accidental discharges that accompany sinkings or fires, satisfying federal cleanup requirements.⁷

Rising Costs

CoreLogic estimates Hurricane Helene alone produced $30.5-$47.5 billion in damage (up to $17.5 billion insured) across 16 states in October 2024, so yacht reinsurers are repricing coastal wind the same way they would a landfalling Category 4 hurricane.¹Total U.S. boat-use spending—insurance, docking, fuel, and maintenance—still topped $12.1 billion in 2024 despite a slight dip in overall marine expenditures, meaning the cost to run (and insure) vessels remains stubbornly high.²Theft pressure compounds the issue: NICB ranks Texas third nationally with 354 boat thefts in 2023 and urges owners to document hull identification numbers, a reminder that carriers now scrutinize storage plans and anti-theft gear before offering preferred rates.³

Cheaper Premiums

• Pre-plan storm haul-outs: Some carriers reimburse 50% of professional haul-out or storm prep costs whenever your boat sits inside a NOAA cone, and those documented plans help underwriters justify lower wind deductibles.¹
• Finish a sanctioned safety course: The free, NASBLA-approved BoatUS Foundation course satisfies most state mandates and earns insurance discounts because trained skippers file fewer injury claims.²
• Review values, deductibles, and bundles annually:  BoatUS recommends revisiting agreed values, navigation limits, and multi-policy opportunities every renewal so you are not overpaying for outdated limits or unused territories.³
• Keep theft-prevention logs: Following NICB guidance to record hull identification numbers, photograph gear, and secure trailers shows carriers you have layered controls in place and can support theft credits.⁴

What We Do

Runabouts, pontoons, offshore fishing boats, and luxury yachts each carry different risk profiles. We document hull value, propulsion type, recent surveys, navigation limits, and storage or crew arrangements so we can pair you with carriers that understand your exact usage and appetite for coastal wind.