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150 S. Pine Island Road Suite 349

Plantation, FL 33024

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Marine Insurance

marine insurance

What Is It?

Marine insurance, known as boat or yacht coverage, is to cover your boat. There are many different options as far as the type of boat policies. Some companies will provide coverage for small personal or fishing boats, under 26 feet in length, no specialty yachts. There are other carriers that specialize in the larger boats, yachts, over 26 feet and are considered specialty in this market.

Why Is It Important?

There are many factors to consider when insuring your boat, whether a small vessel or a yacht. You will need to provide the purchase price, replacement cost, age, hull id#, size of the boat, horsepower, hull material, condition and any extra components or specialty equipment or personal property maintained on the vessel. It is also important to include the cost to replace your trailer as not disclosing the trailer could result in it not being covered. It is very important to agree on the value set forth under the policy to replace the vessel. This can also be set at actual cash value or agreed value. We strongly recommend agreed value.

How Much Coverage Is Needed?

In addition to insuring the vessel adequately you will still need to carry liability coverage. Similar to the auto policy you can select bodily injury for third party injuries, property damage for third party damages, uninsured or underinsured boaters insurance for your own medical payments in the event of a loss by an underinsured or uninsured boater. You will also be able to select comprehensive and collision deductibles in the event of a property loss to your vessel. In addition to the standard coverages you can also add on the following coverage:

• 24-hour roadside assistance – insures trailers and/or other tow vehicles.

• Emergency towing and/or labor – provides on-water towing services.

• Wreckage removal coverage – covers the removal, raising and/or wreckage of damaged insured boats.

• Replacement cost personal equipment – insured the policyholder’s personal property, including clothes, electronics and such.

• Total loss replacement – replaces an insured boat with a similar one.

• Replacement cost fishing equipment – insures for fishing tackles, rods and steels.


You must also advise your agent of the radius your vessel will be traveling. Some companies will allow for unlimited radius however the premium can be very costly. If you have a personal vessel that you use on weekends and travel a small radius your premium can be adjusted to cover that only. However, if you do travel out of the radius selected your coverage could be considered null and void. This is an important factor to discuss when purchasing your boat coverage.

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