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Boats and Yachts | Recreational Marine Industries | General FAQ's


What is the difference between a boat insurance policy and a yacht insurance policy?
Typically, “boats” are classified as 26’ and smaller, and yachts are 27’ and larger. In most cases a yacht insurance
policy is broader and more specialized because larger boats, or yachts, tend to have a larger navigation area and
more unique exposures.

What is the best coverage for my boat?
That really depends on what you use it for. It’s best to speak with discuss your policy with a marine specialist.
However, in most cases you should look for an “All Risk” policy. Basically, an “all risk” policy covers all types of
losses excepts those specifically excluded. Most policies provide exclusions for wear and tear, gradual deteriorations,
marring, animal damage, manufacturer’s defects and defects in design.

Are there any optional coverages available for my boat?
There are always optional coverages. That is why it is important to look at the use of your boat as unique to any
other boat. Do you want to cover fishing gear? Do you want to cover personal property? How about towing
coverage? These are just some of the examples of optional coverage that can be added to your boat policy?

What is the best coverage for my yacht?
As a yacht owner you have a unique set of needs. Typically, you need to be sure that your policy covers two
exposures: Hull Insurance and Protection & Indemnity Coverage. Hull Insurance is the part of your policy that
provides protection for your yacht should it be damaged. Protection & Indemnity provides coverage for your
captain and crew and for damages you cause to other boats or yachts. Protection & Indemnity is the oldest and
broadest form of liability. Depending on the size of your yacht and what you do with it there are many other
coverages that you may need. Many of these “extra” coverages may not be found through a standard program
and could cost you hundreds of thousands of dollars if not covered correctly.

How much Hull Insurance do I need?
A good rule of thumb is to insure your yacht (or boat) for the purchase prices plus the cost of additional equipment
and tax.

If I don’t operate my boat year round, why do I need to insure it year round?
In areas where seasonal boating is common, it’s typical to have a “lay up” discount. Basically, you are informing
the company that during the stated months you are not operating your boat. Based on the period of “lay up” most
companies will provide a discount in consideration of this “non-use” period.

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