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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

Related Coverage

We provide exceptional boat insurance with tailored protection.

We help you stay ahead — and informed with these helpful tips and tricks

This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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Yacht Insurance

Market leading cover at competitive premiums.

At Noble Marine Insurance we understand that your yacht not only represents a significant financial investment, it’s also your pride and joy.

We also recognise that everyone’s needs are different so whether you are cruising for relaxation or racing for a bit more excitement our experienced team can help arrange the cover you need.

Our high quality cover is backed by our 5 Star claims service so that you enjoy your sailing safe in the knowledge that you have the right cover and an expert team ready to help, should you need us.

12.5% Multi Boat discount if you insure all your boats on a single policy up to a maximum of £150 per policy.

Up to 15% Mooring Discount  for boats in Marina or Yacht Club berths.

Up to 25% No Claims Discount with the option to Protect it.

• 'New for Old'  boat replacement on boats up to 2 years old where you are the first owner of the boat
• 'New for Old' replacement of damaged Masts, Sails, Spars and Rigging up to 3 years old. 
• Third party liability of £5,000,000 (higher limit available for Italy - see below)
• Racing cover available from local club events to long distance off-shore races.
• Personal Possessions cover
• Cover available for any person using your yacht with your permission
• Insure all your boats under one policy
• Get a quote and buy online or call us on 01636 707606

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Competition & Overseas Use

If your sailing takes you to more distant shores or you are involved in competitive racing above local club events then Noble Marine can provide a solution to meet these needs in most circumstances. We can also extend the policy to include Skippered Charter.

Just call us to discuss your requirements and we will help you through the process or enter your details online by clicking  'Get A Quote'  and we will get back to you.

• Cruising areas available for most of Europe, the Mediterranean, parts of North Africa, the Canaries, Madeira and the Azores
• Increased liability cover of €6,070,000 for Italy.
• Liability Certificates available in Spanish, Italian and Greek.
• Cover for In-shore & Off-shore Racing (local club events are automatically included)
• Skippered Charter

Please note that policy cover is subject to the terms and conditions of our Marine Insurance Policy

Quote and buy online or call us on 01636 707606

Yacht insurance you can rely on.

Whether you're casually sailing the waves of the beautiful coastal waters of the UK, or racing your yacht in the Fastnet, Noble Marine Insurance have policies that can cover whichever sailing style you indulge in. With market leading yacht insurance cover and competitive premiums, Noble Marine Insurance can provide you with peace of mind that your cherished vessel is fully protected. Leaving you to go and enjoy the waves knowing you have our expert, 5 Star team ready to help you if you ever need us.

Noble Marine Insurance has over 30 years’ of marine insurance experience and a dedicated, in house, claims team. All yacht insurance policies can be arranged and managed online, however if you would prefer a personal touch, our friendly sales team are just a call away and always delighted to help you.

Noble Marine Insurance can provide you with market leading yacht insurance cover and competitive premiums. Get a quote online or, if you are unsure of the cover you need, call our friendly sales team who can help ensure you get the right yacht insurance policy for your specific needs. 

Is this the right policy for my boat?

Boats can sometimes be hard to categorise as there are so many unusual and one-off designs that don't confirm to the usual conventions. Noble Marines' yacht insurance is flexible enough to accommodate most yachts but if we don't think it fits we will be able to provide you with a quote on another insurance policy in most cases.

Our definition is a sailing boat for used for recreation or racing. Typically the boat will have a cabin, sleeping berths and galley facilities. It will be usually be over 8m / 26ft long and have an inboard engine although some smaller vessels may have an outboard engine. If you have a sailing boat which doesn't fit this definition then please call us and we will provide you with a quote under the most suitable policy.

To see the other types of boats we insure click here .

Your claims are handled by our own in house experts.

410-778-2260

Protect your family, guests and your investment with the very best in marine insurance

Get a quote now or call 410-778-2260

Yacht & Pleasure Boat

Commercial Marine

Marina & Marine Contractor

Dependability

Since 1988, Dockmasters Yacht and Marine Insurance has been your one stop shopping for all marine insurance risks.

One call will allow us to work diligently to provide you with the best service and markets available in the marine insurance industry. Our carriers include AM Best A Rated Insurance Companies for all kinds of marine risks. We have a solution for all of your unusual marine risks.

Our Yacht and Boat Insurance program offers worldwide navigation with the leading US and London Insurance Underwriters.

When you take to the water, protect your family, guests and your investment with the very best in Marine Insurance. At Dockmaster’s we have built a reputation on offering quality products and superior customer service. Our yacht Program provides comprehensive basic coverage, with personalized enhancements designed to match your individual needs. Specialized marine claim representatives are on hand to serve you, should the need ever arise. Your yacht is a luxury that you take great pride in. Let the professionals at Dockmasters help protect it for years to come.

70+ Years of Experience on the Eastern Shore

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Yacht insurance

The marine insurance leader for over 45 years.

Find a Markel marine agent and get a free, no-obligation quote today.

If you love your yacht, you’ll love our insurance.

We’ve been the yacht insurance leader for over 45 years because we provide coverages that fit your yacht and your lifestyle. Markel yacht insurance can offer distinct advantages in coverage features, options, knowledge and experience.

Why do you need yacht insurance?

Whether you own a yacht or a houseboat, we understand it’s not a typical boat and shouldn’t be covered by a typical boat insurance policy. That’s where we come in—each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget and your style.

Still not sure?

Here’s a few of the potential advantages to insuring your yacht with us:.

More complete coverage than any other carrier at no additional cost.

Experienced yacht underwriters and marine claims specialists who provide prompt, responsive service.

Discounts and cost-effective coverage options to save you money.

Flexible payment options.

Save money by customizing your yacht insurance

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.

Lay-up option We’ll discount your yacht insurance premium during the winter months when your yacht is not in use.

Higher deductibles If you can manage minor repairs to your boat on your own, selecting a higher deductible will reduce your premium.

Windstorm exclusion Live in an area that isn’t at risk for a hurricane? You may consider removing windstorm coverage from your policy.

Liability only Coverage in case you damage another yacht and/or person (doesn’t require a survey—even for older boats).

What we offer

We offer coverage for a variety of watercrafts over 26 feet in length, including:.

• Sport fishing boat

Our coverages can include:

• Coverage for your yacht
• Coverage for you
• Optional coverages

Hull and equipment insurance protection including:

• Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
• Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
• Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
• Agreed value for total loss
• Deductible waived on most total losses
• No depreciation on most partial losses
• Automatic tender coverage

Windstorm extra expense If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.

Personal effects coverage For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)

Emergency towing and assistance Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.

Rental reimbursement coverage Coverage for when your yacht is being repaired from a covered loss.

Uninsured boater Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

Medical payments Coverage for injuries suffered during an accident on your yacht.

Paid crew (Jones Act) Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.

Protection and indemnity Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.

• Boat trailer coverage
• Boat lift and boat house coverage
• Fishing tournament reimbursement for fishing boats
• Fishing equipment protection
• Transit and storage coverage
• Trip coverage
• Trip interruption reimbursement
• Personal liability coverage if you live aboard your yacht

Frequently asked questions about yacht insurance

General questions.

How much coverage do I need? Each boat, person, location and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It’s best to evaluate your comfortable level of risk when protecting your boat, assets and passengers. Your best option is to call our boat specialists at +1.800.236.2453 to discuss the best coverage for you.

Can I insure my yacht for liability only? Yes, we offer protection and indemnity (liability only) coverage to help protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, require a survey. However, Markel’s protection and indemnity coverage does not require a survey, so you’re able to do what you love without worries out on the water.

Will my policy cover normal wear and tear of my yacht? Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.

Can I use my yacht for chartering? We know that sometimes yacht owners charter their yacht for sightseeing tours or even sport fishing to help offset some of the costs of owning a yacht. Markel offers an optional limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. Additional restrictions may apply.

I live on my yacht. Am I covered? Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.

My yacht is in a corporation's name. Can I still insure it with Markel? Our yacht insurance policy can cover corporately titled boats for both personal use and client entertainment. We do require all corporately titled boats designate a designee of the watercraft. Contact your agent to learn more.

Do I need to insure my yacht in the winter? It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance and one that we have seen cost far too many people far too much money. Your yacht is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.

Do you cover unique boats? We offer coverage for various kinds of boats that other insurers may shy away from, including: high performance boats, airboats, hovercraft, etc. Not sure if your watercraft will be covered? Give us a call at +1.800.236.2453 to speak with one of our marine insurance specialists.

What kind of fishing equipment is covered? Your rods, reels and tackle are automatically covered under your personal effects coverage up to the limit purchased. If that coverage isn't sufficient, our fishing equipment coverage provides insurance protection at replacement cost. Please contact one of our marine insurance specialists at +1.800.236.2453 to find out more.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your yacht insurance claim by calling our office at +1.800.236.2453 or submit your claim online and we'll take it from there.

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? Yes, you can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

• Policy number
• Date, time and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Additional resources

Related articles.

From boat safety tips to breaking down yacht insurance, find the information, advice, and resources you’ll need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

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High performance boat

Coverage for speedboats greater than 26 feet in length and capable of speeds 66 to 120 m.p.h.

Top 4 Yacht Charter Insurances for Skippers

Protect yourself and your crew from financial and legal risks during boat rentals, what are the most crucial risks a charter skipper should insure against, which are the typical yacht charter insurance packages, which insurance companies offer what type of packages for bareboat yacht charter, here is a summary of the packages of yacht charter insurance providers:.

Book your charter boat insurance online!

FAQ: Frequently asked questions regarding watercraft rental insurances

What is the difference between deposit insurance and skipper liability insurance, what is the typical duration of these insurance policies, what is a secured payment certificate, what is skipper liability insurance, what does deposit insurance cover, how does travel cancellation insurance work, what is charter price contingency insurance, who needs professional skipper liability insurance, what is a third-party liability insurance, how much does skipper liability insurance cost, are there any deductibles for deposit insurance, what factors affect the cost of travel cancellation insurance, can i get coverage for regattas with skipper liability insurance, what happens if my yacht is damaged during the charter, can i get insurance for my crew members, are there any exclusions in these insurance packages, can i cancel my insurance policy if my trip gets canceled, do these insurances cover international charters, is there a difference between personal and professional skipper insurance, how do i file a claim if needed, are there any additional benefits with these insurance packages, how do i choose the right insurance package for my needs.

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Yacht Insurance Coverage

A yacht is the essence of carefree living. Your yacht is your gateway to endless luxury, comfort, destinations, and style whether you are cruising, site seeing, or just relaxing. Protect your financial investment as well as your carefree mindset by equipping yourself with a proper blend of yacht insurance coverage. Find out the Global Marine Difference when it comes to ensuring those who prefer to explore the open water in comfort and style.

Global Marine Insurance offers an extensive array of yacht owners insurance and coverage types to suit all yacht owners. Spending time aboard a yacht is perhaps the most comfortable way to navigate the open water, and any adventure is it near or far, is bound to be memorable. Protect your memories and contact us to speak with your Global Marine Insurance expert today.

Your yacht represents a significant financial investment in the memories and adventures to be had aboard your luxurious vessel. There are several potential risks on the open water that could damage your yacht and your peace of mind. By taking proactive steps to select a unique combination of yacht insurance coverage, you can relax and enjoy your maritime excursions to the fullest knowing that your vessel and your passengers are protected. Specialized policy coverages for yachts offered by Global Marine Insurance include but are not limited to:

• Wreck Removal
• Hurricane Haul Out
• Pollution Spill
• Broader Liability Limits
• Jones Act (Crew Coverage)
• Lower Deductibles for Personal Effects
• Automatic Tender Coverage
• Charter Usage
• Custom Navigational Territories

Personal Service

Yachts vary in many ways, as do yacht owners. At Global Marine Insurance, we understand the unique needs of every individual yacht owner. Several types of yachts, including mega yachts and luxury yachts, are not fully protected by standard insurance policies.

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How Much Will Boat Insurance Cost Me?

11 Min Read | Oct 16, 2024

Boats are a highlight of summer! They’re flashy, fun . . . and freaking expensive to repair or replace. That’s why it’s better to pay for boat insurance than to hope you’ll get by with zero accidents. 

Boat insurance protects you financially if your boat is involved in an accident where property gets damaged or someone gets hurt. On average, boat insurance costs $200 to $500 a year—or around 1–5% of your boat’s value if you have a big, powerful or expensive boat.

Let’s talk about what affects the average boat insurance cost, what it covers and where to get it.

Do I Really Need Boat Insurance?

That depends on your boat. A standard homeowners insurance policy will generally cover small, inexpensive watercraft like:

• Paddle boats
• Boats with low-powered engines (usually less than 25 horsepower or less than 25 mph maximum speeds)

You can also add a liability rider to your homeowners insurance to cover property damage or injuries if you get in an accident with another boater.

But homeowners policies won’t cover big, powerful boats. You’ll need boat insurance for:

• Charter Boats – Since your boat is your business, you may also need commercial insurance .
• Fishing Boats – including bass boats, fancy offshore rigs and everything in between
• Houseboats – Just like insuring a regular house , you need to insure your home on the water too.
• Personal Watercraft – Watercraft like jet skis are super fun, but they’re also risky—hence the insurance.
• Pontoons – Pontoons are where the party’s at! So make sure your boat and your passengers are protected.
• Sailboats – Activities like long distance travel, racing or historical reenactments require special coverage. Think of sailboats as the classic cars of the sea.
• Speedboats – Fast boats are at higher risk for accidents—which makes insurance a must.
• Yachts – Luxury vessels need insurance because they’re more  valuable and travel farther than most other boats.

All these boats need insurance even if it isn’t required by state law. Why? Because if you’re uninsured, a boating accident can ruin your future—in more ways than one.

Boating accidents caused $55 million in property damage in 2019—and that’s not counting medical bills and lost wages for the 2,559 people who got injured. To make matters worse, 613 people died in boating accidents that year. 1

If you cause those damages, injuries or (God forbid) deaths, you’ll be held liable. That’s why boat insurance is so important: It protects you financially after an accident, so you can focus on more important things.

How Much Is Boat Insurance?

The average cost of boat insurance is $200 to $500 a year—although for a really big or expensive boat (like a yacht or sailboat), insurance can cost around 1–5% of the boat’s value. For example, you may pay about $2,500 a year to insure a $100,000 yacht.

But just like other insurance rates vary, boat insurance costs change depending on you and your boat.

Get trusted coverage that fits your budget.

When you work with a RamseyTrusted pro, you can feel confident knowing they’re going to find the best policy for you at the best price.

What Factors Affect Boat Insurance Costs?

Many of the factors that affect car insurance rates also affect boats—but there are also some unique things to consider for watercraft.

Type of Boat

The more valuable a boat is, the more expensive it is to insure. For example, yacht insurance almost always costs more than pontoon insurance because yachts are more expensive.

High-powered watercraft are riskier, so insurance companies look at the type of motor (inboard or outboard, amount of horsepower and so on). Slow and steady usually wins the race to get low insurance rates!

To be considered in good condition, your boat must meet the U.S. Coast Guard safety standards from the time when it was built. Otherwise, you’ll pay higher premiums because of your boat’s outdated safety features.

Your boat’s age matters—and so does yours.

Older boats are generally cheaper to insure, especially if they’ve only had one owner. You’ll probably also get better rates if you’re between 25 and 60 years old, because that’s when insurers think you’re the most responsible.

Fishing and floating are lower risk than towing water skis or wakeboards. If you use your boat for “risky” activities, your insurance company will charge you higher premiums to make up for the accident they expect you to have.

Boating accidents almost always happen on the water (duh). So if you occasionally take your boat out, you’ll pay less than if you boat every weekend. That’s also why people who live up north typically pay less for boat insurance—the shorter boating season means less time for accidents.

Speaking of where you live, you’ll pay higher premiums for boating in an area with hurricanes (on the ocean), squalls (in the Great Lakes) or other hazards. And you’ll pay less if you live in a state with no coastline. That’s because lakes and rivers are typically safer than the ocean.

Driving Record

You’ll likely get low rates if you’ve got a good driving record (aka no accidents, injuries or recent insurance claims in a boat or car). But your inexperienced teen or your reckless cousin who’s totaled three cars? Not so much.

What Boat Insurance Discounts Can I Get?

There are a lot of ways to save money on boat (or even car) insurance. You can get discounts if you:

• Take boating safety classes
• Use a diesel-powered engine
• Carry ship-to-shore radios, Coast Guard approved fire extinguishers and other safety equipment onboard
• Bundle your boat, home and auto insurance
• Pay your insurance yearly
• Choose a high deductible
• Don’t file a claim for at least two years

What Does Boat Insurance Cover?

Boat insurance covers many costs of an accident—like repairs, salvage and medical bills. Let’s walk through the types of coverage you can get.

Liability is the most important type of boat insurance. It pays for the other person’s repair and medical bills after an accident you caused. And if someone sues you? Your liability coverage should help pay the legal fees.

You can even look into guest passenger liability , which covers you if someone driving your boat with your permission causes an accident

Liability also covers repairs to docks or other objects you hit—plus clean-up costs for oil and other pollutants that your boat released into the water. (Which is good since cleaning up even a small oil spill is insanely expensive.)

Without liability coverage, you’ll have to pay for damages to boats, docks, personal property, a person’s health or the environment. That’s a lot of money. So play it safe and let the insurance company pay instead.

Physical Damage

Physical damage coverage pays to repair or replace your boat if something bad happens to it, like:

• Collisions with other boats, docks, submerged objects or floating debris
• Damage from wind, hail, lightning or other weather
• Theft or vandalism

You can even get an “all risk” policy: Unless a risk is specifically excluded, your insurance will cover anything that happens to your boat—even sinking.

How much your insurance company will pay to repair or replace your boat depends on what type of physical damage policy you choose.

Agreed Value Policy

You and the insurance company work together to decide how much your boat is worth—and that’s the most your insurer will pay you after a covered accident. So if your sailboat’s agreed value is $95,000, your insurer will pay up to $95,000 to replace or repair it.

Agreed value policies offer plenty of coverage for most boats. But if you own a rare boat that’s increasing in value, it will eventually outgrow the agreed value you chose. That’s where the next type of policy comes in.

Actual Cash Value Policy

This policy pays up to the boat’s market value on the day it got damaged. That means you should be able to restore your boat or buy a similar one. You just won’t be able to upgrade on the insurance company’s dime.

For example, let’s say your boat is worth $12,000 and it sinks. The insurance company will only pay you $12,000—even if you originally paid more to buy the boat.  

Medical Payments

This coverage helps pay for medical expenses if you or your passengers get hurt on your boat. It can cover all sorts of injuries from a collision with another boat or even taking a nosedive on water skis.

Personal Property

Personal property coverage helps replace the unattached accessories that made your boat so much fun in the first place—like your fishing gear, navigation system and personal items.

You can even get insurance for your boat trailer (which may be helpful if you’re new to towing trailers).  

Uninsured Watercraft

Imagine that a speedboat makes a huge wake and pushes your boat into some sharp rocks. Your boat is damaged—but the other guy is uninsured. Yikes!

Uninsured watercraft coverage will help pay for your repairs (or medical bills if you or your passengers get hurt). That’s much easier than suing the other boater or—worse—having to foot the bill yourself.

If your boat becomes disabled on the open water, you’ll need to get it towed back to land. That’s what salvage insurance helps pay for.

You can also get insurance that helps pay to remove your boat from the water if it sinks—otherwise, the wreckage could become a hazard to other boaters and cause even more accidents. 

What Boat Insurance Doesn’t Cover

One thing boat, home and auto insurance all have in common: They don’t cover every situation. Here’s what boat insurance doesn’t cover.

Normal Wear and Tear

Boats get old and wear out just like any other machine. So your insurer won’t pay for cosmetic or mechanical issues that come from normal use.

Faulty Machinery

While your insurance policy might cover a mechanical breakdown if it’s out of the ordinary, it won’t cover manufacturer defects or things that broke because you used them wrong or didn’t take care of them. (So you may want to clean out that clogged water pump now.)

Animal Damage

Animals can be a big boating hazard—literally. If a run-in with a dolphin, manatee or other marine animal damages your boat, your insurance policy most likely won’t cover it.

(By the way, it pays to know what animals live in your boating area so you don’t harm them, your boat or the environment.)

Infestations

Another animal that’s not covered? Mussels! These little guys can do major damage. But the insurance company won’t pay for it—or damage from insects, mold or other infestations. It’s smart to check your boat and remove any unwanted passengers.  

Improper Storage and Transportation

Your boat falls off the trailer because you didn’t tie it down? Your “winter storage” is in the yard? Your insurance company will chalk those damages up to your careless behavior and make you pay the bill.

Accidents Beyond Your Navigational Limits

Your navigational limit is where you and the insurance company agree you can boat. Your insurance policy only covers you in that area. Sail outside of it, and you’re on your own.

Accidents Outside Your Layup Period

A layup period is when you take your boat out of the water for a while (usually the winter). If you use your boat after your layup starts or before it’s over, you won’t be covered.

Underage or Unnamed Operators

Each state makes its own rules about how old a kid has to be before they can drive a boat, so check the local laws before letting them take the wheel. And if your child (or another adult) drives your boat regularly, it’s smart to put their name on your insurance policy.

Where Do I Get Boat Insurance?

The easiest way to get boat insurance is to work with an independent auto or homeowners insurance agent.

Our network of Endorsed Local Providers (ELPs) will compare policies from multiple insurers to find the best one for your boat. And our agents will go a step further: They’ll teach you how to actually understand your boat insurance policy so you can be confident you’re getting the insurance you need—without costly extras.

Connect with an agent near you today.

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When a RamseyTrusted pro is in your corner, you have an insurance guide you can trust who will give you confidence in your coverage.

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Yacht Insurance: The Definitive Owner’s Guide

A sailing vessel’s indemnification liability coverage is provided through yacht insurance, and it covers any damage to the yacht’s body, property destruction of others, and private property damage aboard the vessel. This insurance may also cover gas supply, towing, and help if your boat gets stuck, depending on the insurance company.

Understanding The Two Parts of Yacht Insurance

Hull insurance.

Hull insurance is a direct and all-risk insurance policy that covers damage and includes an agreed amount of hull insurance. The amount settlement is done when the policy is drawn up, and the payment is in full in the event of a total loss. In addition, there’s the possibility of replacement costs insurance for partial losses. Still, sails, batteries, canvas outboards, and sometimes outdrives aren’t covered and are instead at risk of depreciation.

Indemnity and protection (P&I)

Protection and indemnity (P&I) insurance provides the most comprehensive insurance coverages for liability. Because maritime law is unique, you must have coverages specifically designed to protect you from risk-taking situations. P&I will cover any judgments against you and pay to defend you in admiralty courts.

What are the factors that can influence your yacht insurance?

Insurers consider many factors when deciding whether to offer a policy.

Almost any vessel can be insured – for a price. You should consider the following to make sure the policy you buy meets your needs:

• Age of the vessel
• Value (make sure you consider depreciation over the years of the value of your yacht)
• Speed/Power
• Type of vessel (Sailing, motor, Inboard, Outboard, utility, cruiser, offshore fishing boat)
• Custom built (boats without serial numbers can be tricky to insure)
• Location of use (which ocean are you planning to locate your boat. Make sure you let your insurance know whenever this changes over the months!)

What does yacht insurance usually cover?

Usually, the yacht insurance covers:

Liability protection: the bare minimum insurance

Property damage liability pays for damage to another person’s property caused by the accident you commit. You are covered if your yacht causes damage to individuals or damages other ships, docks, or buildings. Remember that harm or damage might occur due to direct contact with your boat or events induced by your yacht, such as during heavy wakes. In most cases, boat liability insurance covers you against covered claims and litigation involving settlements and legal expenses. To ensure that you have the right coverage, talk to your advisor regarding your needs and potential dangers.

Hull and machinery coverage

Hull insurance will cover any physical injury to your boat, including motors, trailers and equipment, and even accessories in many instances. Damage from wind and fire are typical claim types.

Uninsured boater coverage

Indemnifies bodily injured passengers of the insured watercraft who suffer injuries due to the uninsured owner of a different vessel.

Search and rescue

The maximum amount is $10,000 for costs that an insured incurs to a government entity like the United States Coast Guard (USCG), which provides emergency assistance and is covered at absolutely no cost.

Marine environmental damage and pollution coverage

This protection is available up to $10,000 in penalties and fines in the event of marine environmental damage as per the policy’s conditions. This coverage is added to the insurance company’s liability and OPA limit.

Agreed value coverage or actual cash value coverage

A cash value policy offers lower coverage than an agreed value insurance policy, however, generally with a lower cost. ACV policies provide coverage up to the value of the vessel. ACV policy would protect up to the price of the market for the boat if there was a complete loss, including depreciation and conditions of the vessel when it suffered the loss.

Crew medical and personal coverage

Reasonable medical and related costs are covered for all onboard passengers leaving or boarding the vessel. These benefits are granted per person instead of per event.

If your vessel gets damaged by accident, collision insurance is an optional insurance policy that covers the cost of fixing and replacing the damaged part with less deductible.

Sinking and wreck removal

Insurance for boats generally can cover sinking. However, there are some critical policy limitations. In general, insurance for boats should protect your boat if it sinks due to any covered risk. The policy could reimburse you for the cost of salvage or removal.

What is usually excluded from yacht insurance policies or comes as an extra?

War coverage

Damages caused by acts of war can turn out to be too great to insure, making the repayment too astronomical to be true.

Hurricane insurance

Your boat insurance provider may be able to pay for damages to your vessel caused by wind and hail from a storm in the event of a hurricane unless stated explicitly in the policy. Contact your boat insurance provider to find out what coverage you have during a storm.

Marine life encounters

Most insurance for boats doesn’t provide coverage for marine-related damage such as sharks, whales, and many other species. If you frequently sail in water full of marine creatures, it is possible to discuss a supplemental insurance policy with your insurance provider.

Insects and mold

The majority of yacht insurance policies do not cover insects and mold. It is essential to take the necessary steps to safeguard yourself against any pests on your vessel. So, this means that you must wash, drain, and dry your boat’s equipment after use.

Toys and PWC onboard

The PWC onboard may need to have a separate insurance policy as it is an expensive purchase.

Negligence or criminal acts

No insurance company is accountable for paying for the illegal actions of other people. Damage or loss due to reckless negligence and incompetence is also not acceptable.

Most insurance coverage for boats won’t cover certain events, such as racing on a yacht. Suppose you plan to use your boat to compete. In that case, you might want to consult your insurance representative about supplemental insurance, precisely the possibility of additional liability insurance if there’s a crash in the course.

Kidnapping and ransom

Because of the high stakes involved – human life and assets such as vessels and cargo — as well as the criminal character and challenging legal context, resolving a hijacking or abduction for ransom is a difficult task. Hence, kidnapping and ransom are not included in yacht insurance.

What do you need to know before picking a yacht insurance policy?

When evaluating physical damage cover, the most significant question is whether the insurance is focused on “agreed value” or “actual cash value” damage payout. If there is a complete loss, most agreed value coverage covers the amount shown on the insurance contract. After depreciation, you will receive compensation.

The actual cash value coverage offers protection up to the vessel’s present market worth at the moment of complete loss, after depreciation and the deductibles.

Although the coverage is smaller in an actual cash value insurance than in agreed value insurance, the policy is generally inexpensive.

The next thing you want to consider while choosing your insurance is the deductible and premium.

The amount you self-insure in the case of a loss is your yacht insurance deductibles. Put another way, it is the amount you spend on claims before your insurance comes in.

The next is premium. Choose insurance that can fit your budget to pay your premium on time without fail. 

Another thing to consider is the Intended cruising area. Some policies put restrictions or have a defined area while cruising. So, choose an insurance policy that suits your cruising area so that in case of mishaps, you can get coverage.

Yacht Insurance Requirements

Is yacht insurance mandatory?

While it’s not usually a legal necessity, it is always a good idea. It’s unlikely to cost much, but it might save you a lot of money in a disaster. Even if you or your captain are the finest sailor on the planet, you must consider what would happen if someone else collides with your yacht.

Changing weather may damage your boat, yet you usually have little control over it. Fortunately, most yacht insurance policies aren’t too costly, and the modest additional cost may provide comfort while cruising on the sea.

Does the bank require insurance while you finance the yacht?

Yes, your bank may require proof of yacht insurance if you want to finance the yacht.

Do ports and marinas need your yacht insurance?

For utilizing their facilities, numerous ports and marinas will need you to have boat insurance.

Does renting the yacht require insurance?

If you intend to rent out your yacht, you must have coverage to safeguard your asset, and yacht insurance can be highly beneficial. If you want to rent your yacht, you must get boat insurance to protect yourself from liability hazards, and the insurance covers the majority of liability concerns.

Read also : The yacht charter experience ladder

How much does a yacht insurance cost?

Usually, yacht insurance costs between 1% and 5% percent of the yacht’s value. For instance, you may spend around $2,500 annually to insure a boat worth $100,000.

However, similar to other types of insurance, the cost of your boat insurance depends on you and your vessel. The higher the value of a boat, the greater the insurance cost. Yacht insurance is often costlier than floating insurance since yachts are more expensive. High-powered boats are riskier. Thus, insurance companies consider the kind of engine (inboard or outboard, amount of horsepower, and so on).

How can I lower my yacht insurance cost?

Here are a few steps that you can take to lower your insurance cost.

Limit the cruising area of your yacht

There are navigational restrictions in marine rules, meaning you may only sail inside a specified region. The premiums will be less the smaller and securer the area is.

Have good training and driving records

Insurance companies are interested in your expertise on the water. The completion of a boating course demonstrates proficiency, which reduces your risk. Most insurance companies would consider boating lessons, but they may even provide a rate reduction. Contact your agent to determine whether safety-related boating classes impact your premium rates.

Lower the liability limits

Most insurance companies will require your credit score to establish suitable premiums. Maintaining a good credit score has several advantages, including cheaper insurance prices. To lower your liability limits, consider working on your credit score.

Pick a higher deductible to reduce the premium of your insurance

A greater deductible implies that the policyholder will be responsible for a percentage of the claim, hence decreasing the occurrence of claims. You choose to pay a part of the claim by raising your deductibles out of your cash, and the company will eagerly reduce your premium.

Choose seasonal insurance during the offseason

Fire, theft, vandalism, and winter storms can all cause significant damage and financial burden. You won’t be insured for any winter tragedy that strikes your yacht during the off-season if you don’t have insurance. You’ll be responsible for possibly astronomical expenditures.

Pick a modern boat rather than an old one

A new yacht will cost less to insure than an older one. This is because older ones are susceptible to acquiring defects, while newer ones are not. Further, you can take several steps to improve your yacht’s safety, contributing to lowering your cost. Like, installing an autonomous fire control system may decrease the danger of fire damage and make you eligible for a premium reduction. Additionally, safety devices like radar, depth finders, first aid kits, GPS, emergency kits, and EPIRBs may reduce the danger.

Our advice to find the best insurance broker at the best cost for a yacht

Avoid using your home and car insurer for yachts above 27”.

Usually, boat insurance is meant for vessels less than 26 feet long. Yachts are generally longer than 27 feet, have far more powerful engines, and cost more than smaller vessels.

Yachts typically go greater distances and deeper seas, transport more passengers, need a crew and have several equipment and personal possessions. These variables result in distinct risk exposures and need particular insurance policies, coverage choices, and deductibles.

Maritime law governs rather than state or federal law in deeper seas, which may be more complex. If your boat has a crew, you might be obliged to have Harbor workers and Longshoreman’s covers.

Partnering with an advisor who knows the worth of your boat and how you intend to use your boat can assist you in getting the necessary coverage for any potential catastrophes. You will also need specific insurance coverage if you own a high-performance boat due to the increased risk.

Pick a trustable company with expertise in marine insurance

You can choose your regular insurance provider to get your marine insurance. There are several maritime governing rules when you decide to sail on the sea or plan to sail overseas. Additionally, it is essential to engage with a provider that has a deep understanding of boat and yacht coverage. This is vital at the time of insurance application and in the severe case of a claim.

Special needs might require custom policies

If you have any special needs, additional coverage choices are available for medical costs, private possessions, the boat’s transportation equipment, and more that may be added to any plan. However, that relies on the type of insurance provider you choose.

Optional coverage extensions:

• Trip disruption
• Private property
• Trailer Coverage
• Towing and Emergency Roadside Service
• Uninsured Watercraft
• Individual Liability

Get an experienced yacht broker to help you navigate policies.

You may have 100 policies in front of you and many lucrative offers claiming several things. Yet, making the right insurance takes time and a better understanding of all the coverage. So, an experienced broker can help you navigate all these policies and select one that fits your budget and particular situation.

The best companies for yacht insurance

Many insurance firms provide boat insurance at affordable prices. Shop around to ensure that you receive the necessary information to make an educated selection. Also, there are several websites that offer evaluations of various insurance providers and are excellent starting points for your study.

Communicate with other sailors; determine which aspects they value and why. You would be in a position to make the most excellent option for your requirements when you analyze the services of various companies.

Being on the ocean is a feeling of serenity, tranquility, and impending new experiences. So, this is an encounter you want to go on forever. Further, your sailing boat is a significant investment. Hence, consider having your luxury boat insured to cherish the best of life and keep your investment safe.

Don’t take chances with your yacht, act now and ensure a safe and worry-free sailing experience

Now that you understand the importance of yacht insurance, don’t wait any longer to protect your valuable asset. Contact us today to get a quote and secure peace of mind on the water. Our team of experts will guide you through the process and help you choose the best coverage for your needs.

Frequently Asked Questions

All ship and yacht owners are obliged to have marine insurance, mainly when the vessels will be utilized for commercial or transit reasons and move people, labor, or goods overseas.

our yacht insurance usually protects your yacht against frequent dangers such as drowning, storm, fire, collisions, and theft. You may also be protected by boat insurance if you accidentally harm somebody or destroy their property. Your coverage may cover the following boat components: machinery, attached equipment, hull.

The exclusions from yacht insurance policies include: criminal actions of others, insect infestations, lack of due diligence on the part of the assured or managers, common wear and tear, loss resulting from delay, and intentional wrongdoing by the captain or crew.

The typical cost of boat coverage is between $200 and $500 per year. However, insurance may cost between 1 and 5 percent of the boat’s worth for a yacht or sailboat. For instance, you may spend around $2,500 annually to insure a boat worth $100,000.

Sailboat owners often spend between $250 and $1,500 annually to protect their yachts. This price varies depending on various criteria, including insurance type and insurance amounts, and sailboats usually are less costly to cover than powerboats.

Annual insurance on the yacht will range at roughly 1.5 percent of the boat’s value. The cost to insure a catamaran depends on hull valuation, location, and the boat’s operation.

The insurance coverage of a mega yacht or a super yacht can be around $240,000.

To reduce the cost of yacht insurance, you can take the following steps: installing safety equipment, demonstrating better boat riding skills by undertaking a boating course, considering your deductibles, limiting your sailing area or working on credit scores.

Hull relates to the vessel’s body. The insurance will cover unexpected damage or loss to the boat anywhere inside the policy’s specified maritime boundaries.

Usually, classic boat insurance is provided by specialized insurance firms who specialize or have experience in protecting classic and antique vessels. For covering your old boat, get a quotation from a specialized insurer and verify that your policy provides the protection you want for a sense of security.

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Yacht Insurance

Finding the perfect coverage has never been easier.

Insurance doesn’t have to be boring. That’s why we hired Sara East to be our BA insurance writer. Maggie specializes in making mundane subjects hella-entertaining.

Yachts are a luxurious way to be on the water, but owning a yacht means having the right insurance in the event of damage or being destroyed. Because of their price, repair or replacement is likely to be very expensive making the proper coverage crucial for boat owners.

Before using your yacht, an independent agent can work with you to create a customized yacht insurance policy to your specific watercraft, its value, and how you use it. 

Boating Statistics

No one likes to think about the dangers of boating, but accidents can happen and it's best to be prepared in the event that you face unexpected hardship. Whether you hit another boater, have an incident with a passenger, or your boat is damaged while being transported or docked, lots of things can lead to a financial headache for you.

Here are some statistics about boating accidents.

• Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
• Only about 20% of all boaters who drowned were on vessels larger than 21 feet
• Operator inattention was cited as the leading cause of accidents involving cabin motorboats

What Is Yacht Insurance and What Does It Cover?

Yacht insurance is a specialized type of boat insurance for luxury boats. Yachts can be used for personal as well as commercial use, so insurance policies must be created to accommodate each of those needs. 

While yachts, like most boats, depreciate over time, they still generally have a much higher than average value. Because of their high values, a standard boat insurance policy may not provide enough coverage for your vessel.

The components of yacht insurance are similar to standard boat insurance coverage.

• Bodily injury and property damage liability: Covers the costs associated with injuries or property damage you cause to another person, as well as legal fees. If the liability limits in your yacht insurance policy are not adequate to protect your assets from a lawsuit, you may want to consider buying an umbrella liability policy , which provides a much higher liability limit.
• Collision coverage: Pays for damage to your boat after a collision with another boat or object.
• Comprehensive coverage: Covers non-collision damage or loss, including theft, fire, vandalism, or damage caused by an object other than another boat.

Additional yacht insurance options to consider

• Uninsured/underinsured boaters insurance:  Covers any damage or injuries from an accident with an uninsured or underinsured boater. Since boat insurance is rarely required by law, if you have a significant amount invested in a vessel, this is a good insurance option to discuss with your agent. 
• Medical payments coverage: Covers medical expenses and funeral expenses for anyone on that is injured, entering, leaving or while on your boat.
• Equipment and personal effects coverage: Pay to repair or replace damaged or lost items such as gear, fishing equipment, cameras, and other personal belongings.

An independent agent can work with you to determine the appropriate coverage for your needs. Because these agents work with multiple insurance companies, they can help protect all of your interests with a broad range of insurance coverage, all from one agency office.

Is Yacht Insurance Different from Standard Boat Insurance?

Yacht insurance provides similar types of coverage as standard boat insurance . However, yachts have some specific differences from standard boats, and yacht owners generally need certain protection that regular boat insurance does not provide.

For example, a yacht policy tends to restrict hauling on a trailer to only a few hundred miles, while boat insurance tends to provide coverage for trailering over longer distances. 

Also, deductibles for yacht policies are very flexible, instead of having set amounts like $250, $500 or $1,000. In addition, yacht policies can include coverage for raising and removing a sunken yacht, while boat policies generally do not include this coverage.

Is Yacht Insurance Required?

Yacht insurance is not typically required by state law. However, sailboats often do have insurance requirements. So, if you have a sailing yacht, insurance may be required by law. 

Yacht club membership statistics

You will also need to buy insurance to protect your investment in your vessel if you finance the purchase of your yacht through a lender.

Many marinas require that you have insurance in order to slip your boat at the marina. Check your local marina's guidelines, and be sure to learn about your state’s laws and regulations. 

Do I Need Yacht Insurance?

A yacht can range in price from $300,000 to several million dollars. Purchasing one is a big investment and having the ability to insure your investment can ease your mind if there's an accident or your yacht needs repairs or replacement.

Insuring your yacht is also not just about the boat. In the event that an injured party files a liability claim against you, you will want to have enough coverage in place to protect your boat, home, savings, investments, and future income.

Assessing your financial situation will help you to determine how much yacht insurance you need.

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Our independent agents shop around to find you the best coverage.

How an Independent Insurance Agent Can Help with Yacht Insurance

A local independent agent will talk with you, free of charge, to learn about your yacht and insurance needs. They'll gather multiple quotes for you from several different companies and help you compare options and rates. Your agent can assist you with every aspect of your insurance and will be your point of contact if you need to file a claim.

An independent agent can help to prevent gaps in coverage that leave you exposed to risk. You will know you are getting the right coverage for your needs, and that you are not paying for any unnecessary coverage. 

https://www.ussailing.org/wp-content/uploads/2018/01/Demographics2010.pdf

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Anchoring down the right coverage..

You can choose from boat and yacht insurance policies that cover your physical watercraft including the sails, hulls, furnishings, motor, machinery, and trailer. Coverage can range from liability only to a new boat replacement. You can also select a policy that covers medical payments, damage to property, fishing equipment, hurricane haul out, freeze and more. We can also assist with workers compensation policies to cover captains and crew members of large yachts.

Set sail in the right direction.

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• Motor Boat Forum

Yachtmaster Insurance

• Thread starter maybh1
• Start date 13 Nov 2007
• 13 Nov 2007

Active member

Hi Guys Insurance renewall is looming and my quote from GJW for our 8 year old Trader 44 comes in at just under £1620.00. They have become resistant to negotiation on the price over the last 8 years and it has steadily risen by about £100.00 per annum. Each year I have always obtained comparative quotes from other insurers like St Margarets but there is usually only a few quid in it. Yesterday, on the internet, I came across a company called Yachtmaster Insurance. I was dealt with by a very pleasant fellow who handled my request very efficiently and then called me back later to say that the best quote he could find for me was £1293.00 and that there is possibly still room for negotiation. /forums/images/graemlins/smile.gif Now that is a huge difference of £327.00 which is not pocket money and he tells me it is for a comparative policy to GJW but with an excess of £750 (GJW is £1,000.00). When I went back to GJW they immediately dropped my premiums to £1280.00 which, strangely enough, irritated me quite a lot. /forums/images/graemlins/mad.gif Now, the reason we went to GJW and stayed with them despite the ever rising premiums was their reputation. I have seen them pay out within a week on a boat that sank whilst on a cruise in company with us. I have absolutely no experience of Yachtmaster Insurance or Alliance(?) from whom they obtained our quote so would appreciate greatly any input for anyone who knows of them before I make the change. Many Thanks May  

Well-known member

Interesting. I'm sure many of us will give them a go.  

I have been with then since i bought the current boat. always the cheapest a no claims discount willing to discuss various clauses including a single handing clause that only allowed me to cruise for 50 NM in one day (at 25 kts.....i wasnt going to go far) very helpful and pleasant people. no claims experience......yet not sure who has underwritten the policy....Underwriting Risk Services?  

Forgot to mention that they also took into consideration the Yachtmaster Offshore Qualification which GJW would not do.  

Sad thing is, you only find out about your insurance company when you make a claim! I am allways loath to change companies, boat, house, car etc as I feel in my mind, this guy hasn't claimed for years. If I change and then disaster strikes does that go against me or does it make no differance? Any insurance peeps on here? BTW I'm with Traffords, competitive but not the cheapest, quick payout when dingy and outboard got nicked last year!  

Smaller scale i know but we just changed to http://www.covermyboat.co.uk/ after being with same insurers for 6 years. Premium went from £437.00 to £258.00. Same level of cover. No connection etc.  

I doubt you will get any better service for staying Loyal, shop around and take what suits you, we do.  

Hello May I have the same boat and same insuance company (GJW) my insurance premium is about £100 less than yours. The boat is older than yours and probably insured for less, which may be the reason for the difference in premium. 4 years ago I had a 41+2 which blew an engine in Jersey, Engine failure was not covered on the policy, however when I consulted GJW a very helpful person pointed out to me that as the failure was due to "latent defect" I was covered. They paid out over £7000 for the repairs and associated costs. When it comes to making a claim the cheapest may not necessarily be the best. Tony  

[ QUOTE ] When I went back to GJW they immediately dropped my premiums to £1280.00 which, strangely enough, irritated me quite a lot. [/ QUOTE ] I always do this with my car insurances - never actually moved insurers but continually "chip away" at the premium each year by getting a better price from others. Normally confused.com is all thats needed. I once couldnt beat the premium of my insurer so I said "I am about to go onto confused.com - can you better the price" and they did!!! Using this technique, you stay with the insurer you like. Havent done it on boats yet but it should work as well - it did for you.  

A timely post! My insurance is up in a weeks time. I've just given them a call and have saved 25% on the renewal for a slightly improved level of cover. Ian.  

I am insured with G JW through Yachtmaster, yes very helpful broker and I always get to the same guy which helps! I know of one claim where GJW paid out very promply. After my asking, they extended the singlehanded cover no problem.  

was insured with yachtmaster5 years when Pantaneus declined insurance on my new ( to me ) boat as they do not cover many claases of catamarans. Had 2 small claims (< 1000 pounds each) with Pantaneus and I had great confidence in their willingness to pay out on a claim. I went to Yachtmaster on the basis of recommendations and on being a good price. They are very good to deal with (Max & Guy) and they also specialize in hard to insure boats such as ferro, wood and obscure makes of multihulls. You need to remember that they are brokers not principals. My insurance was through their block policy with Navigators and General and I only changed from them (to insure directly with N&G) when they switched their block cover to an obscure insurance synicate that I had never heard of, probably ok but I liked very much the simple no frills wording of the N&G Policy, no complex small print getout clauses, sailing single handed ok and not picky about moorings etc. Never had a claim with N&G through Yachtmaster but my friend had his boat damged by an unknown craft whilst on its mooring and they paid out for repais to hull, davits repaired and a full winter ashore storage and lift out/in, without any problems for him although there are outstanding issues regarding a mooring contractor placing his boat out of position and too close to another mooring which is probably the reason for the damage. Sorry this is a little rambling but hopefullt a bit more insight into Yachtmaster  

so praps rather than the lesson being yachtmaster are marvellous - it's "be as truthful with your existing insurer about price as they were with you " ? They didn't seem so resistant to negotiation when you mentioned a specific figure and company eh?  

theirs was the highest quote I got !  

Also insured mine with Cover-my-boat, same level of cover over 100 quid less than the next one and over 200 less than some. And thats for a premium of c200 quid!  

• 14 Nov 2007

Just had my quote - a very reasonable saving indeed! Guess who I'll be with next season....  

longjohnsilver

You could also try K C Powell 01702 470035, now part of GJW, they have consitently come up with the most competetive quote for me on 2 different boats. If you get redirected to GJW ask them to get Brian Wallis of Powells to phone you back, very helpful guy who will do his best to match or beat any other quote you have and will discuss and arrange individual requirements such as single handed sailing. Yachtmaster offered me the same cover with GJW but were about 15% more expensive.  

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