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The best marine insurance protection for your boat, engine and gear. Pays you the most in the event of a claim — the agreed value when you buy the policy for total losses and parts are replaced "new for old." Available for all boat types, excluding PWC.

This boat insurance coverage lowers your premium by paying you the current market price for your boat in the event of a total loss. Recommended for smaller boats, personal watercraft and boats without a lien holder.

Our lowest cost marine insurance policy providing essential liability coverage to protect your assets without the added cost of hull coverage. Includes salvage and wreck removal. Available for boats with no lien holder.

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Provides liability coverage that may be required by a marina's dock contract.

Allows for paid passengers for the purposes of fishing, sight-seeing, or day cruises. Maximum of 6 passengers onboard plus the captain while being used for charter.

Usually excluded, this endorsement provides coverage for ice and freeze damage if you have your boat winterized by a marine professional.

Provides a guarantee for claims-related repairs made at an approved facility for as long as you own and insure the boat through BoatUS. (Available with Agreed Hull Value Coverage only.)

This endorsement lowers the deductible for claims relating to the dinghy and/or the dinghy's motor resulting from theft or damage to $100.

This endorsement lowers the deductible for claims relating to navigational electronics to $250.

Provides coverage to the lower unit of the insured outboard engine and outdrive due to mechanical breakdown which is usually excluded in the policy. Available with Agreed Hull Coverage only. Disappearing deductible does not apply. Click here for additional information.

Coverage for fishing and watersports equipment and personal items such as cell phones, tablets, stereos and clothing lost or damaged while on board or while being loaded or unloaded from the boat. For competitive anglers or water sport enthusiasts, Tournament Reimbursement fees are also covered under Personal Effects.

To ensure that you or your family do not incur large out-of-pocket expense if injured onboard, our policies also include an additional $25,000 for payments not covered by any major medical policy. This coverage is in addition to the medical payments limit you select with your policy.

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All coverage is subject to terms, conditions, limits and exclusions of the policy. Not all policy options are available in all states. Boat and PWC policies are underwritten by GEICO Marine Insurance Company with administrative offices at 5323 Port Royal Road, Springfield, VA 22151. GEICO Marine Insurance Company is domiciled in Omaha, NE, and coverage is offered in all 50 states and the District of Columbia to boat owners with a U.S. address. View the GEICO Marine Insurance Company Privacy Policy & Notice of Collection .

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A Yacht Insurance Primer for First Time Owners

The following article is designed to provide prospective yacht owners with an overview of the yacht insurance process. It should in no way be considered guidance. As detailed below, owners are advised to consult with an experienced marine insurance broker when acquiring or modifying their policie s.

Setting a course for peace of mind

Successful sailing experiences are built on a foundation of preparation and planning. From the boat’s gear and stores to its course and crew, every aspect of the trip must be thought through and squared away.

The same principle applies to yacht insurance, which is, of course, critical to a safe and relaxing journey. Unlike more common coverages, such as auto or home insurance, yacht insurance requires owners (especially first-timers) to prepare and plan for all sorts of eventualities and events.

Prepping for the right policy

Here are some of the issues would-be policyholders should be prepared to address as they seek the right policy for their yacht.

For openers, first-time yacht owners who expect to pilot their own craft must demonstrate a minimum level of boating experience.

“If you don’t have any experience, an insurance carrier will insure you, but you’ll be required to use a [professional] captain every time you go out on your boat,” says Hugo Hanham-Gross, a yacht insurance specialist with the Hanham Insurance Agency in Fort Lauderdale. “That can really limit your cruising options.”

Gaining experience

Fortunately, there are several easy ways to gain enough maritime experience to satisfy insurance carriers, says Hanham-Gross.

“You don't have to take sailing classes,” he says. ”If your friends have boats, get as much experience as you can on their boats. If you are buying a Leopard, this experience doesn't have to be on a catamaran. It can be on a monohull sailboat. It can even be on a motorboat - just get as much experience as you can.”

It’s important to log those hours - when, where, type of boat - in case the insurance carrier asks for confirmation. Hanham-Gross says this record can be as simple as a series of entries on a smartphone, so long as it’s truthful and accurate.

Learn from the best

Newbies can also meet the experience requirement by hiring a training captain and spending a few days on the water with her. When the captain feels the owners are ready to take the helm, she will sign a document certifying their readiness.

Hanham-Gross recommends submitting a sailing resume with a yacht insurance application. This document should provide carriers with background information about the applicant and detail their relevant boating experience and training. As with any resume, padding is a no-no.

“The carrier doesn’t care that you went sailing with your dad for an hour on a Hobie Cat when you were 13,” says Hanham-Gross.

Caribbean cruising?

Insurance carriers will also want to know where the applicant plans to operate their yacht. The answer may impact both the premiums charged and the yacht owners’ ability to wander. A U.S. waters-only policy, for example, would limit an East Coast policyholder’s ability to adventure in the Caribbean or a SoCal owner’s options down Mexico way.

Yacht owners who plan to spend significant time in the Caribbean should expect to jump through a few more insurance hoops. For example, some carriers will not insure yachts for travel in the Caribbean because of the hurricane threat. Those that do write such policies may require (or incentivize) policyholders to stay out of the region during hurricane season, which runs from June through November.

Applications for Caribbean coverage must typically include a hurricane plan . This document should list the places across the region where the yacht owners will seek shelter if a hurricane looms. The more detailed the plan, the better, says Hahham-Gross.

“The carrier wants to know how will you protect the boat, and what is your backup plan,” he says. “With a hurricane coming, you can’t just weigh anchor and sail 500 miles to the one marina on your list. If you give that answer, the carrier won't write the policy because that attitude shows you aren’t taking the hurricane threat seriously.”

What are your cruising plans?

Insurance carriers will, understandably, also want to know how a prospective policyholder plans to use their yacht. If the applicant plans to live aboard their craft, they should disclose that to the carrier.  Carriers have different definitions of “living aboard.” That status typically has only an incremental impact on the owner’s premiums.  Most policies do not allow the yacht to be rented unless the renters hire a captain.

Finding the right insurance broker

The requirements and complexities of yacht insurance, which vary widely among carriers, can make the application process seem daunting. For that reason, newcomers are well-advised to work with an experienced yacht insurance broker. Such a professional can help owners determine their insurance needs, identify suitable carriers, and advocate for the owner during the application process and beyond. Building a strong connection with a broker is especially valuable for Leopard owners, says Hanham-Gross.

“That relationship is so important with catamarans because people who buy Leopards aren’t looking to sit in the Chesapeake Bay,” he says. “Their dream is to go to the Caribbean or the South Pacific. I probably talked to my Leopard owners five to six times a year because they constantly have to make changes to their policies.

Let there be no surprises

A broker can also help with the weird things that come up for large boat owners. For example, when you go into a marina now with a big boat, like a catamaran, the operator sometimes requires a certificate of insurance that names the marina as an additionally insured party on the policy.” 

A broker is like a pilot. His training and unique expertise are invaluable as a new yacht owner navigates the shallows and channels of insurance towards the open waters of full coverage and the endless adventure it makes possible.

Topics: Boat Buying Process , Boating Tips

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Our cornerstone product has allowed us to become one of Canada’s largest providers of pleasurecraft insurance. For over twenty years, Beacon has offered All Risk coverage on an Agreed Value basis that is very competitively priced, and for the widest range of vessels imaginable. From wooden hulls to personal watercraft, houseboats to river boats, we can provide coverage for a broad spectrum of vessels across Canada.

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Packaged coverage is available to include hull and liability. We also offer an enhanced coverage endorsement.

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Endorsement options

Extend your Yacht Insurance coverage with the following endorsement options:

• Helmsman Endorsement   – Depreciation will not be considered when adjusting for losses paid for paint finishes or gel coats.
• Shipmaster Endorsement   – This endorsement increases coverage for medical payments, personal effects, towing, electronics and hurricane haul-out on vessels over $200,000 in hull value.
• Have the covered yacht hauled out of the water and then launched in the same general area after the watch or warning has ended.
• Electronic Equipment Endorsement – This endorsement provides coverage for electronic equipment used for communication, navigation and safety of the insured watercraft.

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Please Note: This is meant only to provide general information about commonly available insurance coverages. Except as expressly noted, this content is not intended to describe any specific coverage offered by MAPFRE Insurance.  No coverage is provided, bound or guaranteed by this article.  Available coverages, credits and discounts vary from state to state and are subject to eligibility criteria and policy terms/conditions, which will control in the event of conflict between this article and your insurance policy. For information about your policy, please review your individual policy contract and speak with your insurance representative.

MAPFRE Insurance® is a brand and service mark of MAPFRE U.S.A. Corp. and its affiliates, American Commerce Insurance Company SM  (Cal. COA 4928-8); Citation Insurance Company SM ; The Commerce Insurance Company SM ; Commerce West Insurance Company SM  (Cal. COA 1372-2); and MAPFRE Insurance Company SM  (Cal. COA 3039-5). Not all products available in all states.

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ADVICE & INSIGHTS

What to Consider When Insuring Your Boat

Your dreamboat may be a sailing yacht, a family cruiser, or a large yacht with worldwide navigational capabilities. Regardless of its size or how you use it, you can more effectively protect your family and your investment with a thoughtful approach to insurance.

Boating Safety Best Practices

Safe boating practices should begin well before the vessel is launched. The following information is intended to help you anticipate unforeseen events and enable crew, family, and guests to return home safely.  

How to Prepare if You Need to Abandon Ship

When sailing offshore—whether cruising, sport fishing, or yacht racing—it is the responsibility of the vessel’s owner and captain to ensure the vessel is ready for its intended use. Use the following to help you guide your preparations.  

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Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say

Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter said.

The syndicates providing insurance include Travelers Companies Inc., Navium Marine and Convex, while British Marine is the protection and indemnity (P&I) insurance provider, the sources said.

Reuters could not ascertain the value of the yacht or what the value of potential claims could be.

Update: Divers Retrieve 5th Body From Mike Lynch Yacht Sunk Off Sicily

Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.

Convex declined to comment, while OMAC, Travelers, Navium and British Marine did not immediately respond to Reuters’ requests for comment.

The British-flagged superyacht was carrying 22 people and anchored off the port of Porticello when it was hit by a fierce, pre-dawn storm on Monday. Fifteen people managed to escape the yacht before it capsized.

Four bodies were found on Wednesday aboard the sunken wreck of the yacht belonging to the wife of British tech magnate Mike Lynch, sources close to the rescue operation told Reuters.

Morgan Stanley’s and Hiscox’s Bloomer Among Those Missing After Yacht Sinks

The global yacht insurance market has faced significant challenges in recent years, largely due to natural disasters like Hurricane Maria in 2017 and Hurricane Ian in 2022, which devastated numerous charter bases and hundreds of yachts.

In response, insurers have increased rates and reevaluated their guidelines and risk appetite. Insured losses in the market have mostly stemmed from hurricanes, severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh .

(Reporting by Noor Zainab Hussain and Manya Saini in Bengaluru; editing by Michelle Price and Sandra Maler)

Photograph: Italian firefighters scuba divers are docked at the harbor of Porticello, southern Italy, Tuesday, Aug. 20, 2024, as rescue teams returned to the site of a storm-sunken superyacht to search for six people, including British tech magnate Mike Lynch, who are believed to be still trapped in the hull 50 meters (164-feet) underwater. (AP Photo/Salvatore Cavalli)

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