Sussex Insurance can provide insurance coverage for your boat – whether it is an executive yacht, a sailboat, the speed boat, the family cruiser or a jet ski. No Boat is too small or too large to insure. Boat insurance can involve a variety of coverages including:
- Liability coverage
- Replacement cost for loss of boat
- Agreed value coverage
- Emergency boat towing
- Underinsured or uninsured boater protection
You may be able to add your boat to your homeowner’s policy, but most often this limits certain marine-related risks. It is also important to have a separate but equal amount of coverage for any salvage work so that you are compensated for the loss of your boat without having to make additional payments to have the wreck removed from a waterway.
The main choices that boat owners face is choosing between agreed value or actual cash value coverage. An ‘agreed value’ policy provides you coverage for the value that you agree upon with the insurer. The advantage of such a policy is there is no depreciation if the boat is a total loss, although the premium will usually be more. An ‘actual cash value’ policy pays the value of the boat at the time that it is declared a total or partial loss (or it is stolen), but the premiums are typically less than an ‘agreed value’ policy.
Common exclusions to boat policies include wear and tear, scratching and denting, damage resulting from animals and ice or freezing.
Coverage can also be obtained for boat dealers, marinas and yacht clubs for building, stock, equipment, general liability, marine liabilities, and business interruption.
* All coverages are subject to limitations and exclusions. Please speak to a licensed insurance agent, read the policy wordings and the certificate of insurance for definitions, limitations and exclusions.