yacht insurance market

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March 12, 2024

Yacht Market Update 2024: Cruising Rough Waters

James Bishop, Yacht Specialty Leader

Navigating the Yacht Insurance Market in 2024 and Beyond

Yacht owners have been facing one of the most challenging yacht insurance markets in a generation. Today’s challenges can be traced back to a series of significant weather events, an extended soft market, and significant changes in reinsurance that have shaped the industry since the 2017 hurricane season. The devastation caused by Hurricane Ian in 2022 serves as the latest reminder of the market's vulnerabilities.

The stormy path to 2024

The journey to our current state of the market began even before the pivotal 2017 hurricane season, a season marked by a trio of devastating hurricanes: Harvey, Irma, and Maria. These three storms, among the top five costliest in history, were part of the natural catastrophe-related events in 2017 that inflicted around $330 billion in insured and uninsured economic losses. 1 The losses came mostly from hurricanes, severe storms, wildfires, floods, and other weather events in North America, the Caribbean, and Europe.

For years leading up to 2017, yacht insurance rates plummeted as an influx of competition between carriers created a rate environment that was unsustainable for many insurers operating in the sector at the time. This was also aided by much cheaper reinsurance rates for the yacht business. This low-rate environment changed instantly after hurricanes Harvey, Irma and Maria. Hurricane Maria, in particular, wreaked havoc in the Caribbean, devastating numerous charter bases and hundreds of yachts.

The repercussions of these storms extended far beyond immediate damage and losses, significantly impacting the global reinsurance market. A fire at a renowned yacht builder that constructs some of the world's largest yachts further strained the yacht insurance market when a 430’ mega-yacht went up in flames, dealing another blow to an industry already reeling from natural disasters.

After the devastation from the events of 2017/2018, Lloyd's of London, a pivotal player in insurance, addressed profitability concerns in the yacht insurance market. In the subsequent nine months, there was a staggering 70% reduction in market capacity in London alone. This reduction had a cascading effect, prompting U.S. admitted carriers to tighten their underwriting guidelines and appetite to avoid taking on the business that was exiting the London market.

The final blow came in the form of Hurricane Ian in 2022. This catastrophic event prompted almost every admitted carrier in the yacht insurance market to reassess their guidelines and appetite. They also dealt with large increases in the cost for their reinsurance for 2023. Some carriers reported an increase in their reinsurance programs of up to 30%, while others found the cost of reinsurance to be prohibitively expensive, leading them to take underwriting action such as lowering their maximum limits or dropping windstorm coverage.

The impact on yacht owners

The repercussions of this hard market and the coverage challenges are being felt by yacht owners across the board. Florida, due to its vulnerability to hurricanes and the potential impact on reinsurance, has borne the brunt of these changes. The overall market conditions have brought larger windstorm deductibles, difficulty in getting windstorm coverage, new lightning deductibles, as well as significant premium increases at renewal and much higher premiums on new policies.

The most disruption is happening in the following areas:

Owner-operators in Florida with yachts 65’ and above: These individuals face increased scrutiny and higher rates due to the lack of full-time captain or crew. Most carriers now require a captain on this size yacht.
Absentee owners in Florida: Owners who are not present year-round may find it more challenging to secure coverage, even with a comprehensive storm plan.
Large center consoles in Florida with three engines or more: Increased underwriting scrutiny affects this category of vessels due to increased popularity of this segment and continued concern over speed and theft exposure.
Older yachts over 15 years of age: The age of the vessel can influence rates and availability especially when most carriers are replacing “new for old” with regards to parts and systems in a partial loss claim.
Yachts moored in the Bahamas or Caribbean: Geographic location plays a significant role in risk assessment, and these areas are seen as much more vulnerable to hurricanes.
Boats kept on lifts with no comprehensive storm plans: Adequate storm preparedness is paramount, but there have been many losses in past hurricanes where the lift failed, or the boat came off the lift.
Owners with prior losses: Loss history plays a big part in risk assessment especially for an unfavorable loss history. Carriers have declined accounts with only one prior loss.

Even the mega-yacht market, which has remained a little more stable, is not immune to the challenges. Many yacht owners have experienced premium increases of 20% or more in the past year or two, and there is increased scrutiny on captain and crew qualifications, cruising itineraries, and timing of yard periods.

Mitigating the challenges

Given these challenges, it's crucial for yacht owners to take proactive steps to navigate the evolving landscape:

Create comprehensive storm plans. Beyond merely storing your yacht, consider detailed storm plans that include a storm-rated storage location or removing your yacht from the area altogether.

Maintain owner-operator credentials. If you own a yacht longer than 65’, maintain a detailed resume of boats owned, waters navigated, and any relevant training or credentials, such as a USCG license.

Implement security measures for center console yachts. For larger center console vessels with outboards, install an active theft-tracking system and consider mechanisms to disable the outboards.

Obtain updated surveys. If you are considering exploring new carrier options, it will be important for your yacht to have an updated survey conducted by a NAMS/SAMS surveyor in the last 24 months.

Consider relocation. If possible, contemplate moving your yacht out of Florida during hurricane season to reduce exposure.

Plotting a course forward

As we face the challenges of the yacht insurance market in 2024 and beyond, it's essential to recognize the complex web of factors that have brought us here—climate change, natural disasters, capacity fluctuations, and reinsurance dynamics have all contributed to this challenging landscape.

To navigate these turbulent waters, partnering with experienced yacht insurance professionals who understand the intricacies of this evolving market is essential. Trusting in a team that can secure coverage when others cannot is often your best course of action in these uncertain times.

Yacht owners must adapt to this evolving landscape by being proactive, educated, prepared, and well-informed. The journey ahead may be challenging, but with the right strategies and partners, your vessel can continue to cruise smoothly, even in the face of uncertainty.

Contact the Yacht Team at Marsh McLennan Agency Private Client Services for a complimentary risk consultation to help you explore your options.

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Marine Insurance Market Report Q3 2021

Summary of the Q3 2021 global Marine insurance market and forecast for the rest of the year.

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Navigating the Complex, Ever-Changing Yacht Insurance Market

Navigating the Complex, Ever-Changing Yacht & Boat Insurance Market

Imagine this: You are finally nearing retirement, and you are financially secure. You and your spouse decide to get that bigger yacht you've always talked about so that you can spend more time on the water and do some extended cruising in the Caribbean. It would be nice to have the space to invite another couple or your grandkids to join you occasionally. You currently own a 40-foot trawler which you keep at a marina near your home in Florida. You plan to trade her in and upgrade to a 55- to 65-foot yacht. You give your insurance broker a call and he says, “It can be really hard to get insurance these days, especially if you plan to keep your boat in Florida for extended periods of time and during hurricane season. Also, some insurance companies may not insure you without a captain if you step up to such a big boat.” You get off the phone wondering how this could possibly be true!

The yacht and marine insurance landscape is complex and dynamic. While the reality of today’s insurance marketplace can feel overwhelming to boat owners and buyers, there are smart ways to navigate your options and secure the yacht insurance coverage you need.

What’s driving capacity limitations in the yacht insurance market?

The dramatic increase in boat purchases back in 2020 and 2021, during the height of the pandemic, significantly impacted not only the marine supply chain but also the insurance market and underwriting parameters. Many of these impacts and changes to the marine industry and insurance market are still a reality as we enter the 2024 boating season. Most of these market shifts are here to stay.

The increase in demand for yacht policies, along with year after year of record-breaking climate-related disasters and frequent severe weather events, have put substantial pressure on an already competitive, restricted marine insurance market. Advanced technologies that are integrated into marine construction, materials, rigging systems, and onboard electronics have created new and ongoing challenges and complexities for underwriters. Marine insurance capacity from the carriers, which means the availability of yacht insurance policies, continues to be limited across the nation, especially in areas vulnerable to increased hurricane and severe weather activity such as Florida, Texas, the Gulf States, and California.

What can a yacht owner or buyer do to secure insurance for yachts in this competitive, restricted marketplace?

The two key factors to securing yacht insurance in this competitive, complex insurance market are:

A well-prepared application and submission demonstrates your professionalism, marine experience and knowledge, attention to safety and seamanship, and a commitment to risk management, all of which can help build trust with insurance carriers and strengthen your relationship with them in the long run.
Ultimately, taking the time to submit a comprehensive and compelling application can lead to more favorable insurance terms and coverage options for you and your yacht.
These brokers have a deep understanding of the unique risks involved in boat ownership, understand navigation plans, and are skilled in designing insurance solutions tailored to fit your yacht and nautical lifestyle.
They use their industry knowledge and carrier partnerships to secure comprehensive coverage at competitive prices and can provide essential support in marine claim situations.

What are the 10 key elements of a strong boat insurance submission?

It is helpful to have a clear understanding of what makes a risk most attractive to an underwriter. In nearly all cases, the underwriting company wants to know that you and your boat are a good, safe risk. Underwriters scrutinize each risk and expect detailed background information to accompany each application. Boat owners should work with their insurance broker to determine which of the following supplemental materials are needed to make for a strong, attractive submission for marine insurance.

Boating Resume  – Detailed boating experience (owned and operated), licenses, certifications, safety training, expertise areas, etc.
Prior Boat Ownership  – List of similar-sized or larger yachts, with dates of ownership and navigation areas (if no relevant prior ownership, a captain may initially be required).
Paid Captain Resume (if applicable) – Detailed account of the captain's professional experience, along with a history of insurance claims.
Paid Crew Resume(s) (if applicable) – Detailed resume of all paid crew including professional experience, applicable navigation and safety training, and claims history.
Accredited NAMS/SAMS Marine Survey (less than 3 years old) – Including confirmation of survey recommendation completion.
Hurricane/Storm Plan  – If boat will be in areas prone to hurricanes or severe weather patterns.
Absentee Owner Plan  – If boat will be left unattended for periods of time.
Maintenance Service Records  – May be needed in the event of a claim or if an insurance company asks for proof of improvements.
Boating Safety & Claims Records  – Helpful in the underwriting process.
Personal Insurance Portfolio (homes, autos, valuables, umbrella)  – Can be helpful when considered as part of a packaged submission with your request for marine/yacht insurance.

Working with a specialized marine insurance broker can make a big difference

An experienced marine insurance broker can help a boat owner or prospective owner work through most challenges to secure adequate, comprehensive insurance for their boat and other assets. The marine insurance broker will advise the boat owner on which supplemental materials are needed to support their insurance application and can often provide templates to facilitate the creation of these materials. Boat owners and buyers should seek out a broker who is active in today’s dynamic marine insurance marketplace, has strong relationships with marine insurance companies and underwriters, and has access to a wide range of marine insurance solutions.

The broker should be well versed not only in risk management and insurance placements, but also knowledgeable about a wide range of boat types, marine electronics and technologies, marine construction, cruising plans, racing schedules, safety equipment, navigation areas, and hurricane zones. Timing also matters. Boat owners and prospective boat owners should connect with a specialized insurance broker very early in the boat-buying process to allow for ample time to secure the best insurance solution possible.

Marine specialists at Risk Strategies

The marine specialty division at Risk Strategies includes deeply experienced marine insurance advisors, including experts who joined the team through the acquisition of long-time marine specialty brokerages Gowrie Group and Atlas Insurance. Our marine specialists are uniquely able to help boat owners and prospective owners navigate the process of securing yacht insurance in today’s complex, competitive market.

Connect with John Owsianik on LinkedIn
Learn more about our Yacht Insurance Solutions
Visit our Private Client Risk Resource Center

The contents of this article are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.

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Securing Yacht Insurance in 2022: Market Dynamics & Smart Strategies

By gowrie group, brewer yacht sales’ marine insurance partner.

Today’s marine insurance marketplace is complex. The dramatic increase in boat purchases amid the pandemic during 2020 and 2021, by both new boaters and current owners looking to upsize, has significantly impacted the marine supply chain and the insurance market. The increase in demand for new yacht insurance policies from first-time boat owners and current boat owners is resulting in substantial pressure on an already complex and competitive marine insurance market.

To successfully navigate today’s insurance marketplace, Gowrie Group strongly recommends that boat owners and prospective buyers align with an experienced marine insurance advisor early in their boat buying process. Gowrie Group, one of the nation’s leading yacht insurance agencies, and John Wenz, a marine insurance specialist at Gowrie Group, are dedicated to helping Brewer Yacht Sales clients navigate the insurance process. While the reality of today’s insurance marketplace can feel overwhelming, John Wenz is available to help every step of the way. John and his team at Gowrie Group are not only experienced in marine risk management but also have access to a wide range of marine insurance carriers and solutions. Engaging an insurance expert early in the boat buying process allows for ample time to explore multiple options and secure the best insurance solution possible.

Creating an Attractive Insurance Application for Submission. John works with clients to navigate through even the most challenging insurance placements. His goal is to obtain the right insurance solution for each client, so they can get out on the water and enjoy their boat! In addition to the yacht insurance application, John helps clients to assemble the following supplemental materials and details to make each yacht insurance submission as attractive as possible to the insurance companies and underwriters.

Ten Important Supplemental Materials & Factors for Obtaining Yacht Insurance:

Partnering with an experienced yacht insurance agent early in your boat buying process
Boating Resume that details your boating experience, certifications, prior ownership history, expertise areas, etc.
Information about prior boat ownership of similar sized vessels (if no prior ownership, a captain may be required initially)
Captain and/or Paid Crew resumes and claims history (if applicable)
Recent accredited NAMS/SAMS marine survey (less than 3 years old), including confirmation of survey recommendation completion
Detailed Hurricane/Storm Plan if your boat will be in areas prone to Hurricanes or severe weather patterns
Absentee Owner Plan – if your boat will be left unattended for periods of time
Maintenance service records, as these may be needed in the event of a claim or if an insurance company asks for proof of improvements
Boating safety and claims record is an important underwriting factor
Consider including your personal insurance portfolio (homes, autos, valuables) as part of a packaged submission with your request for marine insurance

Request an insurance review and quote from Gowrie Group:

Contact John Wenz directly at [email protected] or 860-399-3653
Request a quote online by completing this form at www.gowrie.com/boatquote (use promocode = BYS)

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Boats and Yachts Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Boats and yachts insurance is a type of insurance policy that reimburses yacht or boat owners for the cost of accidental loss or damage. Yacht insurance policies cover both comprehensive and third-party liability. Yacht insurance policies typically cover the boat, machinery, theft, and damage. One distinctive feature of yacht insurance is that it covers damages that occur at sea, while the yacht is moored, on land, or in transit. It will be paid out in full in the event of a total loss. Furthermore, there is replacement cost coverage for partial losses, though sails, canvas, batteries, outboards, and sometimes outdrives are not covered and must be purchased separately.

The global boats and yachts insurance market is segmented on the basis of type, end user, and region. Based on type, the market is bifurcated into actual cash value and agreed amount value. On the basis of end user, the market is divided into commercial use and personal use. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Top Impacting Factors

Yacht insurance covers third-party liability and provides personal accident coverage. These factors are driving the growth of the market. However, changes in exposure and stringent claims experience are expected to hamper the growth of the market. Contrarily, the surge in demand for boats and yachts insurance and the adoption of digital platforms in the insurance market can be witnessed as an opportunity for market growth in the coming years.

Yacht Insurance Covers Third Party Liability

Sea waterways are prone to accidents, and many times yachts and boats collide with other boats causing huge damage which costs very high prices. Therefore, boat owners tend to purchase yacht insurance policies to cover the cost of damage to third parties. Therefore, this is a major boosting factor for the growth of the yacht insurance market.

Adoption of Digital Platform in Insurance

More than 80% of insurers are projected to enhance revenue collection by using a digital platform in the market, according to International Business Machines (IBM), an American multinational technology business.

Furthermore, for a big percentage of insurers, the deployment of a digital platform is predicted to enhance revenue growth by 15%. As a result, the adoption of digital platforms is expected to boost the growth of the boats and yachts insurance market share.

Key Benefits of the Report

This study presents an analytical depiction of the boats and yachts insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
The current market is quantitatively analyzed to highlight the boats and yachts insurance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed boats and yachts insurance market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

Damage concerns have grown in insurance companies as a result of increased natural hazards and decreased manpower as a result of COVID-19. The boatyard businesses are also operating at reduced staff capacity, which has increased the time required for repairs. Due to this, many yachts and boats are idle since there is no business, and therefore, the boats are getting damaged which is attracting claims from boat owners. Therefore, COVID-19 has negatively impacted the yacht and boat insurance market.

Questions Answered in the Boats and Yachts Insurance Market Research Report

Which are the leading players active in the boats and yachts insurance market?
What would be the detailed impact of COVID-19 on the boats and yachts insurance market size?
How the current boats and yachts insurance market trends would influence the industry in the next few years?
What are the driving factors, restraints, and opportunities in the global market?
What are the projections for the future that would help in taking further strategic steps?

Boats and Yachts Insurance Market Report Highlights




	(U.S., Canada, Mexico) (UK, Germany, France, Spain, Italy, Rest of Europe) (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) (Latin America, Middle East, Africa)
	CPIC, Aviva India, United India Insurance Co. Ltd., Allied Insurance Company, Reliance Nippon Life Insurance Company Limited, China Taiping Insurance Group Ltd., ING Group, Ping An Insurance (Group) Company of China Ltd., Zurich, Merriam-Webster

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Boats and Yachts Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032

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Best Boat Insurance

Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.

RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.

Progressive is our top boat insurance recommendation for its low average prices and a wide variety of coverage options.
Markel offers the best boat insurance coverage options out of the providers we’ve reviewed.
Comparing multiple quotes is the best way to find cheap boat insurance with the right coverage for your needs.

The best boat insurance companies offer coverage options that suit your needs, costs that fit your budget and customer service you can depend on. Some of the insurance industry’s biggest names also offer marine coverage, but does it line up with their other products?

In our boat insurance study, we at the Guides Auto Team took an in-depth look at the coverage, costs, reputation and more of a wide range of leading providers. After considering the data and many customer reviews, this is what we found.

Who Has The Best Boat Insurance?

We found that Progressive has the best boat insurance policies out of the providers we reviewed due to its comprehensive coverage options and extensive discount offerings. BoatUS, Markel, National Boat Owners Association, State Farm and Foremost also have some of the best boat insurance plans on the market.

Best Boat Insurance Reviews

When researching boat insurance providers for our industry-wide boat insurance study, our team took into account each company’s industry reputation, the availability of its coverage, its coverage selection, the cost of its coverage and customer sentiment. The following table shows the top best boat insurance providers based on the results of that study:

Top Boat Insurance Company	Overall Rating	Boat Insurance Award
Progressive	9.1	Best Boat Insurance Company
Boat Owners Association of the United States (BoatUS)	9	Best Boat Insurance Member Organization
Markel	9	Best Boat Insurance Coverage
National Boat Owners Association (NBOA)	8.9	Best Boat Insurance Marketplace
State Farm	8.8	Best Commercial Boat Insurance
Foremost	8.8	Best Included Boat Insurance Benefits

Best Boat Insurance Companies

Below we’ve broken down the best boat insurance companies, what makes their policies stand out along with their unique coverages and discounts.

1. Progressive: Best Boat Insurance Company

Progressive boat insurance review.

Progressive boat insurance scored the highest of all providers in our study, earning the title of the best boat insurance company. The well-known auto insurance provider offers a slew of coverage options for boat owners, and a large selection of discounts including an option for bundling with a Progressive car, RV or homeowners policy.

Notable Progressive Boat Insurance Coverages

Propulsion Plus ® mechanical breakdown coverage : Similar to an extended car warranty , this MBI policy pays for mechanical repairs to stated components on your boat.
Trailer trip interruption : This trip interruption coverage reimburses up to $500 in food, transportation and lodging costs if you break down more than 100 miles from home.
Sign & Glide ® on-water towing : Progressive offers a towing package as an add-on to your boat insurance policy.

Notable Progressive Boat Insurance Discounts

Prompt payment : Progressive actually starts its policyholders out with a discount for making their first payment on time. This discount continues as long as the policyholder continues to make on-time payments.
Original owner : You can get a discount if you are the original owner of the vessel and have both collision and comprehensive coverage as part of your boat policy.
Advanced quote : If you buy your watercraft insurance at least one day in advance of the policy beginning, you can get a discount.

2. BoatUS: Best Boat Insurance Member Organization

Boatus boat insurance review.

As one might expect, BoatUS offers a wide range of specialized coverage options. Add-ons such as fishing guide coverage and a lifetime repair guarantee may be especially appealing to serious boaters and professionals. BoatUS also offers some of the insurance industry’s most expansive cruising areas, which is a significant perk for dedicated boaters.

Notable BoatUS Boat Insurance Coverages

Fishing guide coverage : If you use your boat for tours, fishing or other business purposes, this coverage adds commercial liability coverage for up to six passengers.
Unlimited towing : You can purchase an unlimited towing package with 24/7 dispatch from the company’s partner organization TowBoatUS.
Trailer coverage : BoatUS offers a towing trailer package that covers your boat trailer. The company includes roadside assistance with this package.

Notable BoatUS Boat Insurance Discounts

Multi-boat : You can earn a discount if you insure more than one boat under the same policy.
Bundling : BoatUS offers a discount for bundling your boat policy with a Geico auto insurance policy.

3. Markel: Best Boat Insurance Coverage

Markel boat insurance review.

While the company has plenty of coverage options suited for all types of boaters, Markel is a specialty boat insurance provider that’s a particularly good choice for serious boaters and fishing professionals. The company offers commercial liability coverage for fishing and other boat-based businesses. Fishing pros can also get coverage for rods, reels and related equipment.

Notable Markel Boat Insurance Coverages

Fishing equipment : Markel offers coverage for all your fishing equipment, ranging from your tackle box to your trolling motor.
Professional liability : Tour guides, professional fishers and others who use their boats for work can add commercial liability insurance to their policies. This covers injuries and property damage that occur while your boat is being used for business.
Tournament fee reimbursement : You can add insurance to cover the cost of a fishing tournament entry fee if your boat is out of service following a covered accident.

Notable Markel Boat Insurance Discounts

Mature operator : If the primary operator of your boat is over the age of 40, you’re eligible for a discount from Markel.
Experienced driver : Boaters with more than five years of experience can get additional savings on their policy.
Diesel engine : If your boat’s inboard or outboard motor uses diesel fuel rather than gasoline, Markel offers a discount.

4. NBOA: Best Boat Insurance Marketplace

Nboa boat insurance review.

In our study of boat insurance providers, the NBOA was the best option we found for comparing policies from multiple companies. The NBOA doesn’t manage or underwrite boat insurance policies itself. Instead, the organization functions as an insurance marketplace where you can work with agents to match your needs with a plan and provider. The NBOA works with a network of marine insurance companies, so options will vary and an agent can help you determine what those options are for you.

NBOA Boat Insurance Membership

Although you don’t need to be a member to purchase coverage, NBOA membership provides several perks. As a boating organization, the NBOA offers its members a wide range of benefits such as discounts, towing services and more. Membership to the organization is not included with an insurance policy you buy through the NBOA, but it’s easy to purchase a membership if you choose to do so.

5. State Farm: Best Commercial Boat Insurance

State farm boat insurance review.

State Farm is the country’s largest insurer, making it an obvious option when it comes to boat insurance. While the company offers coverage for everyone, it excels when it comes to commercial boating insurance options. While options like fishing-related coverage aren’t that hard to find from boat insurance providers, coverage for boats rented to and from other people is scarce. State Farm boat insurance offers both in addition to several other options for people who work on the water.

Notable State Farm Boat Insurance Coverages

Boat rental reimbursement and liability : This coverage functions similarly to rental car coverage for auto insurance. It covers the cost of a rental boat while yours is being repaired and includes liability coverage on the rented boat.
Boat rental liability : You can purchase coverage for boats you rent from others to protect you in the event of an accident.
Boat rented to others : State Farm offers coverage for boats you own and rent out to others.

Notable State Farm Boat Insurance Discounts

Freshwater : You can get a discount in some areas if you only use your boat in fresh water.
Lay-up : State Farm offers a discount for establishing a lay-up period — a set period of time in which your boat is stored and decommissioned.

6. Foremost: Best Included Boat Insurance Benefits

Foremost boat insurance review.

Foremost is a specialty insurer for its parent company Farmers, one of the country’s largest insurance providers. In addition to the traditional way of building a policy by picking and choosing coverages, Foremost offers unique pre-configured coverage packages that are curated for different types of boats and boaters. Foremost also includes emergency on-water assistance with many of its policies.

Notable Foremost Boat Insurance Coverages

Boat lift : You can get additional coverage for your boat lift in case it breaks or gets damaged.
Hurricane haul-out : This add-on covers some or all of the cost to move your boat to safety if it’s in the path of a hurricane.
Pollution liability : You can add insurance to cover many of the costs related to fuel spills and other polluting incidents. These include cleanup, civil penalties and more.

Notable Foremost Boat Insurance Discounts

Paid-in-full : You can get a discount on your boat policy if you pay for it up front rather than by monthly payments.
Safety course : Foremost offers a discount for completing a state-approved boat safety course.

Best Place To Get Boat Insurance: What To Consider

When looking for the best place to get boat insurance for you the coverage that you can get on policies, the types of boats you can insure and what affects costs are incredibly important to know. You may also not need boat insurance depending on how you use your boat and your location. So we’ve made a comprehensive guide to boat insurance below to help guide you through your buying process.

What Does Boat Insurance Cover?

Boat insurance covers what you want it to cover, for the most part. While there are some scenarios in which you’re required to have boat insurance, you can typically build a policy to suit your needs. That can mean inexpensive liability-only coverage, a comprehensive full coverage policy or anything in between.

Types of Boats You Can Insure

Companies have different restrictions on which types of boats they’ll cover. For example, some providers offer insurance for personal paddle boats like canoes and kayaks while others don’t.

Exclusions vary by provider and sometimes by location, but these are the most common types of boats you can insure:

Fishing boats : Sometimes called bass boats, these vessels are designed for fishing, featuring trolling motors and other equipment for the sport.
Personal watercraft (PWC) : Typically built for one or two people, these jet-powered watercraft include Jet Skis, WaveRunners and Sea-Doos.
Pontoon boats : These vessels feature a flat deck riding on two or three sealed metal tubes, and are typically large enough to accommodate a group of people.
Powerboats : Also known as motorboats, these types of boats feature one or more outboard, inboard or jet motors and are useful for a wide range of activities.
Sailboats : While sometimes outfitted with a motor for backup, these boats have one or more sails to harness wind power.
Yachts : These luxury liners are typically well appointed and can cost millions of dollars — meaning that some insurers do not offer yacht insurance, as the boat cost is more than some providers are willing to cover.

Standard Boat Insurance Coverage

The standard types of boat insurance are similar to the ones you’ll find for auto insurance. Boat insurance policies can cover damages you cause as well as damages caused by others.

These are the standard coverage options you’ll find with most providers:

Bodily injury liability : Covers medical bills and lost wages of other parties if you’re found at fault for an accident.
Property damage liability : Covers damages to other boats and property if you’re at fault for a boating accident.
Collision insurance : Provides damage coverage for your vessel and personal property after an accident no matter who is found at fault.
Comprehensive insurance : Covers damages to your boat from sources other than accidents, such as floods, extreme weather, vandalism, fire and more.
Medical payments : Covers medical expenses for you and your passengers regardless of who is found at fault for a boating accident.
Uninsured watercraft coverage : Covers damages if the at-fault boat operator lacks sufficient insurance coverage.

What Is Full Coverage Boat Insurance?

You may have seen or heard the term “full coverage” used to describe a type of insurance policy. A full coverage boat policy includes liability, collision and comprehensive coverage. When you have all three, you and your boat are covered in almost every situation, whether on the water, in transit or in storage.

Optional Coverage and Add-Ons

Providers also offer various optional coverages you can add to your policy. These may insure additional equipment on or for your boat, offer emergency services, protect your business or cover many other related boating costs.

Coverage add-ons differ from one provider to the next. In the world of boat insurance, some providers tend to specialize in insurance products geared more toward professionals and others who spend a lot of time on the water, while other insurers may cater more to a recreational boating and watersports clientele.

What Doesn’t Boat Insurance Cover?

For everything your marine insurance policy can cover, there are a few things almost no policy will. Most insurers exclude damage from the following sources:

Damage while using drugs or alcohol
Deterioration
Manufacturing defects
Renovations
Servicing and maintenance
Wear and tear

How Much Does Boat Insurance Cost?

The average cost of boat insurance is between $200 and $500 per year . However, boat insurance premiums vary widely depending on several variables and the cost of your policy could easily fall outside of that range.

Marine Insurance Cost Factors

The reason the cost of boat insurance varies so much is that there are typically many variables that factor into these costs. Not all insurers consider the same factors or weigh these factors the same. That’s why you’ll get different quotes from different providers for the same boat.

Agreed Value vs. Actual Cash Value Coverage

There are two main ways that your policy can value the replacement cost of your boat in a total loss — agreed value or actual cash value. Some insurers only offer one or the other and some offer both.

An agreed value policy covers an amount you set with your provider at the start of your policy. This amount stays the same for the duration of your policy, regardless of the age of your boat or market conditions.

An actual cash value policy, on the other hand, pays out for a total loss based on the value of the boat at the time of the accident. This amount includes depreciation and considers market factors as well.

Agreed value policies, as one might expect, tend to be more expensive.

Boat Condition

Boats in worse condition are more likely to suffer further damage and therefore may be considered riskier to insure. Some insurers require a full inspection of your boat before agreeing to cover it. If your boat is in poor condition, you may have to pay more for coverage.

Boating Horsepower

Speed is one of the most significant risk factors for boating accidents. Many insurers charge higher rates for powerboats with high-horsepower engines.

Cruising Area

Some providers ask you to declare a cruising area when you request a quote. This is the area where you intend to use your boat.

The larger your cruising area is, the more you’ll likely have to pay for coverage. Insurers may also charge more if your stated travel area includes high-risk places.

Deductible Amount

You’ll typically get to set the deductibles on your policy. These amounts could be as little as zero dollars or could range into the thousands.

While a low deductible means you won’t have to pay as much out of pocket for repairs or a replacement, it also means you’ll pay a higher premium.

Most boat insurance providers offer discounts that can bring the cost of coverage down. Many of these discounts are similar to those you’d find with a reliable car insurance company , such as multi-policy discounts for combining your boat policy with your homeowners insurance.

Some insurers also offer discounts that are unique to the boating world, such as one for having a diesel-powered motor rather than a gasoline-powered one. Another common boating insurance discount is one given for installing an onboard fire suppression system.

Storage Location

Your boat is still at risk when it’s in storage, so where you store it can play a role in the cost of your premiums. Boats that are stored in areas with higher risk factors, such as those prone to tornadoes, floods, hurricanes and other natural disasters, may drive higher premiums.

Type and Amount of Coverage

Of course, the types of coverage and limits you choose are a major component of the premiums on your boat insurance policy. The cheapest boat insurance policies are typically liability-only coverage, but you can choose to cover much more.

Do You Need Boat Insurance?

There are a few situations in which you need boat insurance. These are the most common:

Your state requires it : Only Arkansas and Utah require boat owners to maintain an insurance policy. If you live in either state, you’ll need to meet its minimum insurance requirements.
Your marina requires it : Some marinas require boaters to have liability coverage. As a result, some providers offer insurance plans that are designed to fit these requirements.
Your lender requires it : If you took out a loan to buy your boat, the lender may require you to insure it up to a certain amount.

Risks of Boat Ownership

Owning a boat comes with many risks. Boat insurance can help cover those risks and protect your finances, as well as offer you peace of mind.

Here are some of the most common ways your boat can be damaged:

Collisions : Whether between two vessels or between a boat and a stationary object like a rock or a pier, a boating accident can cause injuries and property damage.
Damage during storage : Your boat can be damaged even when it’s in storage. It’s not uncommon for boats to be scratched, dented or mishandled while being stored.
Damage while moored : Marinas are high-traffic areas and an easy place for your boat to get damaged.
Damage during transit : Bad weather, car accidents, road debris and more all pose a threat to your boat while you’re moving it from one place to the next.
Swamping : Even experienced boaters sometimes hit sandbars or unexpected earth. This can cause physical damage to your vessel and may sometimes require assistance to get unstuck.
Sinking : There are many ways in which a boat can sink. If yours does, you’ll often have to pay for wreck removal in addition to your property loss.
Storm damage : Storms can damage your boat while on the water and even while it’s in storage.
Theft : Boat theft isn’t as regular as car theft, but it still happens. In 2019, there were 4,240 watercraft thefts, according to the National Insurance Crime Bureau (NICB) .
Fire : Boats often have fuel stored on board and have electrical components that regularly come into contact with water. Because of these and other factors, fires are one of the more common risks for boat owners.

Boating Accident Statistics

Accidents on the water are a regular occurrence. In 2020, there were reported 5,265 boating accidents, according to data from the U.S. Coast Guard (USCG). These accidents resulted in 3,191 injuries and 767 deaths.

Graph showing the rise of boating accidents from 2017 though 2020

Historical data from the USCG shows that boating accidents are becoming more frequent, too. The number of boating accidents increased by 26.3% between 2019 and 2020. The number of injuries and deaths from boat accidents also rose in that time, by 24.7% and 25.1% respectively.

Boat Safety Courses

Many insurers offer discounts for completing an approved boat safety course. This is primarily because statistics overwhelmingly show that operators who have a boat education cause fewer accidents than those who don’t.

The Best Boat Insurance: The Bottom Line

Progressive earned the top spot in our industry-wide study of the best boat insurance companies. However, BoatUS, Markel and the other providers from our list all have distinct advantages. We recommend comparing boat insurance quotes from multiple providers to see which ones offer the lowest rates for you and your boat.

Best Boat Insurance Company: FAQ

Below you can find frequently asked questions about the best boat insurance providers:

Best Boat Insurance: FAQ

Which marine insurance is best.

Progressive scored the highest out of all marine insurance providers in our study based on its range of coverage choices, discount selection and more. The company’s 9.1 out of 10.0 rating earned it the title of the Best Boat Insurance Company.

Where can I get the best boat insurance

You can find the best boat insurance with the following providers:

Progressive : Best Boat Insurance Company
BoatUS : Best Boat Insurance Member Organization
Markel : Best Boat Insurance Coverage
NBOA : Best Boat Insurance Marketplace
State Farm : Best Commercial Boat Insurance
Foremost : Best Included Boat Insurance Benefits

Is Geico dropping boat insurance?

Geico is not dropping boat insurance, but it’s providing it through a different path. The company no longer offers boat insurance through independent brokers and instead offers it through BoatUS, the country’s largest boating organization.

How much is insurance on a $100,000 boat?

How much insurance is on a $100,000 boat depends on several variables, including the types and amounts of coverage you want. In general, a reasonable estimate for a boat insurance policy is somewhere between 1% and 5% of the boat’s value annually. In this case, you can expect insurance on a $100,000 boat to cost between $1,000 and $5,000 per year.

What is typical boat insurance?

A typical boat insurance policy costs between $200 and $500 per year, but could easily cost more or less. Boat insurance premiums vary based on several factors and the coverage you choose, including options like personal effects coverage, coverage for wreckage removal or protection for your boat-related business.

How We Rated The Best Boat Insurance Companies

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to create our rankings of the best boat insurance companies. We collected data on dozens of marine insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

Reputation : Our research team considered market share, ratings from industry experts and years in business when giving this score.
Availability : Boat insurance companies with greater state availability and few eligibility requirements scored highest in this category.
Coverage : Boaters can benefit from a wide variety of specialty coverage options. We evaluated companies based on the amount and diversity of coverage add-ons they offer for boat insurance.
Cost : As boat insurance costs are highly variable, our research team mainly considered the availability of policy discounts.
Customer Experience : Our research team took into account companies’ industry reputation with organizations such as the BBB as well as the ease and availability of in-person, over-the-phone and online services.

* Data accurate at time of publication.

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .

MarketWatch Guides may receive compensation from companies that appear on this page. The compensation may impact how, where and in what order products appear, but it does not influence the recommendations the editorial team provides. Not all companies, products, or offers were reviewed.

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Yacht Insurance

A commentary on the current yacht insurance market, and some tips for owners, by richard power, managing director, howden fastnet (formerly fastnet marine insurance services) ltd.).

‘Moderate or rough, occasionally slight, Fair, then rain, Good, occasionally poor’

However dull a subject insurance is, it cannot have escaped most yacht owners that the last few years have seen some significant changes to the cost and availability of suitable cover for their yachts.

Many years ago, a well-known South Coast yachtsman declared to me that ‘insurance was for pessimists’, and he could never see the point of it. Equally, I have lost count of the number of owners who have come to us with their requests for insurance, confidently stating that they will never make a claim, but they need to have the cover to satisfy the bank, marina, local regulations, their spouse etc. etc., and they view it as a sort of tax. In the last few years, however, it is only when it has become rather more expensive, or indeed difficult or impossible to obtain, that people have realised how important a good, secure insurance policy for your yacht actually is. It is a subject that has therefore figured in conversations more often, in recent times.

Why has it become so expensive?

The simple answer is that there have been too many claims. If you think of the marketplace as a leaky bucket, the water has been leaking out of it faster than the hose can fill it. For many years, a pretty stable playing field existed, as those insurers providing yacht policies were able to control their rates so that premiums and terms and conditions brought about a sustainable premium / claims ratio. After a long period of loss making results in other sectors, particularly the commercial marine hull insurance market, other underwriters gate crashed the yacht insurance party, viewing it as a reasonably ‘soft’ exposure. This started happening at a time when the concept of the Superyacht started to make itself known, wealth creation flourished, and the values of yachts increased with their actual physical size. The increased competition in the yacht insurance sector, combined with (in some areas) a desperation for market share / premium income ‘compensating’ for a lack of underwriting knowledge, drove the market steadily ‘South’ into suicidal territory. In the 15 or so years to 2017, the Lloyds Yacht Insurance market only made an underwriting profit in about three of them, and one can be sure that others outside Lloyds got themselves into the same sort of pickle. A series of catastrophic hurricanes (Harvey, Irma and Maria) then completed the ‘perfect storm’ (if you’ll forgive me) and something had to give. The market all but imploded, with many insurers pulling out of the sector completely, and those that remained were told by their backing investors and in some cases the industry regulators, in no uncertain terms, to get their houses in order.

Since 2017, we (as brokers) have seen some very dramatic changes. Premiums for certain types of yacht have increased by over 100% over this period, while other types have almost become uninsurable (particularly if you are looking for a policy that will actually pay a claim when required). The old image of a yacht underwriter being an experienced sailor, puffing away on his pipe and offering quotations based on a wealth of knowledge and gut feeling, has been replaced by harassed individuals who are under huge pressure to return profits for their backing capacity, applying rates and conditions based on research by faceless actuaries. There are now perhaps signs that things are easing up, but the majority of underwriters offering secure policies are still very cautious. They are perfectly happy to keep their ink dry if a risk is not to their liking, and certain categories such as racing yachts and yachts cruising in remote areas are still presenting us with challenges. I alluded to the ability (or not) of insurers to meet their obligations when faced with claims in my comments above: This was not by accident, and the preparedness of insurers to actually pay bona fide claims in a timely fashion can vary. The Financial Conduct Authority provides certain protections for owners covered by policies from insurers who are regulated by the FCA, but there are others who can become a little more ‘elusive’ when faced with a claim. Our advice is to always check the financial security of your insurers, and this is where your broker can help, by researching their Standard and Poors or A M Bests ratings.

In some parts of the world, it is not compulsory to have insurance, but you will find it difficult to find a marina berth, or have some work carried out on your yacht in a yard, if you do not have at least a suitable level of Third Party Liability Insurance. Indeed, for cruising in Spanish, Italian and Greek waters, specific Certificates of Insurance are required, evidencing cover to levels of indemnity stipulated by local legislation, and these Certificates are not available on a standalone basis. Furthermore, it is a common misconception that, if you lay your yacht up in a boatyard, the yard’s insurance will cover the yacht if anything goes wrong, so you do not need to maintain your own cover. This is far from the truth. The terms and conditions used by most yards will in fact insist upon you maintaining (again) at least Third Party insurance, and we would always recommend to our clients that full coverage, including physical loss or damage to the yacht, should be kept in force. Proving that a yard caused damage to your yacht, while she was in their care, is never straightforward. Indeed, many yards in the Mediterranean have a nasty habit of trying to make you sign badly worded waivers of recourse, which are designed to release them from as much responsibility for your yacht as they can possibly get away with. They often whip these waivers out just when your yacht is sitting in their slings, ready to be lifted, but our advice is never to sign these without referring them to your insurers first. Some of these waivers actually ask for your insurers’ agreement as well, and this is where the fun can start. Most yacht insurers are fully alert to the intentions of the documents, and they have no enthusiasm for prejudicing their rights of recovery against a yard, in the event that their client’s yacht is damaged while she is there. One thing that the past couple of years has demonstrated is that, if yachts are laid up for long periods of time, the risks are still prevalent, with fires being the predominant cause, although other causes of loss have continued to rear their heads during this time.

Why use a broker for your insurance?

I make no bones about the fact that this article is written from an insurance broker’s angle, but that is because I have been a broker for over 35 years! Our job is to facilitate the transfer of risk. The yacht owner is (usually) a willing buyer of an insurance policy if it is one which will pay claims, and an Underwriter (again, usually) is the willing seller of the policy if the risk and the price are right. We act as the agent of the owner to achieve this, but uniquely, despite this term of reference, we are paid a commission by the underwriter for introducing the owner. In the course of this activity, we are constantly gathering information about not only the ‘moving target’ that is the pool of insurers providing yacht policies, but also about trends in both the supply and demand for the commodity. We are in a position to provide plenty of free advice to our clients, as a result (and do so frequently!). Our terms of reference, crucially, continue when it comes to a claim, as well. In the last few years, all insurers have applied much greater levels of scrutiny to the claims they face, for understandable reasons. The obligation of the insured to demonstrate their claim to their insurer has never been more apparent, and our role in assisting this demonstration has never been more onerous.

Other important points to remember when arranging cover for your yacht, and in the event that you may need to call upon the policy to pay a claim:-

The old adage of ‘Utmost Good Faith,’ to my mind, still applies, and when providing information to potential insurers in order for them to assess your risk, do not hold back. It is up to your broker to deliver this information in the most palatable, but equally, transparent way, when securing a quotation for you.
Be aware of your obligations under the terms of the policy, and in particular, your responsibility to maintain the yacht in a seaworthy condition. Keep all maintenance records, invoices, receipts etc., and don’t be shy in forwarding copies to your broker. This could be useful, in the event of a claim.
If you have an accident of some sort that may lead to you having to make a claim, remember to ‘act as a prudent uninsured.’ Again, this is a very old fashioned term, but it still holds true. I fully admit it is a difficult concept for us to explain to our clients. The owner has just been relieved of a sum of money for the yacht’s insurance policy, and then we have to tell them to pretend they are not covered! The point of this is that, when something nasty happens, you cannot simply hand the yacht to a yard, and then send the bill to your insurers. You have to involve them in the process by telling them, as soon as possible, what has happened, what you intend to do about it, and who you plan to use to carry out the repairs. If it is not possible to get this information to them immediately, perhaps because of time differences, or communications issues due to your location, remember that it is they who are going to end up paying, so the costs involved need to be controlled to ensure they are ‘fair and reasonable’ for the work to be carried out. ‘Fair and reasonable’ are the critical words here, and represent the benchmark used by all insurers.

Sticking to these guidelines should mean that you can forecast a more predictable ride with your insurers than the title of this article, but should there be any ‘precipitation in sight’, hopefully your broker can deal with it.

Finally, to end on a lighter note, our job is not without its amusing moments. I recall one example, in particular, some years ago. Our client was cruising in New England and hit a rock somewhere between Newport RI and Mystic, Connecticut; I forget exactly where. He called me immediately, sounding highly alarmed, to say that the pumps were just about holding the ingress of water, but that they were motoring flat out to the nearest yard. I informed his insurers and set about organising for a surveyor to meet the yacht when she arrived. A short while later, the owner rang back, sounding much more relieved. He had tasted the water filling up his bilge, and it was fresh. The yacht had survived the impact almost completely unscathed, but a connecting pipe to her freshwater tank had come adrift, and the tank’s contents had emptied themselves into the bilge!

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Superyacht insurance: How to choose the best policy for your yacht

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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

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.

Related products

Specialized coverage designed specifically for boats 26 feet or less, such as pontoons, runabouts, fishing boats and more.

Personal watercraft

Insurance for personal watercrafts (PWCs) such as a Jet Ski, Sea-Doo or WaveRunner.

High performance boat

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

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Global Boats and Yacht Insurance Market Size By Type (Actual Cash Value and Agreed Amount Value), By End-User (Commercial and Personal), By Geographic Scope And Forecast

Description
Table of Contents
Methodology

Boats and Yacht Insurance Market Size And Forecast

Boats and Yacht Insurance Market size was valued at USD 1.53 Billion in 2024 and is projected to reach USD 2.03 Billion by 2031, growing at a CAGR of 3.96% from 2024 to 2031.

The coverage of third-party liability and availability of personal accident coverage is expected to boost the global market growth of Boats and Yacht Insurance in the upcoming years. Accidents are common on sea waterways, and yachts and boats frequently clash with other ships, inflicting extensive damage and high costs. As a result, boat owners often acquire yacht insurance plans to cover the expense of third-party damage. As a result, this is a primary driver of the yacht insurance market’s expansion. An increase in the use of analytics and telematics, which allows for a more precise assessment of existing and future risks in the marine industry, is becoming a significant growth factor for the market. Furthermore, during the projected period, the increased use of IoT is expected to promote the growth of the marine insurance market.

Boats and Yacht Insurance Market is estimated to grow at a CAGR of 3.96% & reach US$ 2.03 Bn by the end of 2031

Global Boats and Yacht Insurance Market Definition

Boat and yacht insurance is a form of policy that covers the expense of a yacht or boat owner’s unintentional loss or damage. Comprehensive and third-party liability are both covered by yacht insurance coverage. Yacht insurance often covers the boat, machinery, theft, and injury. Boat insurance has the unique feature of covering damages at sea when the yacht is docked, on land, or in transit. In a total loss, it will be paid out in full. Additionally, partial losses are covered at replacement cost, albeit sails, canvas, batteries, outboards, and sometimes outdrives are not covered and must be purchased separately.

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Global Boats and Yacht Insurance Market Overview

Furthermore, according to International Business Machines (IBM), an American multinational technology company, more than 80% of insurers are expected to increase revenue collection by employing a digital platform on the market. The deployment of a digital platform is expected to boost revenue growth by 15% for many insurers. As a result, digital platform usage is predicted to drive market share growth for boats and yacht insurance.

However, the market’s expansion is being hampered by changes in exposure and stringent claims experience. On the other hand, the increase in demand for boat and yacht insurance and digital platforms in the insurance sector might be seen as a growth opportunity in the coming years.

Global Boats and Yacht Insurance Market Segmentation Analysis

The Global Boats and Yacht Insurance Market is segmented based on Type, End-User, and Geography.

Boats and Yacht Insurance Market Segmentation, By Type

• Actual Cash Value • Agreed Amount Value

Global Boats and Yacht Insurance Market is segmented into Actual Cash Value and Agreed Amount Value based on Type. By 2030, the Actual Cash Value segment is expected to account for a significant portion of the Boats and Yacht Insurance market. Advantageous features such as pre-arranged boat value, receiving the boat’s total value back when their claim is approved, and easy application and appraisal process are the prime reason for the segment’s growth.

Boats and Yacht Insurance Market Segmentation, By End-User

• Commercial • Personal

Global Boats and Yacht Insurance Market is segmented into Commercial and Personal based on End-User. Due to the rising free trade agreements in commercial use and the increase of sea tourism across the globe, the Commercial segment is predicted to develop exponentially throughout the projection period.

Boats and Yacht Insurance Market, By Geography

• North America • Europe • Asia Pacific • Latin America • Middle East

Based on the regional analysis, the global Boats and Yacht Insurance Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East. Europe accounted for a significant share of the global Boats and Yacht Insurance market. During the forecast period, the market in the region is expected to hold the largest revenue share due to the positive impact of marine transport on the European market. Due to many participants active in the maritime insurance industry in this area to provide excellent services, Asia Pacific is expected to develop at the fastest rate over the projected period. Furthermore, the boats and yacht insurance market is likely to benefit from increased tourism activity and the rise of IoT services in the Asia Pacific.

Key Players

The “Global Boats and Yacht Insurance Market” report will give value-for-money insight with an emphasis on the market. The major players in the market are Tokio Marine, Zurich, Chubb Ltd., Aviva India, China Taiping Insurance Group Ltd., Reliance Nippon Life Insurance Company Limited, ING Group, United India Insurance Co. Ltd., CPIC, Ping An Insurance (Group) Company of China Ltd., Allied Insurance Company, Merriam-Webster, and Others.

Key Developments

• In April 2022: Tokio Marine established a corporate venture capital (CVC) fund to invest in early-stage companies worldwide. Fintech, healthcare, automation, climate tech, insurance, mobility, cybersecurity, and artificial intelligence are among the sectors where the Palo Alto-based CVC fund is scheduled to write checks worth $500,000 and $3 million.

• In July 2019: Chubb introduced a change. In its marine insurance, the company uses its value-added service (VAS) to provide immediate shipment insurance on the network trade platform (NTP) for various items, including business containerized cargo, parcel freight, and other domestic goods. It’s available in Australia, South Korea, and Singapore right now.

Report Scope

REPORT ATTRIBUTES	DETAILS
STUDY PERIOD	2021-2031
BASE YEAR	2024
FORECAST PERIOD	2024-2031
HISTORICAL PERIOD	2021-2023
UNIT	Value (USD Billion)
KEY COMPANIES PROFILED	Tokio Marine, Zurich, Chubb Ltd., Aviva India, China Taiping Insurance Group Ltd., Reliance Nippon Life Insurance Company Limited, ING Group, United India Insurance Co. Ltd., & Others
SEGMENTS COVERED
CUSTOMIZATION SCOPE	Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Research Methodology of Verified Market Research:

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors • Provision of market value (USD Billion) data for each segment and sub-segment • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players • The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions • Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis • Provides insight into the market through Value Chain • Market dynamics scenario, along with growth opportunities of the market in the years to come • 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

What is the projected market growth rate of the boats and yacht insurance market, what are the key driving factors for the growth of the boats and yacht insurance market, what are the top players operating in the boats and yacht insurance market, what segments are covered in the boats and yacht insurance market report, how can i get a sample report/company profiles for the boats and yacht insurance market.

TABLE OF CONTENT

1 INTRODUCTION OF THE BOATS AND YACHT INSURANCE MARKET 1.1 Overview of the Market 1.2 Scope of Report 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH 3.1 Data Mining 3.2 Validation 3.3 Primary Interviews 3.4 List of Data Sources

4 GLOBAL BOATS AND YACHT INSURANCE MARKET OVERVIEW 4.1 Overview 4.2 Market Dynamics 4.2.1 Drivers 4.2.2 Restraints 4.2.3 Opportunities 4.3 Porters Five Force Model 4.4 Value Chain Analysis

5 GLOBAL BOATS AND YACHT INSURANCE MARKET, BY TYPE 5.1 Overview 5.2 Actual Cash Value 5.3 Agreed Amount Value

6 GLOBAL BOATS AND YACHT INSURANCE MARKET BY END-USER 6.1 Overview 6.2 Commercial 6.3 Personal

7 GLOBAL BOATS AND YACHT INSURANCE MARKET, BY GEOGRAPHY 7.1 Overview 7.2 North America 7.2.1 U.S. 7.2.2 Canada 7.2.3 Mexico 7.3 Europe 7.3.1 Germany 7.3.2 U.K. 7.3.3 France 7.3.4 Rest of Europe 7.4 Asia Pacific 7.4.1 China 7.4.2 Japan 7.4.3 India 7.4.4 Rest of Asia Pacific 7.5 Latin America 7.5.1 Brazil 7.5.2 Argentina 7.5.3 Rest of LA 7.6 Middle East 7.6.1 UAE 7.6.2 Saudi Arabia 7.6.3 South Africa 7.6.4 Rest of MEA

8 GLOBAL BOATS AND YACHT INSURANCE MARKET COMPETITIVE LANDSCAPE 8.1 Overview 8.2 Company Market Ranking 8.3 Key Development Strategies

9 COMPANY PROFILES

9.1 Tokio Marine 9.1.1 Overview 9.1.2 Financial Performance 9.1.3 Product Outlook 9.1.4 Key Developments

9.2 Zurich 9.2.1 Overview 9.2.2 Financial Performance 9.2.3 Product Outlook 9.2.4 Key Developments

9.3 Chubb Ltd. 9.3.1 Overview 9.3.2 Financial Performance 9.3.3 Product Outlook 9.3.4 Key Developments

9.4 Aviva India 9.4.1 Overview 9.4.2 Financial Performance 9.4.3 Product Outlook 9.4.4 Key Developments

9.5 China Taiping Insurance Group Ltd. 9.5.1 Overview 9.5.2 Financial Performance 9.5.3 Product Outlook 9.5.4 Key Developments

9.6 Reliance Nippon Life Insurance Company Limited 9.6.1 Overview 9.6.2 Financial Performance 9.6.3 Product Outlook 9.6.4 Key Development

9.7 Ping an Insurance (Group) Company of China Ltd. 9.7.1 Overview 9.7.2 Financial Performance 9.7.3 Product Outlook 9.7.4 Key Developments

9.8 Merriam-Webster 9.8.1 Overview 9.8.2 Financial Performance 9.8.3 Product Outlook 9.8.4 Key Developments

10 KEY DEVELOPMENTS 10.1 Product Launches/Developments 10.2 Mergers and Acquisitions 10.3 Business Expansions 10.4 Partnerships and Collaborations

11 Appendix 11.1 Related Research

Report Research Methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

Perspective	Primary Research	Secondary Research
Supplier side
Demand side

Econometrics and data visualization model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

Established market players
Raw data suppliers
Network participants such as distributors
End consumers

The aims of doing primary research are:

Verifying the collected data in terms of accuracy and reliability.
To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysis	Quantitative analysis

Boats and Yacht Insurance Market

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15 best boat/yacht insurance companies heading into 2024.

In this article, we will look into the 15 best boat/yacht insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Boat/Yacht Insurance Companies Heading into 2024 .

Boat/Yacht Insurance Industry: A Market Analysis

According to a report by Verified Market Research, the global boat/yacht market was valued at $930 million in 2021. The market is expected to grow at a CAGR of 3.96% and reach $1.37 billion in 2030. The growth is driven by the coverage of third-party liability and the availability of personal accident coverage.

I0T is a major factor expected to contribute to the market growth. According to International Business Machines, a US-based multinational technology company, over 80% of insurers are anticipated to generate increased revenue by employing a digital platform. It is expected to increase the revenue growth by 15% for many insurance companies. The rising demand due to increasing accidents and losses is another factor contributing to the growth.

Segment-wise, the market is categorized into Actual Cash Value and Agreed Amount Value based on type. The Actual Cash Value is projected to hold a significant share of the market by 2030, driven by features such as re-arranged boat value, receiving the boat’s total value back on claim approval, and easy application and appraisal process.

Regionally, the global boat/yacht market is expected to be dominated by Europe and is expected to hold the largest share over the forecasted period. The growth is driven by the positive impact of marine transport on the European market. Asia Pacific is expected to grow at the highest rate. The increased tourism activity and rise of IoT services in Asia Pacific are likely to boost the growth in the Asia Pacific.

Key Players in the Market

Some of the prominent names in the market include Aviva plc (OTC: AVVIY ), Allianz SE (OTC: ALIZF ), and Markel Group Inc. (NYSE: MKL ).

Aviva plc (OTC:AVVIY) is one of the top British multinational insurance companies. On December 5, the company announced that its network of vehicle damage repair centers, Solus, had expanded to Newport, Wales with a brand-new center. This center marks the first-ever Solus site in the country and articulates the company's commitment to facilitating customers post-accident. The new center is located at St. Modwen Park, boasting a wide area of 23,000 ft². The center will be able to create over 30 jobs and handle 25% of the company's motor damage claims, joining a network of 22 centers across the UK. The facility also boasts sustainability features such as solar panels and rainwater harvesting, further enhancing the site's appeal.

Allianz SE (OTC:ALIZF) is a German multinational financial services company, specializing in insurance and asset management. On December 19, the company announced that it had re-entered the insurance securities market after a decade. The company had issued a €250 million catastrophe bond, guarding itself against European windstorms for the next three years from 2024 to 2026. This is a significant step by Allianz SE (OTC:ALIZF) to diversify its reinsurance portfolio and foster its defense against a primary natural threat. The bond was issued through Blue Sky Re DAC and initiated by an industry loss index. It was well-received by investors, emphasizing the rising appeal of the risk transfer mechanism. This move shows Allianz SE's (OTC:ALIZF) proactive approach to mitigating risks and securing long-term protection against natural disasters.

Markel Group Inc. (NYSE:MKL) is a diverse group of insurance companies, operating across multiple lines of insurance businesses. On October 20, the company announced that it had invested in Certa, a London-based tax insurance specialist. The company had taken a 49% stake in the company. The strategic acquisition aims to fuel the company's product development and geographic expansion. It utilizes Markel Group Inc.'s (NYSE:MKL) expertise and global reach to strengthen Certa's niche offerings in tax and contingent risk insurance. This transaction pledges to provide enhanced capabilities, expanded product lines, and crucial capacity support to Certa's growth plans, making it a leader in the tax insurance market.

With this context, let's have a look at the 15 best boat/yacht insurance companies heading into 2024.

Methodology

To compile our list of the 15 best boat/yacht insurance companies heading into 2024, we opted for a consensus approach. We looked through multiple market reports including, Allied Market Research, Verified Market Research, Mobility Foresights, and Business Research Insights to look for major public and private companies operating in the boat/yacht insurance market. We then sourced market caps of public companies from Yahoo Finance and the annual revenue for private companies from their websites. We have ranked the 15 best boat/yacht insurance companies heading into 2024 in ascending order of market capitalizations, as of December 19, 2023, and annual revenue.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years ( see the details here ). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

15. Aviva plc (OTC:AVVIY)

Market Cap as of December 19: $14.89 billion

Aviva plc (OTC:AVVIY) is one of the best insurance companies, headquartered in London. The company specializes in retirement, investments, insurance, health, insurance technology, and protection. Aviva plc (OTC:AVVIY) offers a variety of boat insurance solutions for sail, jet, sport, fishing, cruiser and cuddy, houseboats, pontoon, runabout, and personal watercraft. It is ranked among the 15 best boat/yacht insurance companies heading into 2024 and is valued at $14.89 billion, as of December 19.

14. Sompo Holdings, Inc. (OTC:SMPNY)

Market Cap as of December 19: $15.58 billion

Ranked 14th on our list, Sompo Holdings, Inc. (OTC:SMPNY) is a leading Japanese insurance holding company. With over 130 years of experience, the company has businesses in over 29 countries. Sompo Holdings, Inc. (OTC:SMPNY) provides domestic P&C insurance, overseas insurance and reinsurance, domestic life insurance, nursing care & seniors, and digital insurance products and services. Its marine insurance provides coverage for marine cargo, inland marine, and species risks. The company's suite of offerings includes both mono-line and marine packages, tailored to the dimensions and complexity of the exposure. As of December 19, the company boasts a market cap of $15.58 billion.

13. Markel Group Inc. (NYSE:MKL)

Market Cap as of December 19: $18.64 billion

Markel Group Inc. (NYSE:MKL) is a holding company, with insurance as its core business. The company leads the insurance market worldwide with operations in the US, Bermuda, Asia, and Europe. It offers a wide range of tailored solutions for all kinds of boats including antique boats, power boats, ski boats, sailboats, fishing boats, pontoons, and pleasure boats. The company's boat insurance policies start at a low price of $100 per year. Markel Group Inc. (NYSE:MKL) is ranked 13th on our list and is valued at $18.64 billion, as of December 19.

12. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF)

Market Cap as of December 19: $35.47 billion

China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) is a major insurance company, headquartered in China. The company's offerings include life insurance, accident and health insurance, property insurance, motor vehicle insurance, aircraft insurance, ship insurance, goods in transit insurance, and property damage insurance among others. As of December 19, China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) boasts a market cap of $35.47 billion. It is ranked 12th on our list of the 15 best boat/yacht insurance companies heading into 2024.

11. American International Group, Inc. (NYSE: AIG )

Market Cap as of December 19: $47.35 billion

American International Group, Inc. (NYSE:AIG) is a leading American multinational insurance company. The company offers a diverse range of insurance products and services across multiple portfolios. Its marine and boat insurance provides coverage for sinking, theft, and fire. It also covers personal liability and property damage including the crew and material things in the boat. As of December 19, American International Group, Inc. (NYSE:AIG) boasts a market cap of $47.35 billion.

10. Tokio Marine Holdings, Inc. (OTC:TKOMF)

Market Cap as of December 19: $48.01 billion

Tokio Marine Holdings, Inc. (OTC:TKOMY) is a leading insurance company, headquartered in Japan. The company has been leading the market with its insurance products and services for over the past 100 years. Its marine and boat insurance provides coverage for perils of the seas, rivers, lakes, or other waterways. It also covers violent theft, jettison, piracy, breakdown, accident, negligence, and natural disasters. Tokio Marine Holdings, Inc. (OTC:TKOMY) is ranked among the best boat/yacht companies and is valued at $48.01 billion, as of December 19.

9. MetLife, Inc. (NYSE: MET )

Market Cap as of December 19: $49.15 billion

MetLife, Inc. (NYSE:MET) is a leading insurance company, operating across various business domains including insurance, annuities, employee benefits, and asset management. It offers insurance coverage for life, accidental and health, disability, dental, and legal insurance. MetLife, Inc.’s (NYSE:MET) boat insurance provides coverage for physical damage, bodily injury, property damage, and medical payments. It is ranked among the 15 best boat/yacht insurance companies heading into 2024 and is valued at $49.15 billion, as of December 19.

8. Liberty Mutual Insurance

Annual Revenue (2022): $50.00 billion

Founded in 1912, Liberty Mutual Insurance is a leading insurance company in the United States. With over 100 years of experience, the company provides a wide range of innovative insurance products, services, and technologies. The company has operations in over 29 countries and has more than 45,000 employees. The company provides boat insurance services to boats, yachts, pontoon boats, fishing boats, and personal watercraft among others. The company reported an annual revenue of $50 billion in 2022.

7. ING Groep N.V. (NYSE:ING)

Market Cap as of December 19: $50.66 billion

ING Groep N.V. (NYSE:ING) is a leading financial services company, specializing in banking, asset management, and insurance services. The company provides insurance for all kinds of sea-related risks including storm, collision, sinking, grounding, and fire. It also covers the battery, strike, lock-out, riot, commotion, and war under its boat/yacht insurance. As of December 19, ING Groep N.V. (NYSE:ING) boasts a market cap of $50.66 billion.

6. AXA SA (OTC:AXAHY)

Market Cap as of December 19: $72.49 billion

Ranked 6th on our list, AXA SA (OTC:AXAHY) is a French multinational insurance company. The company provides insurance, asset management, and banking solutions. AXA SA (OTC:AXAHY) offers a wide range of boat insurance plans for motor boats, sailboats, or yachts. As of December 19, the company has a market cap of $72.49 billion.

Click to continue reading and see 5 Best Boat/Yacht Insurance Companies Heading into 2024 .

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Table of Contents

Do you need boat insurance?

What boat insurance will pay for, boat insurance costs and discounts, where to buy boat insurance.

Your prized boat probably didn’t come cheap. Whether you own a bass fishing boat or a yacht, it’s important to find the right boat insurance that will come to the rescue if you have damage or theft. Here’s how to understand boat insurance policies.

Your home insurance policy covers your boat in some cases, but it doesn’t go far. Homeowners policies typically cap boat coverage at $1,000 or 10% of your home’s insured value. And liability coverage — which pays for damage your boat does to others — typically isn’t included under home insurance. So a home insurance policy might help you only if your boat is small, slow and inexpensive.

At a glance: Do I need boat insurance?

You can typically buy liability insurance — which pays for damage your boat does to others — in amounts from $15,000 to $300,000, according to the Insurance Information Institute. Here's what else you can expect from a policy:

Check, too, about additional coverage for trailers and accessories, for towing and for damage caused by an uninsured boater.

You can buy two types of damage coverage for a boat:

Actual cash value. This pays the value of your boat at the time of the damage. If your boat is destroyed, your insurance company determines its market value.

Agreed amount value. If your boat is destroyed, your insurer pays you an amount that you and the company agreed on beforehand. If your boat can be repaired, your insurer replaces old items for new ones without deducting for depreciation.

It’s also important to understand what your boat insurance covers before heading out on the water, says Todd Shasha, boat and yacht personal insurance director at Travelers Insurance. He recommends checking whether your policy can cover these scenarios:

Mechanical breakdown coverage. Pays to repair or replace your outboard motor as long as it’s not due to wear and tear.

Salvage. If your boat becomes disabled and a basic tow won’t help, you might need to call a salvage company to recover it. Typically a salvage company will ask for a percentage of the boat’s value as payment, which can be quite expensive. Not all insurance companies offer this coverage.

Gadgets. Not all boat insurers cover expensive accessories like fishing equipment or fancy coolers unless they’re permanently attached to the boat. For example, Travelers offers personal property coverage that pays you if they’re stolen or lost while out on the water. Endorsements, which are additions to your policy, are available if you want to increase the value of your personal property limits.

Some important things to know about boating and your policy:

Navigational limits: If you own a yacht or a larger boat, your policy will have limits outlining where you can navigate your vessel. If you venture outside of the territory you agreed to in the policy, your insurance may not cover you. Typically, the broader your navigation area is, the higher your insurance costs will be.

Layup periods: Taking your boat out of the water is typical during cold weather, and most insurance companies will give you a credit because it’s not being used. But take the boat out for a spin before the layup period ends and you won’t be covered by your insurance policy.

Marine inspections: If your boat is an older model, most insurance companies will want you to have it inspected by a marine surveyor in order to assess the vessel’s condition and market value. For safety’s sake, consider a marine survey even if it’s not required.

Underage operators: You might be tempted to let your 12-year-old drive the boat every now and then. But if your child doesn't meet age and license requirements in your state, your boat insurance policy might not cover you. Age and license requirements for operating personal watercraft vary from state to state. In Virginia and Florida, for example, no one under 14 may operate a personal watercraft. In Texas, children under 13 are barred from driving one unless a licensed operator who's at least 18 is on board. For requirements where you live, check with the boating regulatory agency in your state.

How much you’ll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.

You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.

Insurance companies offer a variety of ways to save money, including discounts for:

Having a diesel-powered boat.

Not having made a previous boat insurance claim.

Carrying other policies, such as car or homeowners, with the same insurer.

Taking safety courses.

Boat insurance is widely available. NerdWallet looked at the top 25 auto insurance sellers in the country and found these that also offer boat insurance:

Offers coverage for boats up to $250,000 in value.

AAA lowers your deductible by 25% each time you renew your policy and haven’t had a claim.

Average cost of boat insurance from Allstate is about $20 a month, according to Allstate.

Bundle boat insurance with an Allstate homeowners policy and you qualify for up to a 20% discount.

American Family Insurance

Additional coverage options cover personal items and pay for repairs to your boat and equipment, without a deduction for depreciation.

If your boat is disabled, an Amica policy covers towing to nearest port.

If your yacht can’t be repaired, Amica pays to replace it with a new one, without subtracting depreciation.

Auto-Owners

Optional boat insurance coverage is available through homeowners policies.

Country Financial

Country Financial homeowners insurance covers your boat for up to $1,500.

You can buy more coverage under your homeowners policy.

Erie’s standard Boat Protector Policy comes with extras, including payments up to $500 to fix or replace boating equipment and accessories, and payments up to $250 for emergency towing. (Not available in Kentucky.)

Farmers offers seven packages to fit your vessel type and coverage needs.

Geico’s optional premium boat towing service offers unlimited on-water towing (within 25 miles of an approved tower) and pays the service provider directly.

Geico offers several discounts, including one for passing a boat-safety course and for maintaining a good driving record.

You can cover your boat, sailboat or personal watercraft with an endorsement to your Hanover Platinum or Connections homeowners insurance policy.

The Hartford

Additional coverage, which costs extra, is available for your accessories, trailer and boat hull.

Liberty Mutual

You must have a homeowners insurance policy with Liberty Mutual to get boat and watercraft insurance.

Optional coverage includes hurricane protection, which pays up to $250 to move your boat out of danger during a hurricane advisory.

Unforeseen emergency services coverage pays $250 for towing and other services on land or in the water.

Personal watercraft coverage includes liability, collision, comprehensive, uninsured or underinsured operator, and medical payments.

Optional towing and labor also available.

Progressive

Total loss replacement coverage pays for a new boat if your new boat is a total loss within five years of adding the coverage.

Progressive offers several specialized coverage options, including 24-hour roadside assistance if your car breaks down while towing your boat.

Unlike some insurers, Progressive doesn’t require you to submit a navigation plan. Nor does it require an inspection of your boat.

State Farm’s optional emergency service pays up to $500 to service your boat, motor or boat trailer.

Optional wreck-removal coverage pays “reasonable expenses” to raise or remove your boat when it’s required by law.

Travelers splits the cost to move the vessel to safety when you carry “hurricane-escape reimbursement” coverage, which costs extra.

Antique boats get the same comprehensive coverage available in Travelers' basic policy.

USAA members get a 5% discount on boat insurance, but the discount is not available in all states.

USAA is open only to active and retired military and their families.

Juan Castillo is a former staff writer at NerdWallet.

On a similar note...

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The bourgeois charm of Siberia's oil capital

If you’re driving west across Russia from the Pacific Ocean, the first thing that you notice upon entering the city of Tyumen is the McDonalds. Tyumen has long been one of the only Siberian cities with a McDonalds restaurant. Although the fast-food giant has plans to open locations in nearby Novosibirsk and other regional cities, Siberia still contains one of the longest distances on earth outside of Africa where you can remain on a major highway and not see a McDonalds. Until you reach Tyumen, that is.

A stop in Tyumen provides an interesting glimpse into how modern Russia’s oil revenue has influenced Siberia’s oldest Russian city. Tyumen is a great stopover point on the Trans-Siberian Railroad and a short ride from Yekaterinburg (five hours) or Tobolsk (four hours).

In the 16th century, Russia started expanding eastward into parts of Central Asia ruled by the Tatars, an Islamic people who still live thoughout Russia. A band of Cossacks wrested control of Tyumen from the Tatars in 1580. Six years later, Russians established a fort in Tyumen on the Tura River.

For centuries, Tyumen vied with the nearby city of Tobolsk—once the official capital of Siberia—for the prestige of the region’s most important city. Tyumen won in the end, when the Trans-Siberian Railroad bypassed Tobolsk and was routed through this now oil-rich city.

Tyumen played an important role in Russian history during times of war. At the beginning of the Russian Civil War, the Bolshevik Red Army slowly pushed the White Army, commanded by Admiral Alexander Kolchak, into Siberia. Kolchak and his anti-Bolshevik forces holed up in Tyumen until the Red Army overtook them in January of 1918.

During the Second World War, many Russian industries were moved away from the front to Siberian cities. Tyumen had already become an industrial capital during the early Soviet era, and the city became an ideal spot to relocate Russia’s western factories. As Nazi forces approached Russia in 1941, the embalmed body of Vladimir Lenin was sent from the Lenin Mausoleum in Moscow’s Red Square by train to the Tyumen State Agricultural Academy for safekeeping. In 1945, Lenin’s body was shipped back to Moscow.

Some of the factories relocated to Tyumen during wartime remained in the city. The discovery of oil in the region catapulted Siberia’s oldest Russian settlement to further prosperity. Modern Tyumen is a vibrant city with a number of universities and a revamped center well-suited for exploration by foot.

Start your walking tour around central Tyumen on Ulitsa Respubliki. The city’s main drag has fine pedestrian walkways and leads wanderers past an impressive collection of tsarist-era buildings that recall Tyumen’s importance in the beginning of Russia’s colonization of Siberia.

From the southeastern end of Ul. Respubliki, head north toward the Tura River and take a brief side trip onto Ul. Ordzhonikidze to visit the Fine Arts Museum (47 Ul. Ordzhonikidze) which houses exhibits of classical Russian and Soviet art as well as traditional bone carving and works produced by the native people who live in the far north of Tyumen Oblast.

Back on Ul. Respubliki, you’ll soon see the city’s requisite Lenin statue by the local government buildings. A block away, opposite Lenin, is Tyumen’s city park, a delightful place to walk or hop on one of its amusement rides.

Most Siberian cities developed under the watchful eyes of the atheist Soviet regime and churches are usually not Siberia’s strongpoint. But this isn’t true in four-centuries-old Tyumen. Strolling up Ul. Respubliki, you’ll soon come to the Church of the Saviour (41 Ul. Lenina) and the Znamensky Cathedral (13 Ul. Semakova). Each of these stunning Baroque-influenced churches are located right off Ul. Respubliki and were built in the late 18th century.

Tyumen is also famous for its historic wooden houses. Heading further up Ul. Respubliki, stop to wander around some of the side streets and snap photos of these ornate wooden structures which provide a glimpse back in time. Near the Tura River, you’ll pass a civil war monument in remembrance of the Tyumen natives who died fighting the White Army and the Tyumen State Agricultural Academy (7 Ul. Respubliki) an impressive building in its own right where Lenin was stored during the Second World War.

Near the end of Ul. Respubliki, take a walk over the Tura River on the Lover’s Bridge, a suspension bridge open to foot traffic only that has become one of Tyumen’s iconic sights. The other side of the river is a great place to see more of Tyumen’s signature wooden houses as well as take in the churches scattered around the city center.

Save the best for last and visit the Trinity Monastery (10 Ul. Kommunisticheskaya) at the end of Ul. Respubliki. A white wall surrounds the monastery, giving it the appearance of a mini-kremlin, and the golden onion domes of the 18th century churches within should not be missed.

Although navigating Tyumen is straightforward enough, the St. Petersburg-based travel company OSTWEST can arrange a city tour in Tyumen and the surrounding countryside.

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Tyumen Oblast
Tyumen Oblast (Russian: Тюме́нская о́бласть, romanized: Tyumenskaya oblast) is a federal subject (an oblast) of Russia.It is located in Western Siberia, and is administratively part of the Urals Federal District.The oblast has administrative jurisdiction over two autonomous okrugs: Khanty-Mansi Autonomous Okrug and Yamalo-Nenets Autonomous Okrug.
Ecuador Completes World's Largest Debt-for-Nature Conversion ...
With support from the Inter-American Development Bank (IDB) and the U.S. Development Finance Corporation (DFC), Ecuador completed a debt conversion that will allow the country to allocate resources for long-term marine conservation in the Galápagos Islands to promote greater sustainability and improve the quality of life of Ecuadorians.