How much does marine insurance cost? Can you give me a ballpark figure?

Rates are dependent on many factors: vessel age, manufacturer, navigation required, location during hurricane season, lay up dates,  your claim history and, of course, your boating experience.  We suggest that you complete our quote request form and allow us to get you an accurate quote, rather than an off the cuff guesstimate.


​Will a survey be required?
It depends! Each of our underwriters have different guidelines. If your boat is a newer vessel (1-9 years of age) many underwriters will not require a survey. We even have one underwriter that does not require a survey until your boat reaches 20 years of age.  However, if purchasing a used vessel, it is highly recommended to employ a professional marine surveyor, as you are likely to learn a lot about the boat.  If you can be there in person when the survey takes place, that is even better, as the surveyor is likely to give you information and advice that may not be included in the final report.


What are your survey requirements?

Please make sure that your survey meets the following guidelines:
a) Is a hauled Condition & Valuation survey.
b) Is performed by a SAMs, NAMS or SNAME accredited surveyor. Go to www.marinesurvey.org   or www.namsglobal.org/find-a-marine-surveyor   β€Ž to find a surveyor near you.  If you can’t find a SAMs or NAMs surveyor, then ask  the one you do find for their qualifications (a resume) and a sample survey. Please forward those to us before you hire them so that we can get them pre-approved.
c) Includes a fair market value for the vessel that is close to the amount that you want to insure the vessel for.
d) Addresses the condition of the various systems on the boat and its compliance with local safety regulations.
e) Includes a list of recommendations (or states that there are none).
f) States that the vessel is fit for its intended use (i.e. offshore cruising).
g) Is signed by the surveyor (an electronic signature is OK).

h) Is written in English.

Do you cover double-handers?
Yes, a number of our underwriters cover double handed passages.  Markel Jackline, Pantaenius & Lloyds can all be counted on to cover a crew of two experienced people for an ocean passage.

Do you cover single-handers? 
Some underwriters will cover single handed operation of the vessel for limited distances.  However, it is important to note that sleep deprivation and consequently failure to maintain an adequate watch on single-handed passages of 24 hours or more is a serious issue, so is not recommended. Even if not specifically listing the number of crew required, many companies include "Seaworthiness" warranties in their policies, which maritime courts have interpreted to mean having an adequate number of crew onboard for the intended passage.

 
How much liability coverage should I get?
Most boat owners purchase liability in amounts at least equal to the value of their vessel. So for a $250,000 boat, they would purchase $300,000 of liability.  However, some marinas in the USA have a $500,000 minimum, and Australia and many EU countries have even higher minimum limits.  All that aside, you should to take into consideration the value of other assets you own besides the boat, and consult your homeowner's agent as to whether your other policies, such as an umbrella policy, will to protect you in the event of a lawsuit above the amount of your marine insurance policy. 

How long does it take to get a quote?

​Usually it only takes 1-2 business days to get a quote.  From the time that you agree to the quote and send in the completed application and other required documents, it takes another 1-2 business days to bind the coverage.