Boat Insurance
Part 5: Insurance Company Information
by Ken Levitt

The information I have in this area is limited, especially in the area of claims. If you have experiences you would like to share, send them along to the email address on the previous page, and I will consider their inclusion in future releases.

So far, I have no reports of bad claim experiences with any insurance company, but I'm sure there are some.

The information here is the best I have, but may be outdated or inaccurate. Research each company on your own.

Many people (except those in MA) find it easier to purchase boat insurance from the same company they use for homeowner's and auto insurance. If you have a good relationship with your local agent, this may be your best bet, but it is worth checking out one or two other companies.

National Marine Underwriters (http://www.nmu.com)

• Carrier: American Family Home Insurance, A+ Rating
• A small company based in Annapolis, MD that is hard to beat on the knowledge of their personnel and the personal service they can provide.
• Trailer covered as a separate item with a separate stated value.
• They have underwriters available who can resolve small issues on the spot.
• They do NOT allow a boat from the North East to spend a short time in FL, even if you are willing to pay extra, but they will insure boats based in FL. (As I was told 12/06.)
• They included a free membership in Mariguard which raised the towing coverage from the policy's default $100 to a total of $350.
• One claim report. Independent adjuster went out of his way to make sure things were better than they were before the accident.

BoatUS ( http://www.boatus.com/insurance/ )

• Carrier: CNA, A Rating
• People who have had claims or needed towing report being very satisfied with the speed, process, and results.
• Sales people on the phone know almost nothing about the product they are selling.
• Has "Haul Out" coverage if a named storm is headed your way.
• Some (possibly all new ones) of their policies do not cover boats over 30 feet while being trailered. You MUST read your policy to find out if you are covered. (See Note #1 below)
• Allows occasional chartering (up to 5 weeks a year) if you pay extra for each charter.

Progressive ( http://www.progressive.com )

• Carrier: Progressive, A+ Rating
• Does not insure boats that spend more than 6 months a year in Massachusetts, New Jersey, DC, Canada, Mexico, or Puerto Rico.
• Does not insure for physical damage on boats over 15 years old with a value of more than $20,000.
• Will not insure boats over 30 feet in some states.
• Will not insure "performance catamarans".
• Will not insure physical damage on home built boats.
• Personal effects deductibles: $300 Fishing equipment, $100 Theft, $0 Marine loss.
• Available through independent agents as well as direct from the company.
• Trailer is included as part of the boat's equipment.
• Sailing area includes all US and Canada and out to 50 miles offshore from US and Canada as long as you are not in another country's territorial waters.

United Marine Underwriters ( http://www.unitedmarine.net ) 800-477-7140

• Carriers: Zurich, Rating A, American Modern, Rating A+, Ace American, Rating A+
• Very limited list of multihulls they are willing insure.
• Will sell in MA.
• Online quote system.
• Has policies for boats in full-time or part-time charter.

American Modern Insurance Group ( http://www.amig.com/products/watercraft.html#coverages ) 800-759-9008

• Carrier: American Modern, Rating A+
• Sold only through independent agents
• No online quote system.
• Has low prices, but I was first mislead by the policy. What on the surface appears to be a "stated value or agreed value" policy, is actually a "Cash Value", not exceeding the value listed on your policy. If your 14 year old trailer is totaled, you may only end up with a few hundred dollars even though you had it insured for $3,700 and it would cost you $3,700 to get a replacement.
• Further reading of the policy indicates that they are serious about "Betterment". If they decide that replacing a 12 year old mast with a new one makes your boat worth more (better), then they subtract the extra value added from your payment.

World Marine Underwriters ( http://www.worldmu.com ) 800-330-5511

• Just started checking them out.
• They gave me a quote on my F-27 which seemed reasonable, but I need more details.
• Will sell in MA.
• Since they are in Florida, I assume they cover there.

Amica ( http://www.amica.com/home/marineCoverage.html )

• Carrier: Amica, A++ Rating (Best of any known carrier)
• Will only sell boat insurance if you already have (or are willing to get) one of their other policies (auto, home, life).
• Sailing limited to 300 miles from home port. No riders, no exceptions.
• They do sell in Massachusetts.
• A multihull owner in CT reports being extremely satisfied with the speed, process, and results.
• No detailed on-line information available. You have to call them.

Allstate ( http://www.allstate.com/ )

• Carrier: Allstate, A+ Rating
• No Massachusetts policies.
• Often used by people who have home and auto insurance with them.
• I believe they have very good discounts for people who have all their insurance through them.

Nationwide ( http://www.nationwide.com/nw/property/boat-and-watercraft )

• Carrier: Nationwide, Rating A+
• No Massachusetts policies.

State Farm ( http://www.statefarm.com/insurance/boat/boat.asp )

• Do not sell in Massachusetts or Rhode Island, but will continue an existing policy if you move into MA or RI.
• No online quotes for boats, must contact an agent.

Travelers ( http://www.travelers.com )

• They have agents in Massachusetts. No agents in RI, but it appears you can buy from MA, CT, NH, or other state agents.
• No online quotes for boats, must contact an agent.
• Was told by a North Carolina Corsair owner that a rider for the Bahamas with a $2,825 (5%) deductible cost $200.

Markel American Insurance Company ( http://www.markelamerican.com/Products/ )

• They appear to be willing to insure just about anything, including a one of a kind 25 year old trimaran.
• Their "Preferred Marine" department can be reached at 800-806-9626.
• Older and unusual boat owners will want to contact their "Speciality" department at 800-236-2637.
• There is also a "WavelinE" division at 800-236-9283. I'm not sure what the difference is between "Speciality" and "WavelinE".
• If you have an old or one of a kind boat, this might be the only place to find insurance.

AAA ( http://www.aaa.com )

• Will only write boat insurance is you already have home or auto with them.
• You have to go through a local AAA office where you are forced to deal with a low paid rep who knows nothing about boat insurance.
• They were not sure if they could insure a boat over 26 feet.

Note #1 - BoatUS and trailering boats over 30 feet
Jesse Deupree (Corsair F-31 owner) wrote:

I bought the policy when I bought the boat, knowing that the first thing to do was to trailer the boat back from Indiana to Maine. I had a Boat US policy on my F-27, and noticed the trailering restriction, which on my policy said under Special Conditions, Requirements and Coverages

"Due to the size of your boat, trailering coverage is excluded. Limited trailering may be requested and, if approved, written permission will be granted prior to the trip."

I called the Boat US underwriter I had been talking to, and told her that this restriction made the policy worthless to me. She promptly issued an endorsement that said "the trailering restrictions on your policy is hereby removed."

At the time, she said the restriction was because they were concerned about inexperienced drivers, and my experience with the 27 warranted removal of the restriction.