How much coverage do I need?
There isn't a good answer to this question. 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 is 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 800-236-2453 to discuss the best coverage for you.
- What is the difference between boat insurance and yacht insurance?
Is there a deductible? If so, what is it?
Minimum deductibles are based on the speed of the boat. If the boat’s speed is less than 85 mph, the deductible is 2% of the boat’s value. If the boat’s speed is more than 85 mph, the deductible is 3% of the boat’s value.
Can I insure my yacht for liability only?
Yes! We offer protection and indemnity (liability only) coverage to protect you in cause 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. Luckily for you, Markel Specialty’s protection and indemnity coverage does not require a survey, so you are able to do what you love without worries out on the water.
Will my policy cover normal wear & 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 will be protected under our consequential damage coverage.
Can I use my yacht for chartering?
Yup! We know that sometimes yacht owners charter their yacht for sightseeing tours, or even sport-fishing, to help offset some of the costs for owning a yacht. Markel Specialty offers limited charter coverage for these situations provided the captain of the watercraft has a minimum of 2 years loss-free experience of yachting. **Restrictions apply.
I live on my yacht. Am I covered?
Absolutely! Our yacht insurance covers a wide-variety of yachts, no matter what you are using it for–pleasure, to live aboard, bareboat, limited charter, or even if there are multi owners! Contact your Markel Specialty marine agent to learn more!
My yacht is in a corporation's name. Can I still insure it with Markel Specialty?
Our yacht insurance policy will 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 Markel Specialty marine 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 it is damaged, you will not have any assistance is paying for those repairs without an active insurance policy.
Do you cover pontoon boats and other boat types?
Yes, we do! We are marine insurance specialists, so we offer coverage for all kinds of unique 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 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 protection at replacement cost. Please contact one of our marine insurance specialists at 800-236-2453 to find out more.
- How do I file a claim?