Frequently asked questions

Boat insurance is typically for boats 26’ or less while yacht insurance is for boats 26’ or more. The coverages available for yachts vs. boats also varies. To learn more about the specific coverages available, please visit our boat page or our yacht page.

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.

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.

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.

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.

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!

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!

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.

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 +1.800.236.2453 to speak with one of our marine insurance specialists.

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 +1.800.236.2453 to find out more.

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!

We are committed to investigating, evaluating, and resolving marine insurance claims in a timely manner, and typically handle most claims within 14 business days. We even send out checks for claim settlements as soon as both parties (Markel Specialty and the claimant) agree to the same terms.

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