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Understanding Boat Insurance

A boat is a significant investment and it’s essential that vessels be protected with an appropriate insurance policy. While any watercraft can be insured, there are some that owners typically don’t bother with, such as those that are slow and inexpensive, canoes, and those with small engines.

Anyone with a yacht, jet boat, personal watercraft, large sailboat or a craft that will move at more than 25 mph should definitely be insured. Policies will typically protect against destruction or damage caused by theft, vandalism, fire, collision and lightning. It will also provide protection for anchors and equipment that’s permanently attached to the vessel.

There are two types of boat coverage. An actual cash value policy pays for the value of the boat at the time it was damaged and if it was a total loss, the insurance company will determine the market value. An agreed amount value policy will pay for an amount that the insurance company and the owner agree upon at the time the policy is written.

A boat insurance policy will also pay for injuries and expenses for anyone injured while on the boat, if the boat causes damage to another vessel or property, and if someone is driving a craft without the owner’s permission.

The insurance won’t pay for normal wear and tear, or damage due to mold, zebra mussels or insects. It also won’t pay for damages due to sharks or other aquatic creatures, damage to machinery, or defective machinery. Owners may need additional coverage for their boat trailers.

There are typically navigational restrictions as to where the boat can be used, layup periods, and against under aged operators. If the boat is older, the insurance company may require an inspection by a marine specialist to ascertain the market value and its condition. It’s a good idea to check if the policy covers expensive gadgets and accessories, salvage and mechanical breakdowns.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.


The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487