Posted: 06.19.2012
Not all Marine Vessels (or Insurance Policies) are Created Equal

Navigating Differences in Marine Coverage

If you look closely at the difference between “Boat” and “Yacht” insurance policies, you may find that the language describing coverage is unlike your car or homeowner’s insurance.   You may also find that the language used to describe coverage between a “boat” and “yacht” policy has differences that vary from company to company and policy to policy. 

Yachts are classified as vessels 26+ feet in length, while boats are categorized at 26 feet or less.   Brown & Brown Marine offers both yacht and boat polices that provide “Agreed Value”  coverage.   Agreed value polices cover damages on agreed (stated) value for a total loss and replacement cost on partial loss, with the exception of depreciation to sails, canvas covers and outboard motors.   

There are marine carriers and companies on the market that offer “Actual Cash Value” policies which entice the consumer through cheaper premiums and less coverage.   “Actual Cash Value” policies offer coverage with depreciation factored in, thus subtracting from your payout at the time of a claim.  Typically, a boat attached to a homeowners policy, short term policy, or charter policy is covered under an “actual cash value” basis.  

In addition, with an agreed value yacht policy, there is coverage for towing, salvage to a damaged yacht, legal liability for wreck removal, pollution coverage, and uninsured boater coverage.   Under a typical boat policy (ACV), general liability protection would be the only extra protection included.
 
If you have any questions about your current marine coverage, or would like to inquire about obtaining coverage, please do not hesitate to contact me.

Have a great season on the water!

Chris VanTol
Brown & Brown of Detroit
586-446-3900

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