Standard Types of Coverage
You have unique needs as a boat owner. A one-size fits all solution for boat insurance can leave you high and dry when the time comes to collect a claim, or drown you in high premiums for coverage that you donât need. At Global Marine Insurance, weâll help create a boat insurance policy that works for you.
Your Global Marine insurance expert will work with you throughout the process to help ensure that your policy is designed to cover your specific needs. However, most of our policies do include some standard coverage types that apply to most boat owners:
Agreed Value: Our policies are typically âAgreed Valueâ policies. In the event of a total covered loss of your vessel, you will be entitled to the full agreed value without adjustments for depreciation. We recommend this type of policy over âActual Cash Valueâ coverage, which only pays you the cash value of the vessel at the time of the claim.
Hull coverage: Hull coverage includes the boat, motor, and electrical equipment on board, and protects you in the event of damage to the vessel itself.
Boat Liability: We include boat liability insurance in our policies to help protect you in the event of damage to another partyâs property or person.
Personal Effects: Protects your personal property in the event of theft or damage, giving you the peace of mind necessary when leaving your boat parked at your residence or docked in a public area.
Medical: Global Marine boat insurance policies include medical coverage, providing for medical expenses resulting from injuries associated with your insured vessel. Boating is a fun hobby, but does carry potential risks. Medical coverage helps protect you in the unfortunate event of an injury.
Environmental: If your boat is damaged and the accident results in sudden and accidental pollution of the waters, you are responsible for clean-up fees associated with the incident. Environmental insurance is included with our boat insurance to help you cover these expenses if you are found responsible for a pollution incident.
Towing: Towing insurance covers the expense of having your vessel towed to land or to a marina.
All of the coverages detailed on this page will likely be included with your policy. If you feel that any of these coverage types are not necessary for your boat insurance policy, you can speak with your Global Marine insurance expert and discuss your options. Start your boat insurance quote today with Global Marine!