Terms & Conditions

Users of GlobalMarineInsurance.com must comply with the following terms and conditions:

Billing: Policies provided by GlobalMarineInsurance.com may be direct or agency billed depending on the company. We have listed company billing information under the Important Company Information with each quote. If the policy is direct billed, the client will receive the invoice direct from the company. However, we are required with some direct bill companies to get 25% of the premium with the application; subsequent billings will be direct to the client

Other policies are agency billed and will be billed to you from Global Marine Insurance Agency. It is important that we receive the full payment within 30 days of binding coverage. There are no payment plans available for agency billed policies. Once coverage is bound there are no flat cancellations.

Missing Information: It is very important that you supply us with any requested information to ensure that you are covered properly. Even if the information seems insignificant to you it may make a difference in a claim situation. After we have requested the information, we will follow up once and then appropriate action will be taken. This may mean placing the boat on Port Risk with No Navigation Allowed or Canceling the policy.

Quote Accuracy: We have made every effort to make sure our quotes are accurate. However, as the information is reviewed prior to binding coverage, there could be circumstances that dictate a premium or coverage change. Please help us to minimize this by giving complete and accurate information. We have included a Notes* section to give you the opportunity to supply us with any additional pertinent information or questions. *Notes will be available soon, but in the meantime please contact an underwriter at (888) 882-0447 with the information.

Credit-Based Insurance Scoring: In connection with this insurance and to offer you an accurate quote, the insurance company may obtain or use a credit-based insurance score as part of the insurance underwriting process. Actuarial studies indicate that an insurance score is a good predictor of future claims, thus enabling the insurer to base their premiums on the actual risk. The information used to develop the insurance score comes from TransUnion or other similar companies. A credit-based insurance score will not impact your credit rating or credit score.

West Virginia Residents may request recalculation of your credit-based insurance score once every 12 months.

Caveats

Utmost Faith: According to law, you must provide us with truthful and complete information for us to quote the policy. This concept is known as Utmost Faith, which means the company is basing their quote and coverage on your faithful representation. If you are not completely truthful and there is a claim, any claim, insurance companies can void the policy completely and have every right to; if it is proven you were not forthright. For your own protection, please provide us with good, accurate and complete information.

Warranties and Endorsements: All yacht policies contain Warranties and Endorsements that limit or restrict coverage. Furthermore, with every policy there are exclusions and limitations. It is very important that you understand these restrictions. GlobalMarineInsurance.com supplies you with the wording for company specific endorsements. Please take time to review these. We want you to be an informed buyer, who is aware of the endorsements, exclusions, limitations and warranties.

Age Restrictions: Global Marine Insurance Agency is unable to write any policies for people under the age of 21 and ask that you do not submit any requests for them. Youthful operators may be allowed on some policies, if they have passed the Boating Safety Course and/or have a valid driver’s license. You must notify us if there are any youthful operators.

Direct or Implied Warranties

Captain or Crew: The promise to employ a certain number of crew as specified in the policy and to inform the company prior to any changes. The insured must also notify the company prior to a change in Captains and provide the Captain’s License and resume to the company.

Exclusions: Policy exclusions are specific perils that are not covered by the policy. Typical exclusions, but not all inclusive are: Wear and Tear, Gradual Deterioration, Intentional Acts, Marine Life, Vermin, Insects, Marring and Denting, Osmosis, Blistering, Manufactures Defects, Mold, Ice and Freezing, etc. Please read the policy carefully for all exclusions.

Lay Up: Requires that the boat will be laid up and out of commission during a specified period of time. If the vessel is used during that period then coverage is voided. Many companies apply a premium credit for the lay up period.

Navigation: Specific territory, in which the boat will be operated in, is the stated area of Navigation. For instance, one Navigation territory is the Great Lakes and Tributaries, if the vessel is taken outside of this area, there would be no coverage.

Private Pleasure Use: The vessel will not be used for any purpose other than private pleasure use. If the vessel is used for Chartering, Business or Commercial Use, etc., there would be no coverage.

Restrictive Endorsements: A restrictive endorsement usually contains special wording which covers a specific situation and limits the policy coverage. For example, some companies will restrict the navigation area during hurricane season to prevent a vessel from being in a hurricane area.

Seaworthy: The inherent warranty that the boat will not be used in a known unsafe (un-seaworthy) condition. If it is, coverage can be voided.

Special Deductibles: Companies often mandate a Named Storm Deductible which is much higher than the standard deductible if a boat is navigated in a coastal area. The Named Storm Deductible applies if the vessel is damaged by a named storm.

Warranties: A warranty is a promise by the insured person that he/she will or will not do certain things and if those promises are not kept then coverage is excluded.