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Boat Insurance Coverage

Hull Coverage
The insurance policies offered by American Marine Insurance are almost always AGREED VALUE policies. Agreed Value policies pay the full insured value shown on the policy declarations page in the event of a total loss. Agreed Value policies do not depreciate hull value so you always know what you will be paid.

Small boat policies for new boats can be REPLACEMENT COST policies. In the event of a total loss, the boat is replaced with another boat of like kind and size and equipment, even if the new boat costs more than the insured value shown on the declarations page of the insurance policy.

ACV (Actual Cash Value) policies DO depreciate hull value and the policy holder is NEVER quite sure what amount will be paid by the insurer in the event of a total loss. If a vessel is old and restored, ACV coverage may be appropriate because the costs associated with restoration are generally recovered, especially if the restoration is recent.

Protection & Indemnity (P&I) Liability vs. Watercraft Liability
Liability coverage pays what you become legally liable to pay as a result of your ownership and operation of the insured vessel. Protection & Indemnity Liability coverage is the broadest form of liability coverage available. It automatically provides coverage for what you become legally liable to pay resulting from your ownership and / or operation of the insured vessel.

Coverages under P&I may result from, but not necessarily limited to:

  • Bodily Injury
  • Property Damage
  • Jones Act
  • Death on the High Seas Act
  • Wreck Removal (sinking)
  • U.S. Longshoreman’s & Harbor workers
  • Maintenance & Cure
  • Defense in Admiralty Jurisdiction

Watercraft Liability coverage is limited to only:

  • Bodily Injury
  • Property Damage
Medical Payment Coverage

Medical Payment coverage is payment for the insured and guests who are injured while on board the boat, boarding, or departing from the boat.  Some Medical Payments coverage is paid secondary to what may be covered by another form of coverage.  Generally that would be a Medical Insurance Policy.

Uninsured Boater Coverage

Uninsured Boater coverage is a secondary medical payment coverage for the insured only. If you are injured by an uninsured boater or a hit and run vessel, Uninsured Boater Coverage will pay the insured for any medical expenses above and beyond the Medical Payment Coverage limit. Many watercraft liability policies do not include Uninsured Boater coverage.

Towing Coverage

This coverage applies to any service charge the insured may incur by receiving marine assistance. This may include coverage for a service charge for towing due to engine failure, mechanical breakdown, grounding and delivery of fuel.

Pollution Coverage

Mandated by the US Coast Guard, pollution coverage is required on all Yacht Insurance forms. Currently the minimum pollution limit provided must be $854,000

There are many other forms of coverage offered on a Yacht Policy.  At American Marine Insurance we are experts at customizing complete policies to meet your exact specifications.

  • Personal Effects
  • Tenders and Outboards
  • Personal Watercraft
  • Extended Navigation
American Marine Insurance Services | 410 Bryant Circle, Suite B | Ojai, CA 93023 | Phone: (805) 640.3970 | Privacy Policy