Marine Insurance Coverages | The Insurance Center

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The marine world is unique. If you are planning on diving in, ensure you know all about marine insurance! There are thousands of different types of boats. Each vessel needs its own specialized boat insurance policy.

Boat insurance is available in two types. The first type is actual cash value. This policy pays for the replacement cost of the boat, less depreciation, at the time of the loss. If the boat is only partially lost, it is settled by taking the total cost of repairs less a percentage of depreciation. The second type is agreed amount value. In this policy the boat owner and the insurance provider agree on the valuation of the vessel. During the time of loss the boat owner is paid the “agreed amount”. This policy will also replace old items with new ones in the event of a partial loss.

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There are some discounts you should be aware of and ask about at the time of your marine insurance quote. If you have a diesel powered vessel you may get a discount. Diesel is less hazardous because it is less likely to explode. You may be entitled to a discount by having Cost Guard approved fire extinguishers or a ship-to-shore radio onboard. If your crew completes boating and water safety education courses you could also be entitled to a discount.


We have many different marine insurance coverage capabilities. We are an independent insurance agent. We have experienced yachtsmen and sailors on our staff who understand marine insurance and what you need to stay safe on the water. Contact us to speak with one of our experienced representatives! (252) 637-4173