Boat Insurance in Miami, FL

Agreed value vs. actual cash value

This is the single most important choice on a boat policy.

• Agreed value — you and the carrier agree on the boat's insured value when the policy is written. If it is a total loss, that is what you are paid, with no deduction for depreciation.
• Actual cash value — a total loss pays the boat's depreciated market value at the time of the claim, which on an older boat can be far less than what you expected.

Actual cash value costs less. Whether that trade is worth it depends on the boat, and it is a conversation to have before a claim, not after.

What a boat policy covers

• Hull and machinery — the boat, the motor or motors, and usually the trailer.
• Liability — injury to other people or damage to other boats, docks and property. This is the coverage marinas and lenders ask for.
• Uninsured boater — because plenty of boats out there carry nothing at all.
• Medical payments — injuries to you and your passengers.
• Wreckage removal and fuel spill liability — legally required cleanup after a sinking, which can cost more than the boat is worth.
• On-water towing and assistance — a tow back to the ramp is not cheap when you are paying for it yourself.
• Personal effects and equipment — electronics, fishing gear, water sports equipment.

Hurricane season changes the policy

South Florida boat policies handle named storms differently from the rest of the country, and the details are worth knowing:

• Named windstorm deductible — often a separate, higher percentage deductible that applies only to named storms.
• Haul-out or storm preparation reimbursement — many policies contribute toward the cost of hauling or securing the boat when a storm is named. It is real money and it goes unclaimed constantly.
• Hurricane plan requirements — some carriers require a written plan for where and how the boat will be secured, and can reduce a claim if it was not followed.

Navigational limits and lay-up

Every boat policy defines where you can operate. Coastal cruising, the Bahamas, the Keys, or further — each is a different territory, and a loss outside your navigational limits may not be covered at all. If you plan to cross to the Bahamas, tell us before you go, not after. Some policies also include a lay-up period, when the boat is out of the water and coverage is reduced in exchange for a lower premium.

What affects your boat insurance rate

• Length, type, age and value of the boat, and horsepower
• Where it is kept — a lift, a dry stack, a wet slip or a trailer at home (a boat on a trailer at the house is not fully covered by your homeowners policy)
• Your boating experience, licensing and claims history
• Your navigational territory
• Whether the boat is ever chartered or rented out — that requires commercial coverage, not a pleasure craft policy

Jet skis, center consoles and yachts are not the same policy

Personal watercraft, a 24-foot center console and a 55-foot yacht are underwritten by different carriers on different forms. Larger vessels move to a yacht policy, which brings in protection and indemnity liability, crew coverage where relevant, and survey requirements. Tell us what you actually run and we will place it with a carrier that wants that risk.

Frequently asked questions