yacht charter insurance

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Specializing In Charter Boats and Fishing Guides

We are your Navigator when it comes to insuring your Charter, Boat Rental and Marine Tours business. We’ll help you chart the best course to affordable yet complete coverage – and then let us take the helm!

We deliver the best of both worlds.

Marine Insurance Coverage at the best price and exceptional personal service the minute your policy is in place. We want to be your trusted partner and resource.

Let us do what we do best so that YOU can do what YOU do best.

Our Team is ready to draw upon our 20+ years of insuring Charter Operations, Marine Tours and Private Vessel Owners to give you local service and global reach!

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WHAT WE OFFER

Top 4 Yacht Charter Insurances for Skippers

Protect yourself and your crew from financial and legal risks during boat rentals, what are the most crucial risks a charter skipper should insure against, which are the typical yacht charter insurance packages, which insurance companies offer what type of packages for bareboat yacht charter, here is a summary of the packages of yacht charter insurance providers:.

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FAQ: Frequently asked questions regarding watercraft rental insurances

What is the difference between deposit insurance and skipper liability insurance, what is the typical duration of these insurance policies, what is a secured payment certificate, what is skipper liability insurance, what does deposit insurance cover, how does travel cancellation insurance work, what is charter price contingency insurance, who needs professional skipper liability insurance, what is a third-party liability insurance, how much does skipper liability insurance cost, are there any deductibles for deposit insurance, what factors affect the cost of travel cancellation insurance, can i get coverage for regattas with skipper liability insurance, what happens if my yacht is damaged during the charter, can i get insurance for my crew members, are there any exclusions in these insurance packages, can i cancel my insurance policy if my trip gets canceled, do these insurances cover international charters, is there a difference between personal and professional skipper insurance, how do i file a claim if needed, are there any additional benefits with these insurance packages, how do i choose the right insurance package for my needs.

Sailing Yacht Charter

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Yacht Insurance

Protect your superior watercraft with superior protection from Chubb.

Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

Masterpiece® Recreational Marine Insurance Brochure

Your client’s guide to watercraft protection. Make sure they’re protected, with the right coverage, so they can relax on and off the water.

Related Coverage

We provide exceptional boat insurance with tailored protection.

We help you stay ahead — and informed with these helpful tips and tricks

This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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Charter Boat Insurance

(Everything you need to know - and more.)

More than seven million people visit our site every year looking for unbiased information about insurance and other related topics. And with great readership comes great responsibility, which means we’re dedicated to providing honest and accurate information.

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Small business owners can turn a hobby into a way of life when they start a charter boat company. If you are starting a business to share your love of the open water for a profit, you should think about what kind of insurance you need to carry to keep you and your passengers safe. 

Maritime law requires charter boat businesses to meet very specific insurance coverage requirements. While you may be talented at the helm of a boat, navigating the rocky waters of maritime insurance can be a challenge.

You can use this independent agent matching tool to find the best insurance solution in your area. Provide some details about what you're looking for, and the tool will recommend the best agents for you. Any information you provide will be sent only to the agent you pick.

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Our independent agents shop around to find you the best coverage.

What Are Charter Boat Business Requirements?

Starting up a charter boat business requires a large initial investment and sound strategic planning. If your charter boat can carry more than six passengers, the vessel must be certified by the US Coast Guard before it can be used for business purposes. 

To operate a charter boat, you must have a captain’s license and should be certified in first aid and CPR. Finally, you will need to obtain a maritime insurance policy specifically designed for charter boat businesses.

What Does Charter Boat Insurance Cover?

The two main components of charter boat insurance coverage are:

• Protection and indemnity coverage
• Hull and machinery coverage

Protection and indemnity coverage is typically known as liability insurance . It covers any bodily injury or third-party property damage that you may cause while operating your boat. 

It also provides coverage for legal fees and court costs if your business should be sued due to an accident or injury. The main purpose of this insurance is to protect your business from financial ruin if you are sued.

Hull and machinery coverage compensates you for damage to the vessel, including the engine, navigation equipment, deck machinery and electronics. It applies when your boat sustains loss or damage after a collision, fire, theft, vandalism or a destructive weather event. 

You can elect named-risk or all-risk coverage. The purpose of this coverage is to ensure that you can repair or replace your boat when necessary, and thus can continue your business operation.

How Much Charter Boat Insurance Do I Need?

Because you have invested a large sum of money in your charter boat business, make sure your investment is suitably covered by an inclusive insurance policy. Be sure to completely assess your risks and coverage needs when shopping around for your policy.

When it comes to liability coverage , most insurance professionals agree that purchasing as much coverage as possible is advisable. In today’s litigious society, an injury lawsuit can prove to be expensive enough to hurt your business. 

Having high liability limits will ensure that you have enough coverage if one or more people are injured in an accident. You can also consider an umbrella liability insurance policy to further raise your liability coverage. Check with your agent to see which option is the best for your needs and risks.

What Charter Boat Insurance Coverage Options Do I Have?

There are many different kinds of charter boat businesses, like companies that provide scenic tours and fishing excursions. Likewise, there are many variations in insurance needs and coverage types.

When discussing charter boat insurance coverage and options, you may come across unfamiliar industry terms. A general understanding of these terms can help you discuss policy options with an insurance agent. Here are a few phrases commonly used in the industry:

• Full-time charter coverage: This type of commercial insurance coverage allows for year-round coverage, including day trips and extended charters.
• Part-time charter coverage: This is a modification of a personal pleasure craft insurance policy that allows owners of yachts to use their boats commercially as charter boats for a set number of days a year. Most policies allow for 10 to 20 days of coverage per year.
• Jones Act/paid crew coverage: The Jones Act, also known as the Merchant Marine Act of 1920, requires every member of the crew to be individually covered for liability if they sustain an injury while on board. Some insurance companies require the names of all crew members aboard each vessel before it departs. This can make things tricky when it comes to last-minute hires or pick-up crews.
• Bareboat charter coverage: This is a special type of boat rental insurance coverage that you will need if another person operates your boat and you are not on board. Anyone chartering your boat must sign a statement absolving your business from liability in the event of an accident or injury. Bareboat coverage policies will usually limit the number of people that can be aboard the boat during the charter run.
• Six-pack charter coverage: This is full-time commercial charter boat coverage designed specifically for boats carrying no more than six people at a time. These boats are not required to be US Coast Guard certified.
• Shore excursion coverage: This is an option that can be added to your protection and indemnity insurance to provide liability coverage for your customers before and after they step onto the boat. Without this additional coverage, you would not have liability protection if a customer were to slip and fall immediately after exiting the vessel, unless it was covered under your business insurance plan.

Is Charter Boat Insurance Expensive?

The cost of insuring one or more charter boats can be high. However, the coverage is necessary, not only because it is required by law, but because without it, a single accident could potentially bankrupt your business. 

Because your insurance policy will be one of your business’s main expenses, it is important that you choose your carrier and policy options carefully.

The Policy Has to Match the User

Your charter boat business will have unique coverage needs based on the boat (or boats) you are insuring, the number of employees you have, the services you are providing to your customers, and the risks you may face due to operating a business on the water. 

You will therefore need a specialized charter boat insurance policy that is suitable for your particular business model.

Use this independent agent matching tool to find the best insurance plan in your area. Provide some details about what you’re looking for, and this technology will recommend the best agents for your needs. Any information you provide will be sent only to the agents you pick.