Yacht insurance
PROVIDED BY MARKEL
Protection you can trust.
Or call +1.866.936.1879 to speak with a marine insurance specialist.
Welcome USAA members
Markel is proud to collaborate with USAA Insurance Agency in providing specialized yacht insurance to USAA members.
Whether you have a yacht, a sailboat, a sport fishing boat, a trawler or a houseboat, Markel offers an extensive list of coverages for watercrafts over 26 feet in length that will cover you, your passengers, and your yacht.
Why do you need yacht insurance?
Whether you own a yacht or a houseboat, we understand your watercraft isn’t a typical boat, and your insurance policy shouldn’t just be a typical boat policy. That’s where we come in. Each Markel yacht insurance policy can be customized to fit your yacht, your needs, your budget, and your style.
What can yacht insurance cover?
Hull and equipment insurance protection including:
- Protect and recover can cover reasonable costs incurred when trying to protect your yacht from further damage after an accident
- Consequential damage for non-wood yachts–normal wear and tear and deterioration is not typically covered under a yacht insurance policy. However, if your yacht suffers damage from fire, explosion, sinking or collision because of one of these conditions, you may be protected
- Ice and freezing damage coverage if you contracted with a commercial marina or repair facility
- Agreed value for total loss
- Deductible waived on most total losses
- No depreciation on most partial losses
- Automatic tender coverage
Windstorm extra expense
If there is a named storm, watch or warning, we will share the expense with you to help protect your yacht before the storm makes landfall.
Personal effects coverage
For all the “extras” you physically bring onto your yacht. (i.e., smart phone, camera, etc.)
Emergency towing and assistance
Coverage for towing expenses if your yacht happens to get stuck in or out of the water, including the delivery of gas, oil and parts.
Rental reimbursement coverage
Coverage for when your yacht is being repaired from a covered loss.
Uninsured boater
Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured boater. Coverage is automatically included if watercraft liability is purchased.
Pollution liability
Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.
Medical payments
Coverage for injuries suffered during an accident on your yacht.
Paid crew (Jones Act)
Protection for you if you are legally responsible for injuries to a paid captain or crew member while on your yacht.
Protection and indemnity
Coverage in the event that you are responsible for injuries to another person, or damage to their boat or property. Wreck removal is included with purchase of hull coverage.
- Boat trailer coverage
- Boat lift and boat house coverage
- Fishing tournament reimbursement for fishing boats
- Fishing equipment protection
- Transit and storage coverage
- Trip coverage
- Trip interruption reimbursement
- Personal liability coverage if you live aboard your yacht
Actual cash value coverage (ACV)
Reduce your coverage to ACV, which factors in depreciation of your yacht should you have to file a claim.
Lay-up option
When your yacht is not in use during the winter months, we’ll discount your yacht insurance premium.
Higher deductibles
We offer higher deductibles to reduce your premium if you manage the minor repairs of your yacht on your own.
Windstorm exclusion
Live in an area that isn’t at risk for a hurricane? Remove windstorm coverage from your policy and save money.
Liability only
This protection covers damage to another yacht and/or person and doesn’t require a survey—even for older boats.
Request your free yacht insurance quote today.
Or call +1.866.936.1879 to speak with a marine insurance specialist.
Frequently asked questions about yacht insurance
Yacht insurance doesn't need to be complicated. Explore the most commonly asked questions about yacht insurance, and get the answers you're looking for.
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How much coverage do I need?
Each yacht, person, location, and situation is different. There isn't a good way to give a "ballpark" figure for how much coverage you need. It is best to evaluate your comfortable level of risk when protecting your yacht, assets, and passengers. Your best option is to call our watercraft insurance specialists at +1.866.936.1879 to discuss the best coverage for you.
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Can I insure my yacht for liability only?
Yes! We offer protection and indemnity (liability only) coverage to protect you in case you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability only policies for yachts, or if they do, require a survey. Luckily for you, Markel's protection and indemnity coverage does not require a survey, so you are able to do what you love without worries out on the water.
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Will my policy cover normal wear and tear of my yacht?
Most insurance policies will not cover normal wear and tear of your yacht and the deterioration or the resulting damage. However, if your yacht is damaged from fire, explosion, sinking, collision or stranding, you may be protected under our consequential damage coverage.
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I live on my yacht. Am I covered?
Markel provides live aboard coverage. Be sure to disclose that you live aboard to your agent.
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Do I need to insure my yacht in the winter?
It may seem that since you don't use your yacht in the winter you don't need to insure it. This is a risky way of looking at insurance, and one that we have seen cost far too many people far too much money. Your watercraft is at risk for damages at all times of the year, not only when it's on the water. For example, if your yacht is placed in storage for the winter and it is damaged, you will not have any assistance in paying for those repairs without an active insurance policy.
Warrior Sailing
Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.