Four Questions to Ask Your Agent about Boat Insurance

Four Questions to Ask Your Agent about Boat InsuranceNothing is more beautiful than sparkling rays of sunshine dancing on the ocean waves. And after such a long, harsh winter, boat owners across New England are very eager to hit the waves. But before you do, be sure to review your watercraft insurance coverage with your independent agent.

Should my watercraft be insured on my homeowner policy or by a standalone policy?

Premiums under a HO policy may be less costly than a standalone policy, but the coverage also tends to be significantly less. If you insure your boat through your homeowners, ask your agent what specific damages and losses are excluded from the coverage, such as physical damages to the watercraft, injury to passengers and others, and trailers and accessories.

What additional coverage options are included when insuring with a specialty carrier?

  • Roadside assistance if the insured’s vehicle becomes disable while towing the boat
  • Coverage for fishing equipment and other personal effects
  • Fuel spill coverage
  • Wreckage removal
  • Medical payments

What does it mean to insure my watercraft on an agreed value basis?

Agreed value is a figure agreed upon by both the agent and the insured on an exact value that will cover the cost of the hull and hardware. This figure will be paid to the insured in the event of a total loss.

What are some common exclusions and restrictions on a standalone policy?

  • Territorial restrictions: Involving specific territories (i.e. Cuba), type of water (fresh vs. salt), or size of the body of water (i.e. rivers, lakes, oceans).
  • Insufficient limits: Secure high limits and schedule this under your umbrella policy for any major boating accidents.
  • Age and size of the vessel: Understand the binding guidelines and specific survey requirements.

For more information on boat insurance or to review the coverage on your policy, contact McGrath Insurance Group at 800-342-3859 or

*This article is written for informational purposes only and should not be construed as providing legal advice.