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How Does Boat Insurance Work?
Submit Your Insurance Request
Submit Your Insurance RequestDescribe your vessel and the coverage you need to request a personalized quote.
Direct Access to Lloyd’s of London
Direct Access to Lloyd’s of LondonYour request is reviewed by our Lloyd’s partner at the world’s most trusted insurance marketplace.
Get Your Personalized Offer
Get Your Personalized OfferReceive quotes from A rated underwriters, review them, approve, and complete everything digitally.
What is Lloyd’s of London?
What is Lloyd’s of London?
Think of Lloyd’s of London like the Nasdaq of insurance.Just as the world’s biggest trades happen on the Nasdaq floor, the world’s most important insurance policies – from superyachts to satellites – begin at Lloyd’s. It’s not a single insurance company, but a marketplace where the world’s top underwriters and brokers come together to build custom insurance solutions. Every major insurer traces its roots back to this floor.And through YachtWay MasterCover, you get direct access to that main floor – instantly connected to the world’s leading insurance market.
Highlight: The result? Global coverage, trusted expertise, and a name that’s backed the world’s biggest risks for over 300 years.
Get Your Quote Today and Cruise with Confidence
The most distinguished yacht owners trust MasterCover to protect their freedom on the water.Every MasterCover US or International boat insurance policy is designed for year-round peace of mind, covering you and your vessel against damage, theft, and the unexpected: whether you’re on the water, docked, or in storage. With comprehensive liability protection, you’re also covered if an accident causes injury or property damage.From sleek powerboats to tenders to stunning superyachts, we make it simple to get the coverage that fits your lifestyle. Request a customized quote today, and see why MasterCover is the trusted choice for boaters who value both adventure and assurance.
Smarter Savings Worldwide On Your Boat Insurance
Every vessel has its own story, and your coverage should reflect that. At MasterCover, we go beyond standard protection to offer thoughtful, flexible options designed for how you actually live and boat. Our policies deliver value through innovative coverage features and a wide range of discounts; many of which come at no additional cost.
Original Owner RewardIf you’re the original owner of your vessel and carry comprehensive and collision coverage, you’ll receive an added discount.
Safety Course CreditCompleting a state-approved boating safety course isn’t just smart - it earns you a discount too.
Prompt Payment RewardKeep your payments on time, and you’ll continue to earn savings for your reliability.
Multi-Boat SavingsOwn more than one boat? Enjoy special pricing when you insure them together under one policy.
Types of Boats We Insure
From sleek powerboats to tranquil sailboats, MasterCover offers coverage for nearly every kind of watercraft. Whatever your vessel size or value, or location we’ll almost certainly have a policy that fits.
PowerboatsThe most popular category on the water: built for everything from weekend cruising to watersports and offshore runs.
SailboatsCraft powered primarily by wind and sail, though many feature auxiliary motors. Elegant, timeless, and fully insurable through MasterCover.
Super/Mega YachtsIs your vessel the pinnacle of design and engineering? We can help you get insurance standard household brands cannot.
Bass & Fishing BoatsPurpose-built for anglers, these boats feature specialized setups such as trolling motors, casting decks, and power poles.
Charter YachtsDesigned for commercial or private charter operations, these vessels carry additional risk considerations, from guest liability to crew coverage to compensation for financial loss due to charter cancellation of charter because of damaged boat. MasterCover offers tailored solutions to protect both owner and operation.
Navigating boat insurance shouldn't be harder than navigating the open water. At MasterCover, we believe in clarity and confidence. Find the answers you need below, and get a personalized quote in minutes.
Comprehensive Coverage for Serious Boaters
Navigating insurance policies can be as tricky as a narrow channel. Many insurers offer "Basic" coverage, a list of what's covered that's full of gaps. At EasyFund our coverage is built on the robust "All-Risk" principle: if it's not explicitly excluded, it's insured. This is the gold standard in marine insurance, designed for owners who demand true peace of mind.
Our Coverage (All-Risk)Typical Basic Cover (Named Perils)
Coverage BasisCovers all risks except those listed as exclusions.Only covers the specific risks named in the policy.
Peace of MindMaximum. You're protected from the unexpected.Limited. A claim can be denied if the peril isn't on the list.
ExampleCovers a sudden and accidental failure of a new component.May only cover mechanical failure if specifically listed, often with more exclusions.
Your Comprehensive Shield
Our coverage is meticulously crafted into three core pillars, ensuring every aspect of your maritime life is protected.
Protection & IndemnityProtection & Indemnity (P&I) coverage protects you against liabilities that arise from owning or operating your vessel. It includes legal and financial responsibility for:
  • Passenger & Crew Liability: Injury or death of passengers or crew.
  • Property Damage: Damage to other boats, docks, or property.
  • Pollution & Wreck Removal: Pollution cleanup and wreck removal costs.

P&I is often required by marinas, lenders, or when hiring crew, it’s essentially the liability side of your marine insurance policy.

Third Party Liability CoverageProtecting you from the financial devastation of causing damage to others
  • Skipper & Operator Liability: Covers you and other authorized operators.
  • Tender Liability: Includes operation of tenders; free of charge for tenders up to 60hp.
  • Adventure Ready: Liability for towing water skiers/para-gliders and the skiers themselves.
  • Regatta Participation: Covered during sailing regattas and associated transfer trips.
  • Good Samaritan Coverage: Liability when rendering assistance to a vessel in distress.
  • Financial Loss & Water Pollution: Covers liability for financial loss and water pollution incidents.
  • Third-Party Craft Operation: Subsidiary coverage when operating others' watercraft.
  • Marina & Storage: Liability for damage to rented storage rooms and jetties (up to maximum coverage allowance).
Hull & Machinery CoverageThe most comprehensive physical damage coverage for your vessel and more
  • Genuine All-Risk Principle: The broadest possible coverage for your yacht, machinery, equipment, inventory, and personal effects.
  • Trailer Inclusion: Named trailer covered for Fire, Explosion, Theft, and Total Loss from Accident/Force or unexpected events.
  • Settlement Advantage: "New for Old" on partial losses (no depreciation), and agreed value for total loss.
  • Personal Effects: Coverage for non-named items up to 2% of the sum insured.
  • Global Protection: Covered on water, on land, during transport, and on ferries.
  • Generous Salvage & Averting Loss: Salvage costs up to maximum allowable coverage (in addition to sum insured) and 50% of sum insured for loss mitigation expenses.
  • Skipper Support: Costs for a replacement skipper due to unforeseen illness (up to maximum allowable coverage).
  • Regatta Risk Included: Standard coverage for club regattas for sailboats.
Learn More: Understanding Deductibles and How to Avoid Them
Personal Accident CoverageBecause your safety and that of your crew is paramount
  • Worldwide Coverage: On board the insured yacht, its tenders, and even chartered yachts.
  • All Persons Covered: Policyholder, skipper, crew, visitors, and guests.
  • Enhanced Disability Benefit: Double the benefit from 90% disability.
  • Rescue & Medical: Up to maximum allowable coverage for sea salvage/search & rescue costs and reimbursement for medical, hospital, and cosmetic dental operations.
Boat Insurance Isn’t Optional. But It Can Be Easy.
Owning a boat is one of life’s great privileges. An expression of freedom, craftsmanship, and adventure. But even the most seasoned captains know that the water can be unpredictable. Boat insurance isn’t just about meeting legal requirements; it’s about protecting your investment, your peace of mind, and the people who share your time on the water.While only a handful of states legally require it, most lenders and marinas do. If you’re financing your boat, your lender will insist on coverage to protect their investment; and yours. Likewise, marinas often require proof of liability insurance before you can dock or store your vessel. But beyond those rules, the real value of insurance is personal protection. A single accident or dock mishap can lead to devastating liability costs if you’re found responsible.Liability protection is at the heart of every policy. It shields you from financial exposure if someone is injured or property is damaged. Asset protection ensures that your boat (often one of your largest investments) is safeguarded against theft, storm damage, or total loss. Simply put: it’s the difference between a temporary setback and a financial disaster.
Protect Your Investment: Charter Without Risk
Designed for commercial or private charter operations, these vessels carry additional risk considerations, from guest liability to crew coverage. MasterCover offers tailored protection that keeps your charter business running smoothly. Coverage for guest or skipper damage safeguards your vessel from accidental harm during charters. Maintain asset value and cash flow, stay protected against costly downtime, ensuring your yacht continues to earn revenue while retaining its market value.Whether you charter occasionally or operate full-time, MasterCover helps you protect your boat, your income, and your peace of mind.
Understanding Coverage: Agreed Value vs. Actual Cash Value
Not all insurance works the same way. One of the most important choices you’ll make is between Agreed Value and Actual Cash Value (ACV) coverage.
  1. With Agreed Value, you and your insurer determine your boat’s worth at the start of the policy. If your vessel is totaled, you’ll receive that full, agreed-upon amount (minus any deductible), without factoring in depreciation. It’s the gold standard of protection: often chosen for newer or high-value boats where maintaining value matters most.
  2. Actual Cash Value, on the other hand, accounts for depreciation and wear. In the event of a total loss, your payout reflects the current market value at the time of the incident. It’s a more economical option, but typically results in a lower reimbursement—best suited for older boats or those seeking lower premiums.
Core Coverage Types
Marine insurance combines several key protections that together keep you and your vessel safe.
  • Hull & Machinery (H&M): covers physical damage to your yacht, engines, and onboard systems caused by collision, grounding, or fire.
  • Third-Party Liability (TPL): protects you if your vessel causes injury or damage to another person or property - often a marina requirement.
  • The “New for Old”: principle ensures damaged parts are replaced with new ones of equal quality, without depreciation.
  • Salvage & Wreck Removal: coverage pays for recovery and disposal costs if your boat sinks or becomes stranded, preventing large out-of-pocket expenses.
  • Water Sports Liability: covers injuries from activities like water-skiing or tubing behind your boat.
Policy Management & Documentation Essentials
Your Certificate of Insurance (TPL Certificate) serves as the official proof of coverage required by marinas, ports, and charter companies. Each policy is handled by a dedicated underwriter who prepares your offer and supports you throughout the process.If your vessel details, ownership, or cruising area change, Policy Adaptation ensures quick, accurate updates to keep your coverage fully compliant.
How Your Boating Lifestyle Affects the Coverage You Need
How you use your vessel plays a major role in determining the type of insurance you need. Personal watercraft, such as Jet Skis or WaveRunners, may be covered under your main yacht policy if they are stored and operated together with your vessel, but when used independently, they often require separate coverage.If you plan to charter your yacht, additional Charter Use Coverage is essential, as it protects you from guest- or skipper-caused damage and can even compensate for financial losses if a charter must be canceled due to a damaged vessel. Living aboard your boat also requires a dedicated liveaboard policy, since it carries higher liability exposure and may include protections similar to homeowners insurance.Mechanical breakdowns are generally not covered, as they fall under maintenance rather than accidental damage. Seasonal boaters, on the other hand, may reduce premiums through flexible lay-up options that limit navigation during months when the yacht is out of use.
Yacht Insurance: What It Covers and What It Excludes
Coverage Included
  • Theft Protection: Comprehensive boat insurance can reimburse you if your vessel is stolen. Theft is not covered under liability-only policies, and any claim is subject to your deductible.
  • Personal Accident Coverage: Provides financial compensation if you or a guest onboard suffer an injury or disability while using the boat.
  • Crew Care / MLC Coverage: Offers protection for professional crew members in compliance with Maritime Labour Convention standards, including medical expenses, accident coverage, and repatriation.
Common ExclusionsCertain types of damage or losses are not covered by standard yacht insurance. These include:
  • Wear and tear, gradual deterioration, and marine life (e.g., barnacles).
  • Manufacturer defects (though resulting damage may be covered).
  • Damage caused by mold, insects, or animals.
  • Losses resulting from negligence or intentional actions.
  • Using the vessel for an excluded purpose, such as commercial charters without the proper endorsement.
Boat Insurance FAQs: Everything You Need to Know Before You Cast Off
In most states, boat insurance isn’t legally mandatory — but in practice, it’s often essential. If you’re financing your vessel, your lender will typically require comprehensive and collision coverage to protect their investment (and yours). Likewise, many marinas and yacht clubs require proof of liability insurance before allowing you to dock or store your boat.

Even where it’s not required by law, carrying coverage is simply smart seamanship — protecting your vessel, your finances, and your peace of mind. Curious about your area’s rules? Check your state’s boat insurance requirements to know exactly what’s needed before you set sail.

Does boat insurance cover theft?

Comprehensive coverage can pay to replace a stolen watercraft! Liability-only insurance often does not cover theft, and of course, you must first pay your policy’s deductible.
Insurers evaluate many factors, including:
  • Boat Details: Type of boat, year, make, model, length, and value.
  • Engine Type and Horsepower.
  • Your Boating Experience: Formal training and years of experience can lower your rate.
  • Your Claims History and sometimes your credit history.
  • Where the Boat is Used and Stored (e.g., high-risk hurricane areas cost more).
  • Navigational Territory and Coverage Limits/Deductibles you choose.
  • Boating Safety Course Discount: Completing a course from the USPS, USCG Auxiliary, or state agency.
  • Multi-Policy Discount: Bundling with your auto or home insurance.
  • Lay-Up Discount: For storing your boat out of the water during the off-season.
  • Safety Equipment Discount: For having fire extinguishers, carbon monoxide detectors, burglar alarms, or EPIRBs.
  • Claims-Free Discount.
A deductible is the amount you pay out-of-pocket before your insurance coverage kicks in on a claim. For example, with a $1,000 deductible and $5,000 in damage, you pay $1,000, and the insurer pays $4,000. Policies may have a standard deductible or a separate, higher "named storm" deductible for hurricane damage.
Not necessarily. If your personal watercraft (like a Jet Ski or WaveRunner) is stored inside your yacht and covered under your main vessel policy, you typically don’t need a separate policy. However, if it’s used independently or kept outside the yacht, separate coverage may be required.
  1. Ensure everyone is safe and seek medical attention if needed.
  2. Contact the local authorities (e.g., Coast Guard, sheriff).
  3. Exchange information with other involved parties.
  4. Document the scene with photos and notes.
  5. Contact your insurance agent or company as soon as possible to report the incident and begin the claims process.
Yes. You can be covered if you plan to charter your boat, as long as your policy includes a commercial or charter-use endorsement. Standard personal policies exclude rentals and charters, so make sure your coverage specifically allows for commercial use.
Generally, no. Standard insurance covers damage from a sudden, accidental event (e.g., hitting a submerged object that damages the prop and shaft). The failure of the engine or machinery due to a mechanical issue is typically considered a maintenance problem, not an insured loss.
No. A standard recreational boat policy does not cover liveaboard situations. You need a specific "Liveaboard" policy or a yacht policy that includes liveaboard coverage, which will include additional liabilities and may offer contents coverage similar to homeowners insurance.
If you are in a hurricane-prone area, your policy will have specific requirements, often called a "Named Storm Warranty." This may require you to move your boat to a safe haven once a storm watch or warning is issued. Failure to comply could result in a denied claim or a much higher deductible for storm-related damage.
Typically, damage to your boat while it is being towed on a trailer is covered by your boat insurance policy. Damage to the trailer itself is usually covered under your auto insurance policy's comprehensive and collision coverage. It's crucial to confirm this with both insurers.
Yes, a standard "lay-up" period is included in most annual policies. However, your coverage may be restricted during the off-season. For example, liability coverage remains in effect, but navigation may be suspended. Always confirm the specific dates and terms of your lay-up period.
Your policy defines the geographical area where you are covered to operate your boat. This could be a specific set of lakes, inland waters of the U.S. and Canada, or coastal waters up to a certain distance offshore, and international waters. Venturing outside this territory without prior approval from your insurer could void your coverage. MasterCover offers coverage both within and outside the United States. If you would like to change your cruising area later, email your underwriter.
Absolutely. Read your policy carefully. Common exclusions include:
  • Wear and Tear, gradual deterioration, and marine life (like barnacles).
  • Manufacturer's Defects (though resulting damage may be covered).
  • Damage from insects, mold, or animals.
  • Intentional damage or negligence.
  • Using the boat for an excluded purpose (e.g., commercial use without an endorsement).
This is a critical and often overlooked part of liability coverage. If your boat sinks or is stranded, the cost to recover (salvage) and dispose of it (wreck removal) can be astronomical — often tens of thousands of dollars. Your policy should include sufficient limits for this, as you can be held legally responsible for clearing the hazard.
Yes, this is a standard part of your liability coverage. However, you must ensure that your liability limits are high enough to cover a serious injury. It's also a good practice to have your skiers/tubers sign a waiver.
Yes, We offer flexible polices that can be adjusted for lay-up periods, often resulting in a reduced premium during the months you yacht is out of commission.
“New for Old” means that if part of your boat, equipment, or gear is damaged or lost due to a covered event, it will be repaired or replaced with a new item of the same kind and quality, without any deduction for age, wear, or depreciation.

In other words, you get brand-new replacements instead of receiving only the current, depreciated value of your damaged items.
Protection for your own boat. Covers physical damage to the hull, engine, and onboard systems from collisions, fire, grounding, or similar incidents
Protects you if you cause damage to others, like hitting another boat, marina property, or injuring someone. Often required by marinas and port authorities.
Provides compensation if you or a guest onboard suffer an injury or disability while using the boat.
Insurance that protects professional crew members under the Maritime Labour Convention (MLC). Covers medical expenses, accidents, and repatriation.
Adds protection when you rent or charter your yacht to others, covering guest or skipper-caused damage. Can also compensate for financial losses due to charter cancellation of charter because of damaged boat.
Official proof that your yacht is insured and compliant, needed for marinas, port entry, or charters.
The marine insurance expert who reviews your vessel details, prepares your offer, and personally manages your policy. (With Easy Insure, you have one dedicated underwriter, not a call center.)
A quick update to your coverage (for example, changing cruising area, flag, or ownership details). MasterCover does this fast and personally.
Ready for Unmatched Peace of Mind?Don't let uncertainty be your co-pilot. Get a transparent, comprehensive quote for the protection you and your vessel deserve
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