Boat Insurance Rates & Coverage

Your boat isn’t a car. Why insure it like one?

Your boat deserves specialized boat insurance coverage that’s tailored specifically to your boat – not your car or your home.

Your boat insurance rates should also be customized for your specific type of boat since different boats are used and outfitted in different ways. Markel allows you to select your boat insurance coverage and boat insurance rates based on your exact needs.

More boat insurance coverage at no additional charge.

When you purchase a policy from Markel, the following coverage is included in your boat insurance rate – at no extra charge*:
•    Uninsured Boater coverage (included at same limit as Watercraft Liability)
•    $1,000 Medical Payments coverage
•    $1,000 Personal Effects coverage
•    Towing coverage
•    Diminishing Deductible
•    $500,000 Pollution Liability coverage

* Coverages are included for most boats when you purchase coverage for damage to the boat and liability coverage.

Boat liability insurance insures your boating fun doesn’t end.

For information about boat insurance coverage, follow the links below. Please see your policy for specific details.

Agreed Value Watercraft & Equipment
Replacement Cost Coverage (optional)
Boat Insurance Deductible Options
Watercraft Liability
Medical Payments
Towing
Uninsured Boater
Personal Effects
Pollution Liability
Fishing Equipment (optional)

Agreed Value Watercraft & Equipment

You swear there wasn’t a tree stump there last year. But the water level is lower this year, and now you’ve hit it and damaged your boat. Luckily, you had the foresight to purchase Markel boat insurance coverage with an Agreed Value Watercraft & Equipment settlement option. That means Markel will pay the agreed value for your boat as described on your policy’s declarations page should the repair costs equal the value of your boat.

For those situations that involve partial losses, there will be no deduction for depreciation except for outdrive units and outboards over five (5) years old, machinery inside the boat over 10 years old, sails, protective covers of any type, batteries, paint or finishes, upholstery, cushions, carpet or any fabric.

Back to top

Replacement Cost Coverage (optional)

You started out the season great with a new boat. You left it in the slip Friday night, planning for a day of boating on Saturday. Too bad you got a call later that night telling you your boat had been stolen.

With Replacement Cost coverage (available on watercraft up to three years of age), if you have a total loss, your boat is less than four years old and you want a new boat, Markel will pay for a new boat of the same make, class, size and type.

Back to top 

Boat Insurance Deductible Options

At Markel, we know that each boater is comfortable with a different level of risk. That’s why we offer a range of deductibles and give you options to increase your deductible on your boat insurance policy for a premium credit if you're comfortable with a higher deductible. Available options are 1% (minimum $250), 2% (minimum $500) or 4% (minimum $1,000) of the hull value.

Plus, for most boats, we will reduce your deductible by 25% for each consecutive year that you are loss free. So boat safely, and get that deductible down to zero!

Back to top

Watercraft Liability

Your teenagers were out water-skiing with your boat. Unfortunately, they’re not as careful as you’d like. They accidently took out a pier, hurting a friend in the process. Watercraft Liability coverage will pay damages for bodily injury or property damage for which you are legally liable through ownership, maintenance or use (including while partaking in water sport activities) of your boat. The limits available range from $25,000 to $1,000,000.

Remember, this boat insurance coverage won’t pay for your boat or your injuries. It is there to protect you and your assets from the costs associated with damages your boat causes to others.

Back to top

Medical Payments

You just couldn’t say no when Aunt Martha asked for a boat ride at the family picnic. Unfortunately, you couldn’t even leave the dock because just as she was getting into the boat, she slipped and threw out her back. So much for that joy ride!

Fortunately, you have Markel’s Medical Payments coverage. This boat insurance coverage is there to pay the cost of necessary medical treatments resulting from an accident causing bodily injury to any person while in, upon, boarding or leaving your insured boat. It is for expenses that exceed any other medical coverage the injured party has.

To show our appreciation for your business, we include $1,000 worth of medical payments coverage at no additional charge with your policy. If you prefer, we offer higher coverage limits.

Back to top

Towing

The weather was perfect, the cooler was full and the kids were ready for a great day on the lake. Nothing could have gotten in the way of your family’s fun – other than the fact that your boat’s motor wouldn’t start.

Luckily, your boat insurance coverage includes towing coverage that will reimburse the reasonable cost you may incur (up to the limit purchased), resulting from services to your boat if help is not available, and you must obtain commercial assistance:

• Towing to the nearest place where necessary repairs can be made.
• Delivery of gas, oil, parts or loaned battery (excluding the cost of the items themselves) or emergency labor, while away from safe harbor.

And, since we really appreciate our customers, we include $500 towing coverage at no charge. You can also purchase higher limits if you prefer.

Back to top

Uninsured Boater

The guy was so excited about his new boat that he didn’t take the time to properly insure it before its inaugural spin around the lake. Unfortunately, he apparently was so excited that he also couldn’t take the time to look where he was going – and he slammed right into you.

Markel’s Uninsured Boater coverage will pay damages you or a family member are legally entitled to receive from an uninsured owner or operator of a watercraft (other than your watercraft), if bodily injury results from an accident while aboard.

Since this boat insurance coverage is included at no charge with every policy, his oversight won’t become your problem.

$25,000 Uninsured Boater coverage is included at no charge with every policy, with the option to purchase coverage up to $300,000.

Back to top

Personal Effects

When the weather turned ugly, you decided to head back to shore. As you’re on your way, a gust of wind blows a towel off the boat and into the water – except it wasn’t just a towel. Who decided to wrap the camera and cell phone up in that towel anyway?!

Luckily, when you bought your Markel policy, you also purchased Personal Effects coverage. It is used in excess to any other valid collectible insurance.

In this case, the $1,000 of Personal Effect coverage that is included with a Markel policy was sufficient. If you have some items that may go beyond that, you have the option to purchase up to $5,000 of coverage. (Subject to a $250 deductible.)

Some examples of personal effects are:

• Cell phone
• MP3 player
• Camera
• Water skis
• Personal floatation devices

Back to top

Pollution Liability

You got to the marina one morning, looked toward your slip, and saw water instead of your boat. As you got closer, you realized your boat was still there – just a little lower than it was yesterday. Instead of hopping aboard, you’re looking down at your boat through a couple feet of water. Plus, you saw the DNR truck on your way in and know it’s just a matter of time until they come looking for you.

Luckily, you have Markel’s Pollution Liability coverage to help you get your boat out of the water, but repair it and take care of any pollution that may have come out of the boat. That means that Markel will pay for reasonable costs and expenses for which you are legally liable (up to $500,000), for property damage or clean up resulting from unintentional spillage of a contaminant from the insured vessel.

Back to top 

Fishing Equipment (optional)

After spending years and thousands of dollars accumulating your fishing gear, you’ve finally got it dialed in – including that special rod and reel combination that you can’t imagine living without. Too bad that other boater ran into you and cost you half your gear – including that rod and reel!

Rest easy. With Markel, this coverage is available in $1,000 dollar increments up to a maximum of $5,000, and provides protection for covered fishing equipment while on your boat. (The maximum amount paid per item is $1,000, and all losses under this endorsement are subject to a $250 deductible per occurrence.)

Back to top