Yacht, Boat & Other Watercrafts Insurance

From D.O.K. Insurance Agency

At the D.O.K. Insurance Agency, we have partnered with some of the best insurance companies in the watercraft industry. Especially larger boats and yachts need to be insured carefully. Keep in mind that some yachts policies can be over 50 pages long so it’s important to understand what is covered and what is excluded. Here are the most important things to keep in mind and look out for:

1 – Know where you can take your vessel:

Before you take your boat from Seattle to Alaska or from San Diego to Mexico, make sure you are covered. Most watercraft policies have very specific territories (either named bodies of water, distance from coast or latitude and longitude).

2 – Understand the difference between agreed value and actual cash value (ACV):

If you see a yacht policy that offers ACV, make sure you understand what that means. For example, if you purchase a $250,000 yacht and its value was confirmed by a marine survey, the ACV – which takes depreciation into account – could drastically decrease in the near future just like with car values. If a policy is written on an Agreed Value basis, the insurance company – just like the term implies – agrees to insure the vessel up to a certain amount. Keep in mind that it’s important to inform your company of any upgrades.

3 – Know your terms regarding spill and environmental disaster coverage:

We generally recommend obtaining a policy that matches the “spill” limits with the liability limits.

4 – Know how much towing coverage is included:

If you have invite guests onto your vessel, make sure that both your medical payment and liability limits are high. Accidents happen and when they happen on open waters, those can be devastating and costly.

5 – If you have a dingy, make sure it’s insured.
6 – If you let someone borrow your boat, jet ski or other watercraft, make sure you have the right coverage in place:

The same goes if you decide to co-own/share a watercraft, charter it or otherwise have someone but yourself operate it.

We strongly recommend that you frequently review your insurance policy. If it’s been more than 1 year since the last time you and your agent or insurance representative have looked over the coverages, please give us a call.

Boats/Watercrafts We Insure

  • Antiques
  • Bass Boats
  • Boat Houses
  • Builder’s Risk
  • Charter Use
  • Classics
  • Cruisers
  • Custom Vessels
  • Excursion Boats
  • Fishing Boats
  • Floating Homes
  • Homebuilt Craft
  • “Hot” Boats
  • Houseboats
  • Jet Boats
  • Jet River “Sleds”
  • Jet Skis
  • Live-Aboards
  • Mega Yachts
  • Motor Yachts
  • Offshore Fishing Boats
  • Older Boats
  • Personal Watercraft
  • Pontoon Boats
  • Professional Guides
  • Racers
  • Rental Boats
  • Rental Jet Skis
  • River Drift Boats
  • Runabouts
  • Sailboats
  • Sightseeing Boats
  • Tournament Ski Boats
  • Wooden Boats

… and more!

Top 10 Causes For Boat Claims

  1. Hurricanes
  2. Sinking
  3. Non-hurricane weather/wind
  4. Striking an object underwater
  5. Fire/Explosion
  6. Collision with another boat or stationary objects (i.e. docks)
  7. Grounding
  8. Injury
  9. Theft
  10. Lightning

Watercraft claims can be prohibitively expensive. Don’t just “think” that you are covered. Be confident in the policy that covers your valued possession.

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