Perhaps you bought a boat so you could relax and get away from it all. Or, maybe you’re an adventurer at heart, drawn by the thrill of the sea, lake or sport. Whatever the reason, before you set sail, make sure you have an insurance policy that can protect you when you need it most – when there’s an accident, theft or other mishap on the water.

Leave the navigating to us! Casswood compares boat insurance programs to find you the best rate and watertight coverage specific for your watercraft. Boat insurance provides protection against physical damage losses to the boat, machinery and equipment due to everything from mechanical breakdown, faulty repair and ice & freezing. This is referred to as Hull Insurance, and is typically excluded by other insurers.

Each boat insurance company will have a different definition of Hull Insurance, and may include spars, sails, machinery, furniture, dinghies/tenders, outboard motors, fittings and other equipment normally required for the operation or maintenance of the vessel.

As there are many different types of boats/watercraft, there are also several different types of boat insurance available. Some of these types include:

  • Hull insurance covers damage to your boat and any damage your boat causes to the property of others. This includes the cost of boat repairs. If a total loss occurs, hull insurance will pay the agreed value of the boat.
  • Third Party Liability insurance covers damage your boat causes to the property of others. It will also cover any incidental damage caused by such a liability stemming from fuel spills, towing, medical expenses and any rescue operations necessary. Your marina may require you to carry a third-party marine liability policy.
  • All Risk Policies typically cover for any risk that is not specifically excluded in the boat insurance policy such as ice damage, freezing, pollution liability, reef damage liability, mechanical breakdown. Medical insurance is often available as a rider to the policy.
  • Actual Cash Value or Agreed Value refers to the boat policy package type and whether it will pay the actual cash value of your boat or an agreed value predetermined when you buy your policy. An actual cash value may cost you less but an agreed value policy will secure the amount you can receive for your boat if a total loss occurs regardless of the depreciation, although in some cases partial losses may be depreciated.
  • Yacht insurance covers vessels 27’ or larger. A special policy is needed because these larger vessels typically have more exposure than a smaller “boat”.

Available Discounts for Boat Insurance
You may be able to help reduce the cost of your boat insurance if you qualify for available discounts. Many companies offers discounts to boat owners who have a boating license or if you are storing your boat under a covered structure such as a shed. You may also qualify for a discount if you have your boat inspected by the Coast Guard Auxiliary. Using all the available discounts will help you get the best value on an insurance policy.


Contact us today and let us find you the most watertight protection for your watercraft.