Marine insurance covers a broad category of needs and coverages, so it’s not just a matter of taking out a policy for the value of your boat and the belongings on it. Depending on your coverage level and boat classification, exclusions might keep you from the robust protection you want unless you add specific riders. It’s also important to know whether your vessel requires you to carry additional insurance to operate it legally, like workers compensation for employees who help operate it.

Work With Professionals

Merrimac Marine Insurance is quick to highlight the importance of working with professionals who understand the industry if you are a commercial player insuring equipment. It can be just as important for recreational craft owners, especially those with yachts and other large boats that might include staff, even if they are not employed for your commercial gain.

Liability coverage
Property damage
Third-party liability and property damage
Storage insurance
Marina insurance

There are a lot of forms of marine insurance out there, and not every boat owner needs them all. Since your investment in a vessel represents a large commitment to regular maintenance and upkeep, you want to keep your overhead lean without foregoing coverage, and the only way to be sure you have done that is by working with a specialist who can help you understand exactly what your coverage does and does not protect you from.