Boat insurance is not mandatory.

However, if you have a loan using the boat as collateral the bank will require insurance listing them as a loss payee to cover their interest in your boat. Sometimes, if you do not provide insurance for your financed vessel, lenders will “force place” insurance that is often prohibitively expensive. A marine insurance policy purchased through a company like Global Marine will cost significantly less while providing the coverage you require.

In addition, most marinas will require you to maintain at least liability insurance in order to keep your boat at their facility.

A marine survey is a physical inspection of a boat and subsequent detailed written report by someone certified by the National Association of Marine Surveyors or the Society of Accredited Marine Surveyors. The surveyor will assess and document the boat's condition and value (both market value and replacement value).

Each insurance company will require surveys and updated surveys at different times. Most insurance companies require the original survey at 10 years of age for boats used in salt water and at 15 years of age for boats used in fresh water.

After the original survey, most companies will require an updated survey every 5 to 10 years.

Making sure your boat insurance policy fits your boating needs is the most important first step. After finding appropriate coverage for your vessel, there are several steps you can take that can potentially influence the cost of your boat insurance premium.

Navigational Territory: The waters where you will be using your boat play a part in deciding how much you will pay. Boat insurance rates in coastal waters, especially if exposed to the threat of hurricanes and tropical storms, will be higher than rates for vessels using inland lakes and rivers.

Lay up: Some marine insurance companies offer a credit for the amount of time a boat is decommissioned and not being used.

Location: Keep your boat in a secure location – secure and protected from severe weather and/or secure from vandalism or theft.

Boater Safety Education: Insurance companies will sometimes provide a credit for individuals that have taken and passed a boating safety course from the US Coast Guard or US Power Squadron.

Good Driving Record: A clean automobile driving record, with no recent moving violations, often will help an owner receive premium discounts due to their proven ability to operate vehicles in a safe manner.

Liability Limits: The higher your liability limit, the higher the premium. Selecting a policy with a liability limit that makes you comfortable and also covers what you plan to do with your boat will help keep costs manageable.

Deductible: You can reduce your premium by raising your deductible and sharing in the exposed risk. It is important to consider your financial position, in the event of a loss, before agreeing to this option.

Often, yes. Successfully completing a registered boating safety course offered by the US Power Squadron or the US Coast Guard can help many owners lower their boat insurance rates. Talk with your agent to find out if you will be eligible for a decrease in premium by completing a boating safety class.

Even if you will not receive a discount, we recommend that all boaters take a safety course. Proper boating safety will help prevent potential claims and keep you and your passengers safe on the water.

We have dedicated claims individuals helping you in the case of a loss. If you need to file a claim you may call us at 800-748-0224, submit the information online at www.globalmarineinsurance.com/claims, or email claims@globalmarineinsurance.com.

Global Marine Insurance Agency is licensed to write boat insurance in all 50 states. Cruising extensions are available to Canada, the Bahamas and Mexico. We also utilize surplus carriers that enable us to write vessels outside of the United States.

Typically, a homeowner's insurance policy will only cover damage to your boat that occurs while it is on your property. In addition, the actual amount of coverage offered is typically less than in a separate boat insurance policy, which can lead to problems if the boat is damaged.

Homeowner's Insurance is not an adequate substitute for a specific boat insurance policy. The amount of coverage available under a homeowner's insurance plan for your boat can vary, so please check your policy.

We have dedicated customer service representatives to help you with any questions or changes to your policy. Please call 800-748-0224 or email service@globalmarineinsurance.com. Our representatives are available Monday – Friday 8:00 AM to 6:00 PM EST and on Saturdays from 9:00 AM to 5:00 PM EST.

The general answer is anyone you give permission to use the boat is covered. The exceptions to this are marine professional personnel and if the boat insurance policy has a Named Operator endorsement. With a Named Operator endorsement only, operators listed can operate the boat. Named Operator endorsements are common on high performance boats.