yacht third party insurance

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Understanding Boat Insurance Third Party Coverage

Boat insurance is a must-have for yacht owners, and it can be a complicated affair. Third-party coverage, in particular, is a type of boat insurance that comes in handy should you damage someone else’s property or cause injury to someone while using your yacht. In this article, we explore the ins and outs of boat insurance third-party coverage, helping you understand how it works, what it covers, and what it doesn’t.

How Boat Insurance Third Party Works

Boat insurance third-party coverage is a type of liability insurance that covers you if you damage someone else’s property or cause injury to someone while using your yacht. Suppose, for instance, you collide with another vessel, causing damage to the other boat and injuring the people on board. In that case, your boat insurance third-party coverage will cover the cost of repairing the other boat and any medical expenses resulting from the accident.

What Boat Insurance Third Party Covers

Boat insurance third-party coverage typically covers the following:

Property Damage

Should you damage someone else’s property while using your yacht, your third-party coverage will cover the cost of repairing or replacing the damaged property. This includes other boats, docks, and any other property that you might damage while on your yacht.

Bodily Injury

If someone gets injured while on your yacht, your third-party coverage will cover the cost of their medical expenses, including hospital bills, doctor’s fees, and any rehabilitation costs.

Your boat insurance third-party coverage will also cover the cost of legal fees and other expenses should you be taken to court following an accident while using your yacht.

What Boat Insurance Third Party Does Not Cover

While boat insurance third-party coverage is extensive, it doesn’t cover everything. The following are some things that your third-party coverage won’t cover:

Damage to Your Own Yacht

Your boat insurance third-party coverage does not cover any damage that you might cause to your own yacht. If, for instance, you collide with another yacht, causing damage to both boats, your third-party coverage will cover the cost of repairing the other boat but not your own.

Intentional Damage

If you intentionally cause damage to someone else’s property or injure someone while using your yacht, your boat insurance third-party coverage will not cover you. This includes accidents resulting from reckless or negligent behavior.

Consequential Losses

Your third-party coverage does not cover any loss that results from an accident but is not directly related to the accident. For instance, if someone gets injured while on your yacht and can’t work for several weeks, resulting in loss of income, your third-party coverage will not cover the lost income.

How Much Does Boat Insurance Third Party Coverage Cost?

The cost of boat insurance third-party coverage varies depending on several factors, including the value of your yacht, the type of yacht you have, the amount of coverage you want, and your boating experience. Generally, boat insurance third-party coverage is cheaper than other types of boat insurance, but it’s always advisable to compare quotes from different insurance providers before settling on one.

Boat insurance third-party coverage is an essential type of boat insurance that every yacht owner should have. It protects you from the financial consequences of causing damage to someone else’s property or injuring someone while using your yacht. However, it’s important to understand what it covers and what it doesn’t to avoid any surprises should you ever need to make a claim.

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Τhird party liability insurance covers (legally) the party itself (owner, crew or guest) against 3rd parties, 3rd party death/injury, environment, etc., while your yacht is in water (or is chartered).

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Description of indicative "TPL" yacht insurance cover:

Exclusions in a “tpl” yacht insurance cover:.

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Yacht Insurance

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Chubb has been a leading provider of yacht insurance for over 100 years, offering some of the most comprehensive policies available for private, pleasure watercrafts. Being on the water is an experience of peace, calm, and new adventures on the horizon. It’s an experience you want to protect. Our Masterpiece® Yacht insurance policy offers superior coverage for pleasure yachts 36 feet or greater in length. And for captained vessels 70 feet or greater in length and valued at $3 million or more, our  Masterpiece Yacht Preference policy has the specialty coverages you and your crew need.

Masterpiece® Yacht Policy Highlights

Agreed Value Coverage

We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.

Liability Protection

Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.

Replacement Cost Loss Settlement

Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.

Uninsured/Underinsured Boater Coverage

Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.

Medical Payments

Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.

Search & Rescue

Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.

Longshore and Harbor Workers’ Compensation Act (LHWCA)

When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.

Personal Property & Fishing Equipment Coverage

Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.

Coverage for Marinas as Additional Insured

Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.

Trailer Coverage

We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.

Emergency Towing & Assistance

Our policy includes this coverage with optional higher limits available.

Boat Show & Demonstration Coverage

We automatically provide this coverage, at no additional charge.

Precautionary Measures

We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.

Bottom Inspection

We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.

Oil Pollution Act of 1990 (OPA) Coverage

If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.

Temporary Substitute Watercraft

Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.

Marine Environmental Damage Coverage

This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.

57% of boating accidents happen on calm days with waves less than 6 inches.

Chubb offers some of the most comprehensive protection and services available rain or shine.

*Source: 2016 Recreational Boating Statistics, United States Coast Guard

Masterpiece Yacht Preference

Masterpiece Yacht Preference fulfills the specialty insurance needs of luxury yacht owners with captained vessels 70 feet in length and greater, valued at $3 million or more.

No depreciation applies on the following items

Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.

Emergency Towing Service

We include coverage up to the amount of Property Damage with no deductible.

The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.

Marina as Additional Insured

The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.

Captain and Crew Coverage

Liability coverage is extended to the captain and crew members serving aboard the insured yacht.

Defense Costs

Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.

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This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.

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Superyacht insurance: How to choose the best policy for your yacht

Related articles.

Picking insurance coverage for your superyacht can be fraught with difficulty. BOAT reveals what owners really need to know when it comes to yacht insurance and how to keep the process as pain-free as possible if the worst happens.

When it comes to superyacht insurance, shopping around for the best deal may not be the smartest tactic. “Many of the insurance policies and contracts out there are quite similar, but, as with everything, the devil’s in the detail. Sometimes what may appear to be a really good option might contain some restrictions or exclusions in cover that might catch the unwary person out,” says Mike Wimbridge, managing director of Pantaenius UK.

Indeed, insuring superyachts worth tens to hundreds of millions of pounds, plying waters subject to windstorms and even perhaps political upheaval, is complicated. There are a lot of considerations at play and in the end what you see on your policy is what you get. “Marine insurance is not specifically regulated, meaning policy forms don’t have to be approved by any regulators in any country or state like other types of consumer insurance do. So whatever you get on your policy contract is what you get today for insurance, and it could be different for everyone,” says Nancy Poppe, North American Yacht Practice Leader at Willis Marine Superyachts.

In general, there are two types of insurance a yacht needs: Hull and Protection & Indemnity (P&I). Hull covers physical damage to the vessel and its appurtenances, while P&I is marine liability insurance for third-party liability, explains Poppe. The larger the yacht and/or the more complex its cruising programme, the more likely this coverage will be split with P&I provided by a P&I Club. “They offer a single shot $500 million P&I limit, and they can very easily offer all of the certificates,” says Spencer Lloyd, president of AssuredPartners’ yacht speciality team. “For instance, there’s something now called the Nairobi Wreck Removal endorsement and some of the companies that do both Hull and P&I do not have the ability to issue these certificates for a yacht travelling in foreign waters.”

The marine insurance market currently is a bit turbulent, which means not every yacht is insurable. A few years ago a large number of underwriters – overwhelmed by hurricanes and fires – pulled out of the marine market, creating a hard market where demand exceeded supply. It’s since stabilised to some extent, helped by the fact that 2021 churned up no serious windstorms, but underwriters today can still afford to be picky.

Wimbridge likens the last few years to “panning for gold”, as the market was shaken up to see where things lie. “The London market, the traditional home of the superyacht market, is not comfortable below USD10 million. So the more domestic markets are picking those risks up, whether that be US or Europe or Australia. I think above 10 million, it’d be fair to say the London market has been choosy over recent years,” says Wimbridge. But he is seeing more competition creeping in for what insurers would class the more desirable risks in the megayacht area, so that’s leading to a steadying of the market. The under-$5 million market, though, is more volatile, subject to holes when a single underwriter pulls out.

Factors that affect a yacht’s insurability include its age (even if it’s refit), whether it will be based in a windstorm-prone area, and the owner’s experience, explains Poppe. “For boats that, say, want to summer in Florida and winter in the Caribbean, there are very limited choices particularly in the smaller end of things. And first-time owners jumping into large-sized vessels with no prior ownership experience and not hiring a full time professional manager – there's limited, if any, options for coverage there,” she says. With this in mind, she advises any prospective owner to secure an offer of insurance before they accept an offer to buy a yacht.

Once the insurance is in place, the communication doesn’t stop. There are a few situations where it’s common that the underwriter requires advance notice or coverage can be excluded. One of these is yard work.

“A lot of yacht policies will exclude welding and hot work until you notify them first and beforehand,” says Lloyd, explaining that the underwriter will typically want to see a copy of the yard’s insurance certificate, any independent contractor’s liability, a drawing of what welding is going to take place and a gas-free certificate if the tanks have to be cleared of flammable liquids. The difficulty he has seen lately is when the shipyard wants a complete waiver of liability, a situation he deems unfair. “A lot of times the company insuring the yacht will come back and say, ‘Hey, we want a $10,000 to $15,000 additional premium for the exposure of what you're having done’.”

How underwriters consider named windstorms also differs, with at least one excluding all coverage for yachts under 500 gross tonnes. “In the old days, the bigger boats didn't necessarily need a hurricane plan. But in this day and age, most underwriters are asking to see the hurricane plan for all sized yachts,” says Poppe.

“If you're going to be in the shipyard, having work done during hurricane season, you need to give your underwriter a lot of advance notice,” she continues. “If you're not going to be able to move the vessel to sea in the event of a storm coming, you are probably going to face either no coverage for windstorm or a quite high deductible for windstorm.”

Another point that could be lost in the fine print is itinerary exclusions. “For instance, there are parts of the world that are deemed to be political hotspots, so they tend to be excluded from the war cover,” says Wimbridge.

Insurance companies also want to be involved in choosing the captain. “They have gotten much more strict about captain resumes,” says Lloyd. “Rule of thumb was the captain must have a minimum of two years’ experience on similar-size boats to the one that they are applying for. And some have raised it to three years. We are in a constant battle because with so many boats being sold, there’s not enough qualified people to fill the positions. And how does the mate, who is good and capable but doesn’t have the resume, take the next step?”

With all of these considerations, it’s crucial that the owner – whether they are dealing directly with an underwriting agent like Pantaenius UK or working with a broker like Poppe or Lloyd – is being advised by someone they trust and someone experienced in insuring yachts of a similar type and cruising programme.

In the end, insurance is a relationship business, Wimbridge points out. “The selection of the insurance partner and, if appropriate, the insurance broker, I think is paramount because those parties are experts in this process and often the clients aren’t. And in many cases, the ultimate client isn’t the one doing the negotiation. Depending on how large the boat is, there can be several people in that chain involved in the pre-discussions, offering their own thoughts and advice, which might not necessarily be the most helpful. The advice in all aspects of this is to choose the right partner, people that will give you proper advice.”

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Yacht third-party liability insurance

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Yacht third-party liability insurance is the most affordable yet important policy any yacht owner can have. A third-party liability claim could put all your personal assets at risk. Incidents such as damage to the environment, physical injury, or collision with a neighbouring boat when mooring, can be highly expensive.

For a surprisingly small fee, yacht third-party liability insurance offers comprehensive protection against third-party claims. Enjoy the wind in your sails and the sun on your face, secure in the knowledge that you have effective coverage. Moreover, third-party liability insurance is mandatory in some clubs and territorial waters

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For many small boat owners or owners of older vessels, liability coverage is the most important reason to insure their boat. This provides coverage for injury or damage to a third party. Our liability only policies also include medical coverage, which often offers higher limits than a homeowner’s policy. This can also cover other types of accidents like a fuel spill that damages someone else’s property.

Many choose this coverage because the cost is generally much less than full coverage and a survey is not required, regardless of age. Additionally, most boat owners will find that their marina requires them to provide proof of liability insurance.

It is important to understand the full breadth of your marine liability insurance. If you do not know what your current insurance covers it might make sense to get a quote from Marine Underwriters. 

Can I Rely on my Homeowner’s Insurance for Boat Liability Coverage?

Sometimes folks think that their watercraft or boat is covered by their home owners insurance – in fact in many cases homeowner’s insurance does not cover your watercraft. Even if they do it generally is limited to very small boats like row boats, canoes and vessels with 25 or less HP. So if you are relying on your homeowners insurance for boat coverage, you could be risking more than you know. 

We offer a variety of liability insurance limits to meet your needs! Call us today or fill out this form to get a quote.

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If GEICO Marine is unable to offer a quote, your information may be shared with non-affiliated insurance companies, CHUBB and American Modern, so that they may provide a quote. Both of these non-affiliated insurers have sole financial responsibility for its own insurance products. By clicking “Get a Quote,” you agree that the information you provide can be shared with our business partners.

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Find the premium savings you've been looking for with Liability Only coverage; our lowest cost policy option. This policy provides the essential liability coverage you need without the added cost of complete hull coverage.

The Liability Only policy is available for all boats owned outright (with no lienholder).

Full Salvage Assistance and Wreck Removal

If your boat is involved in a fire, grounding, sinking, or fuel-spill we'll dispatch help immediately and pay the full cost of salvage and wreck removal, up to the value of the boat.

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Our experienced team of claims professionals will dispatch assistance, utilizing our nationwide network of towers, salvors and surveyors to help policyholders through boating emergencies like fire, sinking, theft or fuel spill containment -- even roadside accidents. Your claim is handled by boating experts committed to outstanding service that gets you back on the water -- fast.

In addition to your policy's standard liability coverage, this extra liability protection protects you from claims for clean-up or 3rd-party damage due to the accidental discharge of oil or fuel that can occur in a sinking, fire, collision, grounding, etc. This "green coverage" is crucial now that federal and state laws subject boaters to liability for cleanup, containment, and environmental damage.

Covers 50% of the cost (up to $1,000), per event, to have the insured boat moved by a professional, or for a professional haul out, or for the professional execution of a hurricane plan in preparation for a NOAA Named Storm in your area.

Save up to 10% for completing a boating safety course, having multiple boat policies or a GEICO auto insurance policy.

Additional coverage for your injuries caused by a collision when a hit-and-run or uninsured boater is at fault.

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The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

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How will this quote help me?

Your quote is based on several common factors to give you a clear picture of the cost you can expect, though an independent agent can shop around and maybe even improve your rate!

NOTE:  This quote is not final, though we did work with professional actuaries to help get you a ballpark figure to get started.

Do you have to have boat insurance on a boat?

Only two states require boat insurance by law, but there are a few instances where you may need it. If you dock your boat at a marina, they may require some form of coverage in order to protect their business. Also, if you finance your boat, nearly every lender will require coverage to protect their investment; use our list of the best boat insurance companies as a starting point.

Other than that, you should always have at least liability coverage on your boat to protect yourself against lawsuit costs if you cause bodily injury or property damage to another party. Property coverage is optional, but again, the more comprehensive your coverage, the better it can protect you.

How much is boat insurance?

The cost of any boat insurance policy depends on a number of factors, including your boat's size, value, and horsepower. Boat insurance policies can range from the low hundreds to tens of thousands of dollars annually, depending on what kind of coverage you need.

Do I need to insure my boat trailer?

Insuring your boat trailer is always a safe bet. Though your boat trailer may be protected by your home or car insurance policy, you can also add coverage to your boat insurance for your trailer. It's best to talk to your independent insurance agent about your boat, the trailer, and how you use it to determine the right coverage amount.

Does boat insurance cover passengers?

If your policy includes medical payments coverage, it will cover injuries to your passengers if you get into an accident. Medical payments coverage is an important option because just one accident can cause injuries that are extremely costly to treat.

Does boat insurance cover theft?

Typically, yes. But it's important to review your specific boat insurance policy with your independent insurance agent to make sure. Every carrier and every policy is different, but the more you know about your own policy, the better it will help protect you. 

Does boat insurance cover hurricanes?

In most cases, yes, your boat will be covered against hurricane damage. But, as with any other natural disaster or unexpected event, you'll want to double-check your policy.

Does boat insurance cover engine damage?

No, boat insurance often excludes defective machinery or maintenance costs. Wear and tear is a natural outcome of use and not covered by your policy.

What is the cost difference in insuring different kinds of boats?

The size and value of your boat are two of the most impactful features on the cost of your coverage. Insurance for a $20,000 boat can cost an average of only $300 per year, while insuring a $2 million yacht can cost as much as $30,000 per year.

Does boat insurance cover me if I hit a rock?

If you have collision coverage on your boat insurance, you should be covered for the cost of repairs if you hit a rock.

Does boat insurance cover a blown engine?

In certain cases, boat insurance may cover a blown engine if the disaster was due to a listed peril. For example, ice and freeze damage to engines is typically covered. However, blown engines due to the owner's negligence are not covered.

BOAT INSURANCE

Find the perfect agent to shop multiple insurance companies on your behalf, saving you time and money.

Boat owners can experience a lot of joy and excitement brought by their watercraft, but they also have to anticipate potentially costly disasters ahead of time. Aside from accidents on the water, your boat is also vulnerable to theft, vandalism, flood damage, and more. That's what makes having boat insurance so critical.

An independent insurance agent can help protect your vessel with the right boat insurance long before you ever need to file a claim. But first, here's some boat insurance 101.

What Is Boat Insurance?

Boat insurance is designed to cover boat owners and their watercraft in case of many different disasters, including accidents, fire, and more. These policies are made to protect boats that have motors, like yachts, pontoon boats, etc., but they don't cover kayaks or canoes. Boat insurance is important because homeowners insurance doesn't provide enough coverage on its own for most watercraft.

Do You Have to Have Insurance on a Boat?

Only two states actually require boat insurance coverage , but there are a few situations where you may need it. First, if you dock your boat at a marina, they may require some form of coverage in order to protect their business. Second, if you financed your boat, nearly every lender will require coverage to protect their investment.

Further, there are certain types of boats that are more important to insure than others due to their value, risk level, and more. Here's a handy guide to whether you need boat insurance for your vessel.

Most often, boat insurance is purchased for:

• Utility boats
• Fishing boats
• Pontoon boats

Despite all the fun to be had with a boat, accidents and disasters can happen. The easiest way to protect yourself and others, and get you back on the lake after a situation, is with the right boat insurance.

Best Boat Insurance Companies

While many carriers offer boat insurance, it's helpful to know some of the top names in the industry before you start shopping. Here are a few of our highest-recommended boat insurance companies.

An independent insurance agent can help you get the right boat insurance policy for you from one of these top-rated carriers, or another that best meets your needs.

Do I Need Boat Insurance?

The only two states that require boat insurance by law are Utah and Arkansas. Boat owners in these states must have coverage for personal watercraft or for powerboats with 50 horsepower or greater. Otherwise, if you live elsewhere and your boat is designated for personal use, you're not technically required to have insurance for it. 

However, if you lease or otherwise finance your boat, you're likely to be required by your lender to carry boat insurance, and often you'll need both collision and comprehensive coverage. When docking your boat, you're often also required by the marina to have liability coverage. However, with boating accidents being so common, it's important to at least consider getting boat insurance for yourself.

Most Common Types of Boating Accidents

Notice that the top five causes of boating accidents are due to human error, such as inattention, improper lookout, alcohol use, and inexperience. Since you can't often blame the boat for an accident or other disaster, it's even more critical to ensure that your vessel is covered with the right insurance.

How Much Is Boat Insurance?

The average annual cost of boat insurance ranges from $200 to $500 depending on the type of boat you have and other factors. It also depends on which types of coverage you need, and how much coverage you need. For folks who only purchase liability coverage, you might pay less than $100 annually. 

Often, you can expect the annual cost of your boat insurance to be about 1.5% of the value of your boat. For example:

• $20,000 boats cost about $300 annually to insure
• $50,000 boats cost about $750 annually to insure
• $100,000 boats cost about $1,500 annually to insure
• $500,000 boats cost about $7,500 annually to insure
• $2 million boats, like yachts, cost about $30,000 annually to insure
• If you are looking for boat insurance for older boats , costs will vary significantly

The cost of your boat insurance might not be this simple to figure out, though. For more help calculating the cost of your premiums, use our boat insurance calculator or reach out to an independent insurance agent for a quote.

What Factors Influence Boat Insurance Costs?

Like any form of coverage, boat insurance costs depend on several factors, including:

The make, model, and value of your boat

Your boat's make, model, and value influence the cost of boat insurance because the more expensive your boat is to replace or repair, the more expensive your coverage must be. If your boat is valued at less than $20,000, you will pay approximately the average cost in your state. If your boat is valued above $500,000, you might pay up to 2,250% of the average cost in your state. 

Your boat's length

Boat insurance costs also depend on the length of your boat. Be prepared to pay about 66% more for your coverage if your boat is 100 feet or longer, but if your boat is less than 20 feet, you may pay 12% less than average rates in your state.

Your boating records

If you've had six or more accidents or violations within the past five years, you can expect a 90% increase in your boat insurance premiums. However, if you've had no incidents during this time, you can expect a 40% decrease in your boat insurance premiums.

Your location

Boat insurance premiums vary considerably by the state you live in. Many factors can influence insurance costs by location, including crime rates, property values, and more.

How you use your boat

Depending on the risk level of the activities you perform with or on your boat, your premiums may be higher or lower. Using a boat for towing can be riskier than using it just for fishing, so boats used for fishing would be likely to have lower boat insurance premiums.

How often you use your boat

Similar to auto insurance, how often you use your boat can also influence your boat insurance rates, because the more you use it, the more likely an accident or other disaster is to occur. For boats that only get taken out on occasion, premiums for boat insurance can be much lower than those that get used daily on the water.

An independent insurance agent can provide you with quotes for boat insurance from several carriers near you.

What Discounts on Boat Insurance Exist?

Many insurance companies offer several discounts on boat insurance to help lower the cost of your premiums. Here are just a few common boat insurance discounts:

• Boater safety course discount: You might qualify for a discount on boat insurance if you complete a state-approved boater safety course.
• Bundling discount: Many insurance companies offer discounts if you bundle your boat insurance with another policy through them, such as auto insurance or home insurance.
• Paid-in-full discount: Many insurance companies lower your overall premium if you pay for your entire year's worth of coverage up-front.
• Homeowners discount: Some insurance companies even offer discounts on your boat insurance just for being a homeowner, even if your coverage is not through the same carrier. 
• Clean boating history discount: You're likely to be rewarded with a boat insurance discount by many carriers if you've maintained a clean, accident and violation-free boating record. 

Your independent insurance agent is a great ally in helping you find any discounts you may qualify for on boat insurance, no matter which carrier you go through.

What Does Boat Insurance Cover?

Boat insurance provides a lot of important protection, not only for your boat, but also for you, your passengers, and everyone else on the water or at the marina. Boat insurance typically includes the following primary coverages:

• Personal property damage:  Provides reimbursement for your boat, trailer, and engine if they're damaged by a covered peril like vandalism, fire, etc.
• Medical payments:  Provides reimbursement for treatment of injuries to you and your passengers who get hurt by your boat or while on your boat.
• Property damage liability: Provides reimbursement of property damage lawsuit costs from third parties due to your boat.
• Bodily injury liability:  Provides reimbursement for injuries to anyone who gets physically harmed by your boat.

The following coverages are commonly added to standard boat insurance:

• Uninsured/underinsured boaters:  Covers injury expenses if the other boater is responsible but doesn’t have any, or enough, insurance to cover your expenses. 
• Fishing equipment:  Sometimes included, you'll be reimbursed up to a certain limit, like $1,000. 
• Water sports liability: Some policies exclude water sports from your liability coverage and some don't, but this coverage is important if you'll be doing stunts, etc.
• Emergency assistance on the water:  Also known as boat towing insurance, coverage provides water towing and other assistance services through a maritime dispatch center. 
• Roadside assistance for your boat and trailer:  This coverage guarantees that the towing company will take your vehicle, boat, and trailer to the nearest facility if you get stranded on the road. 

If you have questions or concerns based on your plans on the water, it's best to talk to your independent insurance agent. They can help you find and increase coverage so that it works best for you. 

Important Additional Coverages for Boats

Beyond the common coverages, it's always recommended to consider additional coverages that can help tailor the policy to your unique risks. Here are several optional boat insurance coverages worth considering:

• Collision: Provides coverage for collisions between your watercraft and other vessels or objects. You're also covered if your boat capsizes on the water.
• Comprehensive:  Covers other disasters beyond collision like theft, vandalism, storm damage, and more.
• Hurricane hauling services:  Covers the cost of moving your watercraft out of the county where it's docked in case of emergency. 
• Personal property coverage:  Personal property is usually covered under your homeowners policy, even when the boat isn't at your house. However, your deductible is often higher, so you can add personal property coverage on your boat policy to avoid a homeowners claim. 
• Wreckage and fuel removal:  Reimburses cost to recover or destroy wreckage and fuel if you get in an accident. 
• Replacement cost or agreed value:  Newer and more expensive boats can be insured for agreed value, which means you'll recover the full amount you paid for it, without depreciation. 
• Pet coverage:  If you boat with a pet on board, this provides up to $1,000 towards veterinarian fees if they're injured on the boat. 

An independent insurance agent can recommend the additional boat insurance coverages that are a good match for you.

What Is Boat Rental Insurance Coverage?

Boat rental insurance is often required by boat rental companies to protect against lawsuits that may arise when you operate a rented vessel. If a third party sues you for claims of bodily injury or property damage when you're operating a rented boat and you don't have boat rental insurance, you'll have to pay out of pocket for your defense and settlement costs.

What Boat Insurance Will Pay For

Before settling on a boat insurance policy, it's important to understand just what it will reimburse you for and what it won't. Here's a breakdown for further clarification.

If you still have questions about what's covered or not covered by boat insurance, your independent insurance agent can help.

Finding Discounts and Savings on Boat Insurance

Fortunately, there are typically several discounts available for boat insurance. While options vary by insurance company, here are some common discounts:

• No claims history discount: If you've never filed a claim on your boat insurance, your carrier is likely to reward you with a discount over time.
• Diesel-powered boat discount: Some boat insurance companies offer discounts for watercraft with diesel-powered engines.
• Safety course discount: You might be eligible to receive a discount on your boat insurance if you complete a state-approved safety course.
• Bundling discount: Often you can save money on boat insurance if you bundle it with another type of coverage, such as home insurance, through the same carrier.

An independent insurance agent is your greatest ally when it comes to finding discounts on boat insurance. 

Why Choose an Independent Insurance Agent?

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut through the jargon and clarify the fine print so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best boat insurance, accessibility, and competitive pricing while working for you.

More Choices

Our independent insurance agents work for you, not the insurance companies. That means you always get the best coverage options to choose from.

Better Prices

When you have options from multiple companies, it's easier to find the best coverage at the right price, at no extra cost to you.

Local Services

There's an independent agent in every city who always understands the insurance coverage you need most based on local laws and needs that apply to you.

What our customers are saying

Work Done For Me

I looked at different individual companies, but it was so time-consuming to fill out each individual application and keep track of them all. Trusted Choice got back to me quickly and gave me an option that worked. I ended up with Travelers, which has a great price. The online process was pretty easy. Plus, they did the legwork for me. It was a great experience.

Multiple Options

I tried finding insurance myself but I wasn't coming up with very much. I contacted Trusted Choice and they looked at various options and presented it to me. Everything with the agent went very smoothly... He knew exactly what we wanted and searched accordingly. I was able to choose the one that I thought was best so it worked out for me. I'm happy that I did it that way.

I needed insurance for the home that I was buying and based on the pricing, I went with Trusted Choice. The process was all done online and I didn't really have to do too much. The website was also easy to use and navigate and it was not overly intimidating. Everybody that I've dealt with also seemed good and professional. It was a positive experience.

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Every year I search for insurance to make sure that I’m getting the best bang for my dollar. I went with an independent agent because if I go through them, I get that one-on-one instead of being just a number.... The experience was great.

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TrustedChoice.com was real helpful when I needed to get insurance. The agent gave me the basics of what I'd be getting if I got insurance with them.

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I needed a different independent agent to get insurance and I went with Trusted Choice. Their website was helpful in connecting me to two or three other agents that I was able to speak to. Their site did what I needed.

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Trusted Choice's online process is super easy. They pulled most of the information and I ended up going with one of their recommendations. Aside from them, everybody else was too expensive. Plus, the Trusted Choice agent offered more coverage.

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Everybody at TrustedChoice.com was helpful and pleasant. They set us up with a great match and gave us our best option and price.

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I did a lot of searching for insurance and I went with a Trusted Choice agent because they provided the best rates and coverage. I haven't had a claim but I know I'm covered and that's good news. I would recommend Trusted Choice.

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Third party boat insurance

Basic boat insurance for sailing enthusiasts.

Third party liability insurance is essential cover for boat owners. It provides protection against claims from third parties for damage to their property or for injury or death that may arise from the use of your boat.

Our features and benefits

• £3,000,000 limit of indemnity
• Cover in all UK and European waters
• Up to £15,000 costs for removal of wreck where it's your legal liability to do so
• No requirement for a survey
• No excess on claims.

Plus a key optional extra, if you need it

• Cover for liability whilst towing water-skiers (on sports boats)

Having basic boat liability insurance such as third party cover is often a requirement for using inland waterways, to launch your boat, or to keep it in a marina.

Get third party boat insurance cover

Buy online today using our quick quote and buy – our experts are always on hand to support you.

What's covered in our third party liability insurance?

Simply put, you'll have £3 million cover for all sums that you legally have to pay as a result of owning your boat, including:

• Death or, injury to third parties, including your passengers
• Damage to property owned by third parties
• Cover for removal of wreck where you are legally liable (up to £15,000)

Please note this list is not exhaustive – refer to full policy document for details.

Why choose us for third party boat insurance?

Our team is different because we understand the lifestyle of owning a boat.

Having boat insurance specialists do the hard work for you will help you enjoy your hobby with confidence and peace of mind.

We’re proud to offer:

• 40 years of marine broking experience, backed by the world’s leading insurance broker and risk adviser
• Real people giving you a personalised service
• A diverse team passionate about boats
• A trusted partner of the RYA
• Quality products backed by A-rated insurers
• The flexibility to buy the way you want – online or over the phone
• Access to our friendly team who is always on hand to help, especially if buying online isn’t quite right for you.

Our promise to you

We take third party boat insurance seriously, so you’ll always know you’re in the right hands. We promise to:

• Represent your interests at the time of a claim to get you the very best outcome
• Give proactive risk management advice to protect your boat
• Make it easy to make changes to your cover throughout the year.

Going the extra mile

Our dedicated team loves to answer your questions and go the extra mile wherever they can. And we’re not just boat experts, we’re also experts in:

• Finding solutions to fit clients’ complex needs
• Explaining policy conditions and exclusions so you don’t fall foul of them
• Explaining the risks to new boat owners
• Walking you through the whole process of insuring your vessel.

Still not sure what boat insurance you need?

No problem, we'd love to talk to you about your needs. Call an expert now or get a quote online. 

Frequently Asked Questions

Where am i covered.

The UK and all European Waters.

Who can use my boat?

You and any suitably experienced friends or family members you give permission to use.

Will I need a survey on my boat?

Can i increase my cover from £3 million.

It may be possible to increase this cover (at an additional third party boat insurance cost). Please contact the team with your requirements and they will be happy to help.

Is wreck removal covered?

Where you are legally liable, the insurer will pay up to £15,000 towards removal of wreck.

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We’re proud to say our boat insurance is among the best in the business. We cover many different types of vessel, so you’re sure to find the right cover for your craft.

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Whether you use your dinghy for racing or recreation, you’ll want to know you’re fully covered when you set sail. Check out our policies and see what floats your boat.

When you own an inland cruiser, the world’s waterways are your oyster. But it’s best to plan for the unexpected, as even on a day trip, anything can crop up.

At Haven Knox-Johnston, we’ll help you make lighter work of insuring your motorboat. Check out our policies, and why not get a free motorboat insurance quote today?

Whether your houseboat is a place you call home, or holiday getaway, we’ve got you covered.

Variety is the spice of life, and for narrowboat owners, that’s especially true. So you’ll want boat cover that’s flexible enough for whatever crops up, from a team that really knows the ropes.

Whatever you use your RIB for, one thing’s certain – your boat insurance needs to be as hard-working as your boat. And when you take a policy with Haven Knox-Johnston, rest assured it will be.

These boats are all about excitement – and when you’re insuring your speedboat, you need cover that can keep up. That’s where we come in. Why not get a quote today?

You can’t beat the yacht life, but it’s no secret it’s not the cheapest of passions. With our in-depth knowledge of the yachting sector, we’re perfectly placed to protect your price and joy.

If you’re looking for insurance for your watercraft, but it doesn’t quite fit the mould of a standard boat like a yacht or a motorboat, then we’ve got you covered.

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What does third party boat insurance cov...

What does third party boat insurance cover?

What is a third party boat insurance policy? Inherently it is an insurance policy which can be taken out to provide a basic level of cover, which may satisfy the minimum requirements to comply with the rules and regulations governing parts of our coastal and inland waterways.

It is designed to offer a policy option for boaters who are happy with the minimum level of protection required should they harm a third-party vessel or person.  It’s a simple, bare-bones policy designed, as named, to protect others and their property, around the insured and it’s worth noting that cover may not necessarily include removal of wreck and salvage charges.  However, every insurance company has the option to add extra cover inclusions to a policy as they feel appropriate, to add to the potential appeal of their policy.  It should almost go without saying that making additions and amendments need to be communicated in a clear fashion to the policy holder.  Any reduction in cover must legally be communicated with policy holders as a matter of course.  It cannot be hidden in wording and just glossed over; it has to be clearly notified at the point in time that policy wording changes.

Any insurance company worth their salt (and in compliance with FCA guidelines) will have clear guidance on what the policy covers and what it doesn’t.  This is sent in the form of a full policy wording document, as well as in a succinct manner in the form of an IPID (Insurance Product Information Document).  Both should be included within the quotation and the policy documentation received by the customer upon purchase and insurance companies will recommend for the customer to read through the provided information carefully, to make sure the cover on offer/requested is suitable for their purposes.  Most insurance provider’s websites will have a copy of the wording to download and read at any time before the policy is taken out.  With regards to renewals, insurance companies are required to send out reminders with any cover changes noted and advise customers to review the changes prior to taking up the cover.  This is usually done 30 days prior to renewal.

When it comes to a requirement for a survey, it is common for boaters purchasing a third party only policy, or equivalent, that a hull survey will not be required as the insured’s hull itself is not covered by the policy. Once a policy has been taken out, an insurer cannot modify the terms and conditions, or ask for further information without communication with and acceptance by the client

The fundamental basis of the insurance claims process is ‘to act as though uninsured’. i.e. do everything you would to ensure the minimisation of further damage to your vessel and the environment around you. Boaters should act as though there is no security blanket in place and make sure the vessel is as secure as it can be.  A third party should only be involved in this process with the agreement of your insurance company.  The insurance company can only deal with the customer, or someone who has been authorised to speak to them.

During the boat insurance policy purchasing process it is fine to approach each insurance company or broker with questions regarding any element of cover.  It makes sense to create a comparison table to figure out the best cover option and most boat insurance businesses will be happy to help in any way which aids an informed decision with accurate information.

A boat insurance purchasing decision should be made with a full comprehension of what is and what is not covered, and insurers are duty bound to ensure this is the case.  The FCA has created consumer friendly regulation which offers huge protections in the case of ‘Mis-selling’ or not having enough information at the time of making the purchasing decision.  All UK companies are bound by FCA regulations and must always act in the best interests of customers.

It is worth keeping in mind though that it is up to each individual customer to choose the level of cover they require.  Choosing third party insurance can be a risk.  A boat owner can increase insurance cover to include a variety of extra additions on top of a base policy, it will just cost more in premium to cover the increased risk.

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Third Party Boat Insurance

Craftinsure Third Party Only Boat Insurance Updated 2022

Our Third Party Only policy is Plain English and has been specifically designed for Boat owners who want only Third Party Liability Insurance. Cover has been specially written for Third Party risks based in the UK.

• Policy Detail

Benefits of Craftinsure Third Party Boat Insurance

• Specialist Third Party Insurance from the leading online Boat Insurer
• £5,000,000 Third Party Cover
• 20 Seconds to get a Quote
• Damage you do to other boats, people and property
• Salvage of your boat from location of loss
• Includes Removal of Wreck
• Minimum level of cover required by Harbours, Marinas and the Canal and River Trust

Useful Links

• Insurance Product Information Document
• Summary of Cover

What is Insured?

• Your legal liability – third party cover to others for injury or damage caused up to £5,000,000.
• Cover for others using your boat with your permission
• Legal costs incurred in defending a claim against you
• Removal of Wreck for up to £15,000 any one event
• Salvage costs
• Minuimum level for Harbours, Marinas and the Canal and River Trust

What is not Insured?

• Loss or damage to the vessel
• Loss or damage to personal effects
• The vessel operation outside of the territorial scope shown in the policy.
• Wilful misconduct or recklessness by you or other persons in control of the vessel (including whilst under the influence of alcohol or drugs).
• Racing or speed trials.
• Sample Policy

Agreement details

• Repair or replacement up to the sum insured stated in your policy
• We will pay the agreed value or replace the vessel after a total loss.
• Loss or damage whilst in transit by road (provided by road haulier if over 30ft/9.14m in length)
• Inspection of the vessel after grounding, even if no damage is found.

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What is Third Party Only Insurance on boats?

Third Party Only Boat Insurance is a type of boat insurance that solely protects against potential liabilities that could arise as a result of you owning a boat. Sometimes this type of cover is also known as Basic Boat Liability or Marine Liability Insurance.

What does Third Party Only Insurance cover?

When you own a boat, you still have a responsibility to other people. They can be friends or family on board, others that you may cause injury to, or property owned by other people – including other boats that are on the water. Third Party Only Insurance usually provides a limit of £5,000,000 cover in the UK, to protect you. Always check your policy to confirm the limit of cover.

£5,000,000 Third Party Liability seems a lot?

We never like to think of the worst happening. Whilst we hope it never happens, people have suffered life changing injuries on boats. If it’s found that you’re legally liable, the £5,000,000 Third Party Liability would help cover any claim against you.

Is Third Party Only Insurance a legal requirement?

In many countries, Third Party Only Insurance is not mandatory, but that doesn’t mean that you don’t need it. Sometimes it can be a requirement of a boat license, mooring authority, or required as a mooring condition in individual marinas.

At Topsail we’d recommend that you look to purchase Third Party Only Insurance as a minimum to protect your interests.

What types of boats qualify for Third Party Only Boat Insurance?

Our team can help you arrange boat insurance for a huge amount of various vessel types. If your passion is a vessel with a sail, we can cover anything from a small sailing dinghy up to an ocean cruising yacht. If you prefer the gentle chug of an engine, we can cover anything from a little river cruiser on the canals up to a powerful motor cruiser in the Mediterranean.

Is Third Party Only Boat Insurance easier to obtain that Comprehensive Cover?

The simple answer is yes. One of the main reasons that people purchase Third Party Only insurance is that it is normally available without the requirement to have an existing or new boat survey carried out on your vessel. Some people regard this as an unnecessary and needless expense especially when they’re boating on a budget or own an older vessel.

Is Third Party Only Boat Insurance cheap? We’d be delighted to offer you a quotation for your boat insurance. At Topsail, we try hard to get the cost of any of the policies that we sell as competitive as possible. If you’d like a quotation, you’ll find our online form quick and easy.

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Yacht third party insurance

• Thread starter hunter323
• Start date 22 Apr 2022
• 22 Apr 2022

Hi After years of fully comprehensive insurance insurers now require very detailed survey. For the use I do and the value of my yacht I have decided to change to third party only. Any recommendations please as GJW dont provide this cover many thanks  

Well-known member

hunter323 said: Hi After years of fully comprehensive insurance insurers now require very detailed survey. For the use I do and the value of my yacht I have decided to change to third party only. Any recommendations please as GJW dont provide this cover many thanks Click to expand...

Basic Boat liability insurance-small boat liability insurance-boat insurance has previously been recommended to me (although I stayed with fully comp in the end).  

I am with Basic Boat this year Their policy does seem a little more 'comprehensive' than Navigators and General. Again, no idea about how they will treat you if something goes wrong. In a funny way I do miss GJW but I also jibbed at the survey - even though I've coughed up three times before.  

2nd year with Craftinsure £72. Inland and coastal waters UK.  

I'm now third party through Pantaenis. Their web site makes it quite easy to do it. Pantaenius Yacht You can pick which areas you want third party for.  

• superheat6k

fifer said: I use craftinsure. No survey required. Never needed to claim so can't comment on how they support if a claim is needed. For my elderly Albin Vega its ~£60/year Click to expand...

Insure 4boats, 2nd year, £104 for Uk and N Coastal Europe as far as La Rochelle.  

Craftinsure are the underwriting agents for Navigators &General.  

Going though this at the moment. Had to stop the renewal on my policy with Amlin as they wouldn’t cover me for racing. Looks like I’m going to have to go third party to get racing cover, at the moment Basic Boat is the company for me. Any others I should have a look at? I don’t currently have an ‘in date’ servey.  

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VA due $665M from third-party insurers and veterans copays, agency says

A malfunctioning online tool for managing third-party insurance billing and copayments for veterans health care outside the Department of Veterans Affairs has resulted in $665 million in uncollected revenue since 2023, House lawmakers said. (Stars and Stripes)

WASHINGTON — A malfunctioning online tool for managing third-party insurance billing and copayments for veterans health care outside the Department of Veterans Affairs has resulted in $665 million in uncollected revenue since 2023, House lawmakers said Thursday.

VA leaders vowed to collect the past-due bills, though some lawmakers questioned whether the problems with the billing system point to budget mismanagement at the agency.

“These medical collections are an important part of the budget that pays for care for our veterans,” Rep. Matt Rosendale, R-Mont., said at an oversight hearing of the House Veterans’ Affairs Committee’s subpanel on technology modernization.

Insurance companies represent more than 90% of the debt, he said.

The VA uses the web-based system called the program integrity tool to identify and consolidate data about medical claims, billing and payments for veterans health care that is unrelated to injuries and illnesses incurred during military service.

“Without the program integrity tool, VA is essentially operating an open cash register,” said Rosendale, who is chairman of the subcommittee, which looked at billing problems that resulted when the online tool was taken down in February 2023. The tool is still not fully operational.

An estimated 40 million claims make up a backlog of overdue payments due from third-party insurers and veterans who owe copayments while the tool was offline for 18 months, VA leaders said at the two-hour hearing.

“IT system failures are no excuse to waste taxpayer money,” Rosendale said.

But VA leaders could not quantify the amount of debt owed by veterans or the number of individuals with overdue copayments.

Veterans are not charged a copayment for treatment of health conditions that are related to military service, catastrophic disabilities or other pre-determined factors, according to the VA.

The VA has come under criticism for how it manages third-party collections.

A May 2022 audit by the VA Office of Inspector General found more than half of billable claims to insurance companies in a three-year period were not submitted before filing deadlines expired.

The VA, as a result, did not collect an estimated $217.5 million that should have been recovered during the audit period, according to the inspector general.

When a veteran’s care is not connected to their military service, the Veterans Health Administration is responsible for billing the veteran’s insurance company. Veterans also can receive bills for copayments.

Kurt DelBene, VA assistant secretary for information and technology, said the online tool has been restored so the VA has begun identifying and collecting outstanding payments from third-party insurance companies for non-VA community care. He said more than $171 million was collected from insurers in July and August. He expects the program integrity tool will be fully operational by the end of fiscal 2025.

But Rep. Sheila Cherfilus-McCormick, D-Fla., said she is concerned about veterans on fixed incomes receiving old bills for copayments. She said the notices might come as a surprise to veterans who are not aware that they have unpaid medical bills.

Laura Duke, the VA’s chief financial officer, said as the VA notifies veterans, it is working with them to set up payment plans. She said the VA also is exploring a regulatory change that would enable the agency to forgive overdue copayments or provide other relief.

“We try to make it as easy as possible on the veterans, as we have seen delayed payments incurring,” Duke said. “We would need additional authority to waive the debt.”

But Cherfilus-McCormick urged the VA not to move ahead with billing veterans without a greater understanding of the impact on individuals with fixed incomes.

“I understand the VA’s desire to collect on these bills after such a lengthy pause. But we must keep in mind how this could affect veterans,” she said.

The program integrity tool was turned off in February 2023 because a defective computer code was causing claims to be duplicated in the system. It was partially brought back online in the summer but is still not operating fully, according to the VA.

The program integrity tool is used as a data repository for community care claims after they’re paid, according to Jennifer McDonald, community care division director at the VA Office of Inspector General.

McDonald estimated the VA’s bill collections from private insurers will continue to lag until the computer system is fully operational. She estimated potential lost revenue at about $55 million per month.

Billing for veterans copayments was approximately $23 million lower for the first two quarters of fiscal 2024 compared to the same period in 2023, McDonald said.

Rosendale questioned whether the problems with the online data tool reflect budget mismanagement at the VA.

“VA’s struggles with budgeting and management have existed for many years and will not be resolved overnight,” he said.

But DelBene said the VA is committed to collecting the entire debt and making the online tool fully operational.

“We’ve made strides and remain committed to full recovery of the tool. We will continue to provide this subcommittee with updates on the progress,” he said. “While $665 million is significant, this revenue will be collected.”

previous coverage

• House lawmaker calls VA’s electronic health records system a ‘multibillion-dollar frozen screen’

related stories

• Disabled veterans living overseas say they pay thousands of dollars for health care to cover delayed VA claim payments
• Blind employee sues VA for discrimination, claiming new $10B records system cannot be used by visually impaired workers

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