As boat owners know, following a maintenance checklist before getting on the water is essential to protect lives and property. And insurance is an important item on that list. Making sure you, your passengers, and your boat are covered, both on the water, in transit, and in storage, lets you enjoy the experience with greater ease and confidence. Otherwise, in the event of damage or theft, you may be unable to replace what was lost, leaving you standing on the dock.
Every FirstMark boat and personal watercraft policy includes the following coverage:
Bodily Injury & Property Damage Liability (BI/PD)
As with auto insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are held legally responsible for an accident on the water. This includes paying for boat repairs or replacing someone else’s property. It further covers the costs of their medical care, lost wages, and other costs of a boating accident for which you are at fault. It will also help pay for wreckage removal and fuel spill cleanup costs.
Comprehensive & Collision
These are two separate coverages. Comprehensive covers events out of your control, such as theft, vandalism, sunken boat, fires, heavy winds, hurricanes, and other weather-related damage. Collision covers damage from boating accidents, such as hitting a submerged object, dock, another boat, and even covers any injuries to pets on your boat, etc.
Uninsured/Underinsured Boater (UB/UIB)
If you’re hit by a boater with no insurance or not enough insurance, UB/UIB will pay for your injuries and damages up to your policy’s limits.
This helps cover medical expenses such as hospital bills and related care if you’re legally responsible for an accident that injures someone else. Coverage is available and covers you, your passengers, including water skiers and tubers, no matter who is at fault.
Full Replacement Cost
If you carry comprehensive and collision coverage, many carriers will pay for what it costs to return your watercraft to its pre-accident condition or better. Ask us about this option!
Many carriers will pay for fuel spills, no matter how the spill happened: sunken boat, leaking tank, or a mishap at the fueling station.
Many carriers will pay if your boat sinks and cover the cost of removing your boat from the water (if removal is legally required).
The Freedom to Cruise without Restrictions
When you insure your watercraft with FirstMark, you’re covered on all the inland waterways of the U.S. and Canada and up to 75 miles offshore or 90 miles offshore in California. We also have a Mexico or Bahamas coverage extension available in some states.
Total Loss Replacement
Available for purchase if you’re the original owner of your boat and it’s no more than one model year old. If your boat is totaled within 5 model years, the carrier will buy you a new one or give you the amount that you originally paid for your totaled boat—your choice. If you’re outside the 5 model-year window, they will still give you the original purchase price of your boat.
If your boat is disabled or breaks down on the water, boat towing insurance pays for on-water towing, jump starts, soft un-groundings, and fuel delivery if your boat is disabled on the water.
You can get full replacement cost for fishing equipment and up to $5,000 for personal property such as scuba gear, phones or other items that you carry on board and are lost or stolen.
Personal Property and Unattached Equipment Coverage
With personal effects coverage, your fishing gear and other personal property are covered up to $750. Plus, unattached equipment such as water skis, deck chairs, anchors, safety equipment, and marine electronics are also covered for up to 10% of your hull value or $100, whichever is greater. If needed, you can purchase more coverage for a small additional premium.
Boat and Watercraft Insurance Discounts and Savings
The average boat premium costs only about a dollar a day. You can save even more by taking advantage of our discounts, so reach out to our client care team about ways to lower your rates. Below are a few great ways to save.
Be a Safe Boater
You may receive a discount when you complete a boating safety course offered by the Coast Guard Auxiliary or U.S. Power Squadron.
Be advised that some states require boaters younger than 16 years of age to complete an approved safety course before operating a boat.
Billing Plan Credit
You qualify for a discount when you pay your premium in full at the inception or renewal of a policy.
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. FirstMark uses Chubb® as a resource for Yacht Insurance. For more detailed information, visit their website here.
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.
- Medical Payments – 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.
What does boat insurance cover? And am I required to have it?
Boat and personal watercraft insurance offers protection from theft, damage, and liability in case of an accident or injury experienced while using your boat. It can also protect you against damage or injury caused by another boater who may be uninsured or underinsured. Though boat insurance is optional in many states, if you get a loan to pay for your boat, your lender will most likely require you to have boat coverage. Talk to our client care team to learn more.
Does my homeowners policy cover my boat?
Most likely, no. The homeowners policy provides liability coverage for low-horsepower outboard-motor-powered boats. If you have a jet drive, inboard outdrive, or stern drive boat, you would receive no coverage from the homeowners policy. Your homeowners policy also does not offer coverage for pollution liability, wreckage removal, damage to your boat, towing, emergency assistance, and many of the other great coverages a FirstMark watercraft policy provides. Reach out to our client care team to make sure you understand your risks.
I use my boat for racing. Is FirstMark coverage right for me?
FirstMark insures sailboats used for racing, but not powerboats designed or used for racing. Examples of ineligible boats include off-shore-style power boats, whether V-hull or catamaran hull, exposed-engine boats, or watercraft with three or more outboard motors.
Should I insure my boat even if I only use it in the summer?
Yes. Even if you use your boat only a few months out of the year, it’s still important to protect yourself against fire, theft, vandalism, and even liability while your boat is in storage. Fortunately, quality coverage is affordable. The average boat premium costs only about a dollar a day. Plus, your policy premium also considers the length of the boating season in your state.
Does FirstMark offer discounts on boat and watercraft insurance?
Yes. Many discounts are available. For example, you may receive a discount when you complete a boating safety course offered by the Coast Guard Auxiliary or U.S. Power Squadron. We also offer discounts for carrying multiple policies with FirstMark, and having more than five years of boating experience, among other options. For a complete list of discounts and savings opportunities talk with our client care team.
How is the agreed value of my boat determined?
All watercraft, regardless of age, type, or hull construction are insured at agreed value in the event of a total loss. Perhaps the simplest way to get a general idea of agreed value is to ask yourself: “If I wanted to buy my boat today, how much would I pay for it?” The more precise formula goes like this: The agreed value of your boat is determined by consulting a local dealer, BUC guide, ABOS Blue Book or NADA guide. Or, if your boat is less than two years old, a bill of sale may be used. Any permanently attached equipment – such as ship-to-shore radios, depth finders, LORAN and GPS systems, fish finders, radar, and sonar systems – is included in the boat’s value, so make sure your coverage amount takes that into account. (Excluding taxes and fees.)
What types of boats does FirstMark insure?
FirstMark has a broad coverage for boats and yachts. We can insure many different types of boats, including runabouts, cabin & cuddy cruisers, bass & fishing boats, power boats, pontoon boats, sailboats, jet skis & jet boats, bowriders, and more!
Does FirstMark offer actual cash value (ACV) coverage on watercraft?
Yes we do. All watercraft polices with physical damage coverage are insured for agreed value, which means you receive that agreed-upon amount if your watercraft is deemed a total loss due to theft, sinking, collision, etc. With ACV coverage, your boat is subject to deprecation and you likely wouldn’t be able to replace your boat with the depreciated settlement amount. Watercraft maintain their value for a long time, so it makes sense to have agreed value coverage.
What if I’m hit by another boater who is underinsured or not insured at all?
This is a real risk when boating since boat insurance generally isn’t required. FirstMark offers protection against the cost of injuries or damage you may experience as a result of an accident caused by an uninsured boater. The question is how much coverage would you want to be available if you’re injured? When selecting your coverage amount, remember that uninsured boater coverage will pay for things your health insurance won’t, like pain and suffering, lost wages and treatments that medical insurance doesn’t deem necessary. You cannot select more uninsured boater coverage than you have in bodily injury coverage.
I’m a new boater. Am I eligible for insurance with FirstMark?
Absolutely! All boaters were new at some point. Talk to our team about the value of a FirstMark watercraft policy. We also recommend taking a boating safety course. It will teach you fundamental skills and you’ll also receive a discount on your FirstMark premium.
Can I insure multiple boats on the same policy?
Of course! We even offer a discount for having multiple boats on the same policy.
If my driving record isn’t perfect, can I still insure my boat with FirstMark?
Your driving record doesn’t have to be perfect to insure your boat with FirstMark. If you have more than one or two incidents per operator, FirstMark a call to discuss your eligibility for coverage.
Do you require marine surveys?
FirstMark generally doesn’t require a marine survey. We’ll ask for one if your boat is both 16+ years old and 30+ feet in length. We’ll also ask for one for wood hull boats that are over five years old. The survey can be completed in-water and it should have been completed within the last two years by an accredited surveyor.
Is my Kayak covered under a homeowner’s policy?
The maximum value that would be paid in the event of a loss of a kayak is $1,500 on most homeowner’s policies and you are subject to your full policy deductible. We have coverage available for kayaks through a watercraft policy which allows us to insure the kayak for the full value and if we ever have to make a claim, it won’t have an impact on our home insurance rates.