At Novamar Insurance Group our yacht insurance specialists have decades of marine
insurance and boating experience ready to serve you. With so many variations of
types of boats and yachts as well as the jurisdictional challenges that come with
them as they travel around the world, it is imperative that your yacht insurance
agent have extensive boating knowledge to understand an individual client’s
exposures and coverage needs. Our experience and reputation translates into
excellent relationships with domestic and international underwriters which allows
Novamar staff to provide the best yacht insurance solutions at the most competitive
When insurance programs do not exist to adequately cover exposures, we
create our own proprietary programs such as the Novamar Offshore Program. It was
created to provide excellent coverage and premiums to those cruising their yachts
in various areas around the world. Or our proprietary Mexican Vessel Liability
Program with lower premiums and better coverage for people cruising in Mexican
Whether cruising local waters or internationally, you receive the same expertise
and friendly service from our Novamar staff and often at lower premiums.
We invite you to click the "Quote Now" tab, call or e-mail and we will respond to
you within 1 working day.
Yacht Insurance Policies
Yacht insurance companies have a free hand to write exclusionary wording as they see fit.
The coverages, and more importantly, exclusions vary greatly from policy to policy.
Is vessel damage due to hitting a whale covered? If my boat sinks at the dock due to
a through hull failure am I covered? Can I can loan my boat to a friend and still
have coverage? Is my boat covered for the Agreed Value described on the policy Declarations
Page or a depreciated amount? The answer to all of these questions and many others is
the same – maybe yes, maybe no. It all depends on the boat insurance policy contract wording.
Let us explain all the possibilities you have with your boat insurance policy based on
your vessel conditions.
Some policies contain "Marine Life Exclusion" so hull or drive train damage form hitting
a whale or large fish may not be covered.
Most policies exlcude damage due to "Wear and Tear, Corrosion, and Gradual Deterioration".
Sinking due to a through hull failure, non-functioning automatic bilge pump, leaky shaft
log, etc. may not be covered.
Some policies have "Named Operator" or "Crew Warranties" that restrict who can operate the
insured vessel. It is important to ask your broker if your policy includes these restrictions.
Premiums vary greatly depending on weather conditions, navigational hazards, and availability
of repair facilities in various areas around the U.S. and around the world. It is important
for insurance companies to know how many boats they insure in a given marina and harbor so
that they can monitor their exposure in the event of a catastrophe i.e. marina fire or hurricane.
If a friend brings along snacks, and drinks am I at risk of losing my coverage? If a vessel
owner accepts remuneration in exchange for being aboard the yacht, it can constitute a violation
of the "Private Pleasure Warranty" resulting in a policy that is null and void. It is best to
check with your agent, but generally speaking if a guest brings food, drinks, pays money, or
provides any other compensation as a requirement to be aboard your vessel, then your policy
is in jeopardy.
Some policies provide "Actual Cash Value" coverage not "Agreed Value" coverage. This means the
insurance company will settle a total loss to your vessel based on their opinion as to the current
value of the yacht and NOT an Agreed Value described on your policy Declarations Page.
Novamar Insurance Group, Inc. 1115 N. Northlake Way #200, Seattle WA 98103