Yacht insurance

Our forty years of yacht insurance experience can help get you underway

Every vessel has its unique features, purpose and destinations. Novamar’s experience, programs, and partners allow us to tailor policies that cover your yacht’s value and insure you for possible liabilities encountered on your adventure.

Request an online quote or phone an agent at (800) 823-2798 or (206) 281-8144.

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yacht insurance Policy Features

Top-rated Underwriters

Novamar partners with A-rated US and International underwriters to handle any and all risks associated with boating.

The Novamar Advantage

A strong North American footprint with licenses in 50 states and offices in the US and Mexico.

Hull Coverage Insurance

We offer hull & equipement coverage for boats and yachts of all sizes and can include overland transportation, salvage, and wreck removal.

Third-Party Liability

Mandatory coverage in Mexico from a Mexican-domiciled insurance company. Includes third-party property damage.

Novamar’s Claims Assistance

Our experienced bilingual in-house claims team is ready to assist you and help in the communication between you, your insurance company, and the adjuster assigned to your case during the claim process

Legal Cost and Expenses

Bilingual legal assistance, including associated costs, is available.

Experienced Boaters who understand risk factors

Novamar agents are experienced boaters who understand risk factors both on the water and within insurance policies.

Understanding 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.

Policy Exclusions: What to watch for

Some policies contain a "Marine Life Exclusion" so hull or drive train damage from hitting a whale or large fish may not be covered. Most policies exclude 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.

Renumerations

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.

Premium considerations

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.

Covered values

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.