Frequently Asked Questions

Is boat insurance required?

Most states do not require you to carry boat insurance. If you financed your boat or have it moored at a marina, you most likely are required to carry some form of liability insurance. To protect yourself and your loved ones on board, we recommend carrying boat insurance 100% of the time.

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Protection for your adventure

Insurance FAQs

Will I need a marine survey to get a quote?2023-12-15T21:04:08-05:00

All boat insurance companies will have different requirements of when a survey will be needed. A marine survey is typically only required for boats 27′ or greater in length and over 10-15 years of age.

We do have some options that do not require a survey and can insure boats up to 50ft.

How much does boat insurance typically cost?2024-10-06T19:44:32-04:00

A good rule of thumb is to expect somewhere around 1% of the hull value. For example, for a $100,000 boat, the cost of insurance will be somewhere around $1,000 a year. Keep in mind this can vary significantly based on many different factors such as where the boat is used, your boating experience and other factors.

What if I have a claim?2022-02-08T17:49:29-05:00

Generally, you will file your claim directly with the insurance carrier you purchase a policy through. We can help facilitate that and help along the way with communication between you and the insurance company. We’re in this with you!

What is the difference between “agreed value” and “actual cash value”?2023-12-15T20:55:13-05:00

Agreed value is a predetermined amount of insurance for your boat. Both the insurance company and you agree on the value of the boat when the policy is issued. In the case of a total loss, that is the amount you are paid without any deductions for depreciation. Actual cash value take into account depreciation and will only pay the current value the boat is worth at the time of loss.

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DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Read your policy or consult with your agent for details regarding terms, conditions, coverages, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording, details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements, or prospectus, if applicable.

On The Water Marine Insurance LLC is an independent insurance agency licensed in Alabama, Georgia, Florida, Indiana, Kentucky, Michigan, Missouri, New Jersey, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Virginia. National Producer Number 20021672.

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