Frequently Asked Questions

What is the difference between “agreed value” and “actual cash value”?

Agreed Value: This is a predetermined amount that both you and the insurance company agree on when the policy is issued. In the event of a total loss, you will receive this agreed amount without any deductions for depreciation, ensuring you’re fully compensated based on the original value set in the policy.

Actual Cash Value: This coverage takes depreciation into account. If your boat is a total loss, you will be paid the current market value of the boat at the time of the loss, which could be less than what you originally paid, depending on the boat’s age and condition.

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Insurance FAQs

Does the state where I use my boat affect my insurance policy?2024-10-27T05:48:35-04:00

Yes, where you store and use your boat can significantly impact your insurance policy and premium. Boats stored in areas prone to severe weather, like hurricanes, often have higher premiums and may include windstorm deductibles. State regulations or marina requirements could also dictate specific coverages. Additionally, inland boats usually have lower premiums compared to boats used on coastal waters, where risks are higher. Always check how local conditions and requirements affect your coverage.

Why should I choose On The Water Marine Insurance?2024-10-27T05:43:56-04:00

At On The Water Marine Insurance, we specialize exclusively in boat and yacht insurance, offering over a decade of experience in the marine industry. We partner with top-rated carriers like Chubb, Travelers, Progressive, and others to provide personalized coverage that meets your specific needs. As an independent broker, we shop multiple carriers to find you the best rates at no additional cost. With a focus on customer education and service, we provide expert guidance and custom video proposals to make the insurance process easy and transparent.

Is my boat covered under my homeowners policy?2024-10-27T05:42:20-04:00

No, your boat is generally not covered under your homeowners insurance. A separate boat insurance policy is needed to protect against accidents, property damage, medical costs, and more. Without proper boat coverage, you may be at risk for significant financial exposure.

Does boat insurance cover on-water towing?2024-10-27T05:20:53-04:00

Yes, most boat insurance policies offer coverage for on-water towing, but the details vary by policy. Some policies provide direct towing services with no out-of-pocket costs, while others offer reimbursement after you pay for the towing. Check your policy to see what type of towing coverage is included or available as an add-on.

What is fuel spill liability coverage?2024-10-27T05:19:11-04:00

Fuel spill liability coverage protects you if your boat accidentally leaks or spills fuel into the water, which can cause environmental damage. This coverage helps pay for cleanup and legal fees if you’re held responsible for an accidental spill. Some policies cover fuel spills up to the limit set by the Oil Pollution Act (OPA 90), while others may cap coverage at a lower amount.

Check our Blog on Fuel Spills for more information.

Does boat insurance cover mechanical breakdown?2024-10-27T05:17:12-04:00

Mechanical breakdown coverage is typically an optional add-on and may not be included in standard boat insurance policies. This coverage helps pay for repairs or replacement if your boat’s engine or mechanical systems fail due to wear and tear or breakdown. Be sure to check your policy to see if this coverage is included or available as an endorsement.

Check out our Blog on Mechanical Breakdown for more information.

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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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