Charter Boat Insurance – How to Obtain Charter Boat Insurance

If you own a charter boat, you have come to the right place to get more information about charter boat insurance. Owning a charter boat comes with risks; hence, having the right coverage can secure your purse in emergencies.

Boat insurance helps to cover repairs due to storms, theft, fire, accidents, etc. It offers liability protection for a watercraft injury or property damage. It is advisable to ensure your boat even if you don’t use it regularly.

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Charter Boat Insurance

Charter boat insurance can bring about peace of mind when unexpected events occur. Your boat is both an investment and a liability; you must protect it and yourself from damages and accidents.

The boat insurance policy covers loss of damage to the boat and damages to those who used the boat. However, this depends on the level of coverage chosen. This insurance protects both the owners and those who operate charter boats.

Charter boat insurance is recommended for people or companies who give their boats out for hire.

Charter Boat Insurance

Types of Charter Boats to Insure

Below are some of the boat’s charter insurance covers.

Fishing and Sightseeing Charters

These charters take customers out on the water to experience fishing.

Top Charter Boat Insurance Companies

The following are some of the best charter boat insurance companies:

  • Progressive: it is best for discounts.
  • BoatUS: it is best for membership benefits.
  • State Farm: It is best for boat rental insurance.
  • Chubb: it is best to insure a yacht or high-value boats.
  • Markel Insurance: it is best for insuring commercial boats.
  • Foremost, it is best for insurance packages.
  • National Boat Owners Association: it is the best agency for insurance.
  • Geico: it is the overall best.

How to Obtain Charter Boat Insurance

To obtain charter boat insurance, get boat insurance quotes and compare the rates on the coverage you need. Most insurance companies offer insurance online, by phone, or through independent agents.

All you need do is visit the pages of any of the insurance companies listed above. To obtain an insurance policy for your boat, you must fill out an application to help the insurance company learn about you, your boat, and the risks the company will be responsible for.

After reviewing the information, the insurance company will use its standards to decide whether to issue you a policy and the rate it would charge for the coverage it offers.

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Factors Affecting the Price of Charter Boat Insurance

Charter boat insurance varies due to many factors, which include:

  • The size of the boat and the number of passengers it can carry.
  • The age of the boat.
  • Experience and safety record of the boat owner or company.
  • The specifications and cost of the boat.
  • The types of coverage provided by the insurer.
  • Also, the amount and type of coverage selected by the insured.

Note that the price of charter boat insurance can also be influenced by the time of the year in which the boat is in use.

Charter Boat Insurance Coverage

Boat insurance coverage includes the following:

  • Hull and machinery coverage.
  • Protection and indemnity liability coverage.
  • Physical damage.
  • Professional angler liability.
  • Crew coverage.
  • Emergency and towing assistance.
  • Extensive trailer coverage.
  • Coverage for tournament costs.
  • Medical fees coverage.
  • Coverage for uninsured boaters.
  • Personal property coverage.
  • Pollution and shoreside liability.

Charter Operations That Can be Insured

Some charter operations that can be insured include:

  • Guides for bass fishing.
  • Dinner cruises.
  • Airboat tour.
  • Sportfishing charters.
  • Charters for yachts.
  • Watching whales.
  • Expedition charters.
  • Nature tours.

Frequently Asked Questions

Below are some frequently asked questions.

How Much Does Charter Boat Insurance Cost?

Typically, a charter boat insurance cost depends on a wide range of factors, such as the speed, age of the vessel, its specifications, the location of the boat, the boat owner’s experience, the size and carrier capacity, and many other factors.

However, the average boat insurance premium is about 1.5% of the insured value of the boat.

Does Boat Insurance Cover Hurricane Damages?

Boat insurance may cover damages from weather-related events like hurricanes. Though it is not always included in your policy, it can be an optional add-on.

What are the Main Types of Boat Insurance?

There are three main types of boat insurance: actual cash value insurance, total value replacement value insurance, and agreed value insurance.

Is Boat Insurance Worth Getting?

The burden of repairing or replacing a boat can be borne by boat insurance. This can be helpful for more extensive and more powerful boats, as a boat insurance policy protects them, thereby ensuring your finances are not affected when you are liable for damages.


Whether you are just exploring the open seas or along a river, it is essential to insure your vessel. Without insurance, your charter boat business can run a big loss in the event of a mishap. To get the best deals, get quotes from several insurance companies