Your boat or yacht may feel like an extension of your home, but to ensure the greatest protection, it needs its own comprehensive policy from a company that specializes in marine insurance. A common misconception is that the homeowner’s policy is sufficient but many companies limit or exclude critical marine coverages, presenting gaps in your insurance.

Even among marine specialist carriers, coverage can vary widely. Berkley Recreational Marine wants to help you understand how to protect your investment so you can enjoy it for years to come. Consider these scenarios:

Berkley Recreational Marine Inures sunken boatsYour boat hits a log and subsequently sinks. The repairs total more than your boat is worth.

You need agreed value coverage. Why? Because we don’t deduct for depreciation. We pay the amount listed on the policy. Other policies, written on an actual cash value basis, deduct for depreciation.

Berkley Rec Marine InsuranceThe National Weather Service issues a storm watch in your area.

You need hurricane protection. Why? Because we’ll share in the costs needed to move your boat to safe harbor to avoid damage. Other carriers may charge for this coverage or not offer this protection at all.

We are constantly reviewing our policy and services to identify opportunities like these and more for innovation. Some recent enhancements include:

  • Boat trailers valued at $1,000 or less are now automatically covered without having to be scheduled on the declarations page.
  • The definition of dinghy was expanded to include its outboard motor as long as it does not exceed 16’ and 50 horsepower. Dinghies valued at $2,500 or less also no longer need to be scheduled on the declarations page.
  • Civil unions are included as insureds under the expanded definition of family members.
  • The base towing & assistance limit was increased from $500 to $1,000.
  • The seaworthy clause, which voids coverage if the yacht is not maintained, was eliminated.*

*Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Certain coverages may be provided through surplus lines insurance company subsidiaries of W. R. Berkley Corporation through licensed surplus lines brokers. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds. For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, click here.