Florida insurance

Boat insurance policies can vary widely from one company to the next, unlike home or auto insurance. Which type is best for you? Boat U.S., the nation's largest recreational boat owners association, has some tips for you.
Insurance Resource Center
Progressive
www.progressive.com
Essential Insurance for Boaters
Ask around:
One way to find a good insurer is to ask friends who have had a claim in the past. Insurance companies may be good at taking monthly premiums, but how a company lives ups to expectations when something goes wrong is a better indicator.
You can also research potential insurance carriers at www.ambest.com/ratings The ratings are the industry's benchmark for assessing an insurer's financial strength; look for an "A" rating (excellent) or better. State insurance regulatory agencies are also a good reference and can be found online.
Homeowner's or separate policy for the boat?
Consider buying a separate insurance policy for the boat, rather than adding it to your homeowner's policy as the latter often limits certain marine-related risks such as salvage work, wreck removal, pollution or environmental damage. Whatever amount the boat is insured for, it should have a separate but equal amount of funds available for any salvage work. This means that you're compensated for the loss of your boat and not having to pay additional, out-of-pocket costs to have a wreck removed from a waterway.
Agreed Value vs. Actual Cash Value:
These are the two main choices that boater's face and depreciation is what sets them apart. An "agreed value" policy covers the boat at whatever value you and your insurer agree upon. While it typically costs more up front, there is no depreciation if there is a total loss of the boat (some partial losses may be depreciated). "Actual cash value" policies, on the other hand, cost less up front but factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total or partial loss or property was lost.
Your needs first:
A good insurer will tailor your coverage to fit your needs so there will be no surprises. For example, bass boaters may need fishing gear and tournament coverage as well as "cruising extensions" if they trailer their boat far from home. You may want "freeze coverage" if you live in a temperate state because ironically, that's where most of this kind of damage occurs. "Hurricane haul-out" coverage helps foot the bill to move your boat to dry ground.
This is information is presented by Boat U.S., the nation's largest recreational boat owners association

Insurance FAQ
What is the best coverage for my boat?
It is best to have what is known as an "All Risk" policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer's defects, defects in design, and ice and freezing.
What are the differences between boat and yacht insurance?
Generally "boats" are considered to be 26' and smaller, and "yachts" are 27' and larger. Generally speaking yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.

Small Boat Insurance FAQ

What is the best coverage for my boat?
It is best to have what is known as an "All Risk" policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer's defects, defects in design, and ice and freezing.
How much should I insure my boat for?
You should insure your boat for the amount it would cost you to replace it with like kind and quality. This is called "Agreed Value" or "Stated Value" coverage, and in the event of a total loss, will pay the full insured amount. Beware of policies providing "Actual Cash Value" (ACV) coverage, which means the value of your boat will be replacement cost less depreciation.
What other coverages can I expect with my policy?
The following are standard coverages with standard deductibles and average limits: Medical payments, no deductible, $1,000 limit Personal effects, $250 deductible, $500 limit Uninsured boaters liability, no deductible, $10,000 to $300,000 limit Towing and assistance, no deductible, $500 limit Fishing equipment, $250 deductible, $1,000 limit
Who is allowed to operate my boat?
Most policies will allow anyone to operate your boat so long as you have given them permission. There are exceptions, of course, especially with high performance boats or personal watercraft so ALWAYS READ YOUR POLICY.
I live in an area where I can't use my boat in the winter, but my lender requires it be insured year-round. What can I do?
Ask your insurance agent if they offer what is commonly referred to as a "lay-up" discount. You have year-round coverage with a discount for the months your boat is in dry storage.
When I finance my new boat purchase how can I be certain all the insurance paperwork is in order so I can get my boat on time?
Most insurance agents will offer to fax a binder and lienholder certificate directly to your dealer or lender.

What are the differences between boat and yacht insurance?
Generally "boats" are considered to be 26' and smaller, and "yachts" are 27' and larger. Generally speaking yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.
What should I look for in a yacht policy?
There are two main section s of a yacht policy. HULL INSURANCE is all risk direct damage coverage that creates a very broad insuring agreement. It will include AGREED AMOUNT hull coverage, meaning all parties agree at the time the policy is written on the value of the vessel and that value will be paid in the event of a total loss. A true yacht policy also includes REPLACEMENT COST (new for old) coverage on partial losses, with the exception of sails, canvas, batteries, outboards and sometimes outdrives, which are depreciated. PROTECTION & INDEMNITY insurance is the broadest of all liability coverages, and because maritime law is unique, you will need coverages that are designed for those exposures. Such things as Harborworkers and Longshoreman's coverage and Jones Act (crew) coverage can be critical, as an uncovered loss in this area could run into hundreds of thousands of dollars. Besides providing payment of judgments against you, P&I also provides for your defense in Admiralty Courts.
What's not covered?
Exclusions on a yacht policy generally include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer's defects, defects in design, and ice and freezing.
How much should I insure my boat for?
Usually you should insure it for the purchase price plus additional equipment (and tax if you want).
What is a normal deductible?
A yacht policy usually carries a percentage of the insured value deductible, for instance a 1%, deductible means a boat insured for $100,000 would have a $1,000 deductible. Most lenders allow a maximum deductible of 2% of the insured value. Beware of "named special deductibles" such as storm damage of 10% or more.
What are some of the other standard coverages I can expect?
These standard coverages have standard deductibles and average limits: Medical payments, no deductible, $5,000 limit Personal effects, $250 deductible, $1,000 limit Uninsured boaters liability, no deductible, $10,000 to $300,000 limit Towing and assistance, no deductible, $500 limit Fishing equipment, $250 deductible, $1,000 limit
What is Breach of Warranty?
That is coverage that primarily protects the lienholder's interest in your boat, paying off the balance owed but nothing more. If you breach the warranties in the policy, such as promising not to go outside your navigational limits, not to use your boat during the lay-up period, not to use your boat for anything but private pleasure use, and you do NOT have this coverage and experience a loss, you don't get paid for that loss and neither does the lender. You could end up making payments on a boat you cannot use.

This information provided by www.marinebankers.org
This is information is presented by Boat U.S., the nation's largest recreational boat owners association