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Marine Insurance FAQs

Q. What types of losses are covered?

Policies are “All Risk” policies which cover all external causes of loss except those specifically excluded. Coverage includes losses caused by hurricane, theft, flood, fire, sinking, vandalism, collision, etc.
The liability section of the policy is called Protection and Indemnity (P&I) and provides coverage for any property damage or bodily injury you are responsible for, up to the policy limits. It also provides for defense if you are sued by a third party.

Q: Can I extend my Personal Umbrella liability policy to provide coverage over and above my yacht insurance? 

In most cases the liability portion of a yacht policy, know as Protection and indemnity, can be extended by a Personal Umbrella liability policy.  This will vary from company to company. Some have size and horsepower limitations.  If it is not, we recommend that you raise your P and I (Protection & Indemnity) liability coverage limit as high as possible.

Q. Is price the most important factor to consider when purchasing yacht insurance?

No. Price is an important factor. However, the coverage that your policy provides is in our opinion the most important factor in choosing an insurance policy. Marine insurance policies are not standard products like some other types of insurance . While looking for insurance you should be most concerned with the details of how your claim will be covered in the case of a loss.

Q: How can I save money on my yacht insurance?

Cruising area – where you cruise and when. It costs more to insure a boat in coastal waters than inland lakes and rivers, especially in areas exposed to hurricanes.
Boating safety education – You’ll receive a discount if you complete a safety course that’s been approved by  the Coast Guard or other regulatory authorities.
The size of your deductible – The higher your deductible the lower your premium.

Q: What is a Lay Up period?

This is a period of time when the vessel is laid up (not used and decommissioned/winterized) Not all companies show a lay up period on the policy, many give a premium credit for that time period.
There will be NO NAVIGATION COVERAGE for the vessel during that time.

Contact Us:

Sampson Insurance Agency LLC
14 Franklin Street
Quincy, Massachusetts 02169
Fax: 781-682-9740

Office Hours: 8:30AM - 4:30PM



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