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There are three types of replacement coverage options available: guaranteed replacement cost, agreed value coverage and actual cash value coverage.

• Guaranteed Replacement Cost – this coverage most often applies to the first three years of your vessel’s life. If there is a total loss, the insurance company will replace old with new.
• Agreed Value Coverage – this coverage is usually applicable to the first 15 to 30 years of your vessel’s life. The insurance company agrees to pay the appraised value of the vessel.
• Actual Cash Value Coverage – this coverage applies to most vessels older than 30 years. In the event of a loss, the insurance company would pay for the value of your vessel minus depreciation.

You may be able to reduce your boat insurance premium by lowering your risk, reviewing available discounts and comparing coverage options. Savings and eligibility vary by insurer, but these strategies may help:

• Maintain a claims-free boating record: Follow boating regulations, use required safety equipment and operate your vessel responsibly.
• Complete an approved boating safety course: Some insurers offer discounts to boaters who complete recognized training.
• Choose a higher deductible: A higher deductible may lower your premium, but it also increases the amount you pay toward a covered claim.
• Ask about boat insurance discounts: Depending on the insurer, savings may be available for bundling policies, remaining claims-free or using eligible safety and security equipment.
• Review your boat’s value and coverage: Confirm that the insured value, navigation limits, usage and optional coverages continue to reflect your needs.
• Compare boat insurance quotes: A Navacord marine insurance advisor can compare options from multiple insurers and help you balance price, coverage and deductibles.

A marine survey is a comprehensive inspection which confirms the condition and value of your vessel and is performed by an independent, licensed surveyor. During the inspection, both the interior and exterior of the vessel are thoroughly examined and documented. The surveyor will provide you with a detailed report that outlines items related to the maintenance, safety, and seaworthiness of the vessel.

Boat insurance companies ask for marine insurance surveys in order to best determine the value and condition of your boat. These details help inform the safety of your watercraft, in addition to the anticipated level of risk associated with operating it. Since vintage vessels are more inclined to experience more problems, insurance companies will typically ask for a survey on boats that are more than 15 years old.

Yes, there are some scenarios in which you do not need a survey to get your boat insurance. Newer vessels that are under 15 years old may not require a survey. Shorter vessels under 21 feet also do not always require one as well. If you are not certain if you require a survey to obtain your boat insurance coverage, contact one of our marine insurance specialists.

The cost of marine surveys will vary based on both the age and size of your specific vessel. These will need to be performed by a licensed surveyor, who will typically charge a set rate per foot. Other appraisals, such as engine surveys are often billed for a set cost or fee.