Charter Boat Insurance: Protection, Requirements & Costs

Charter boat insurance is a specific type of marine insurance that is designed to protect a charter boat and its passengers, crew, and cargo.

Charter Boat Insurance is Mandatory

Because charter boats tend to be used more than recreation boats, and because there are almost always several people on board, charter boat insurance is required. Additionally, for these same reasons, charter boat insurance typically costs a bit more than regular boat or yacht insurance.

Many Companies Sell Charter Boat Insurance

It may be possible for you to buy charter boat insurance from the same company or companies that you use for auto insurance or homeowners/renters insurance. You should check with these companies and find out what they offer.  Aside from this option, there are insurance companies that specialize in marine insurance. To get the best deal, talk to at least a few different companies before deciding which policy most appropriately suits your needs.

There Are Many Types of Coverage

With charter boat insurance, you have some leeway regarding how much insurance to purchase. The different types of charter boat insurance range in coverage and usability. Some types of charter boat coverage include: part-time, full-time, and six pack. Part-time allows you to charter the boat for a specific number of days per year; full-time provides coverage for you to charter the boat everyday of the year; six pack provides coverage for up to six passengers aboard. Rules vary regarding paid crew on your charter boat. Determine how your charter boat will be used in order to know which type will be the most beneficial for you.