The right coverage for your boat or yacht
Like any major investment, boats and yachts need the right insurance coverage. Travelers marine team has developed specialized marine coverage to help meet those needs. So whether you have a boat, yacht or an antique and classic runabout, you can cast off with confidence.
Boat and yacht policies can provide coverage for:
- Physical damage caused by a collision with a submerged object or another vessel
- Liability for bodily injury or damage to the property of others
- Damage to personal property on the boat
- Gas delivery, towing and assistance if your boat gets stranded
Travelers boat insurance not only covers boats under 26 feet, it is also one of the few programs to provide coverage for antique and classic runabout boats under 26 feet. Travelers yacht insurance, which covers boats 26 feet or longer, provides even more comprehensive coverage and options.
Savings for hybrid or electric boats and more
Along with our competitive rates and custom coverage options, including the choice of an Actual Cash Value or Agreed Value policy, you could be eligible for an array of money-saving discounts and advantages based on factors like your boating education, your boat's safety features, and the number of other Travelers boat or yacht insurance policies you have. Hybrid boats and electric boats may also be eligible for even more savings.
Plus you could save even more on your Boat and Yacht insurance when you buy other Travelers insurance policies like Auto insurance, Homeowners insurance or Condo insurance policies.
There when you need us
At Travelers Insurance, your complete satisfaction is our main concern. That's why we strive to make sure your claims are processed as quickly and efficiently as possible. Our trained marine claim specialists are available to assist you 24 hours a day, 365 days a year. So if you have a claim, we'll help you get your boat or yacht back on the water quickly.
Boat Insurance Coverage
At Travelers, we're committed to bringing you innovative insurance solutions that stay in-synch with your ever-changing life. When you take to the water, protect your family, guests and your investment with the very best in marine insurance. Our boat program is one of the most flexible boat programs available, designed to provide even greater, more cost-effective protection...
- 12-month coverage with no mandatory lay-up period
- Coverage up to 30 days may be available for most newly acquired boats' purchase price, as long as it meets underwriting eligibility requirements
- Marine claim experts available to assist you anytime
Insurance As Exceptional As Your Boat
Physical Damage coverage. Provides protection in the event of a collision with a submerged object or another boat.
Liability coverage. For bodily injury or damage to the property of others.
Personal Property coverage. Protects personal property on the boat including, but not limited to, your clothing, stereo system, cameras and other personal items.
Towing and Assistance coverage. To transport your boat to a repair facility when it's inoperable and you're stranded. Gas delivery for boats and roadside assistance are also available.
Flexible Pricing Programs
You choose. Agreed Value or Actual Cash Value coverage. Agreed Value entitles you to the "replacement value" on most partial losses involving your vessel, its furniture, fixtures and electronic equipment. Actual Cash Value earns you a substantial premium discount. In the event of a loss, settlement is based upon a depreciated value.
Education Discounts Up to 10 Percent. For safe boating courses, including Power Squadron and U.S. Coast Guard - 5 percent per boat for basic courses, 10 percent per boat for advanced.
Equipment credits. Available for safety equipment such as built-in fire extinguisher systems and burglar alarms.
Flexible payment options. You can pay your bill by: check, electronic funds transfer (EFT), phone or online. It's your choice. Visit Travelers.com to learn more.
Premium Discounts. Available if you already hold a Travelers Auto and/or Home policy.
Superior Claim Service
Our marine claim experts offer assistance round the clock. Just call 800.CLAIM33 (800.252.4633). At Travelers, you can always count on fast, efficient claim handling.
Travelers... A Name You Can Trust
Travelers is proud to be awarded one of A.M. Best's highest ratings, A+ (Superior)** for our financial strength.
**A.M. Best's rating of A+ applies to certain insurance subsidiaries of Travelers that are members of Travelers Insurance Companies pool; other subsidiaries are included in another rating pool or are separately rated. For a listing of companies rated by A.M. Best and other rating services visit www.travelers.com. Ratings listed herein are as of May 15, 2009, are used with permission, and are subject to changes by the rating services. For the latest rating, access www.ambest.com.
Printable Boat Brochure
Reward yourself with one more luxury - peace of mind.
At Travelers, we're committed to bringing you innovative insurance solutions that stay in-synch with your ever-changing life. Our yacht program provides comprehensive basic coverage, with personalized enhancements to match your individual needs. Our marine claim experts are on hand to assist you anytime. Your yacht is a luxury that you take great pride in. When you take to the water, protect your family, guests and your investment with the very best in marine insurance.
What sets Travelers yacht insurance apart from the rest?
- More inclusive basic coverage. Protection for which other carriers may demand additional premiums such as uninsured boater, personal property, medical payments, commercial towing, fuel spills, and dinghy.
- Broad physical damage coverage. Protection in the event of a collision with a submerged object or another boat.
- Protection and indemnity coverage. Provides liability coverage for bodily injury or damage to the property of others.
- Personal property coverage. Protects personal property on the yacht including, but not limited to, clothing, stereo system, cameras and other personal items.
- Towing and assistance coverage. Transports your yacht to a repair facility when it's inoperable and you're stranded. Gas delivery for boats and roadside assistance are also available.
Custom Coverage Options - Yachts 26 Feet And Longer
Travelers Yacht Program offers exceptional protection for your yacht with options to ensure maximum value.
- Hurricane escape reimbursement endorsement. Travelers will share 50 percent of the cost* to move the vessel to safety during a named hurricane watch or warning.
- Customized navigation territories. To match your needs.
- Dinghies/tenders. Under 16 feet with less than 25 horsepower.
- Lay-up discounts. For every month your yacht is kept out of the water.
*Up to $1,000/per occurrence and $2,000/per policy period.
Flexible Pricing Programs
You choose - Agreed Value or Actual Cash Value coverage. Agreed Value entitles you to the "replacement value" on most partial losses involving your vessel, its furniture, fixtures and electronic equipment. On yachts from 26 feet to 29 feet 11 inches, Actual Cash Value earns you a substantial premium discount. In the event of a loss, settlement is based upon a depreciated value.
Flexible payment options. You can pay your bill by: check, electronic funds transfer (EFT), phone or online. It's your choice. Visit Travelers.com to learn more.
Superior Claim Service
Our marine claim experts offer assistance round the clock. Just call 800.CLAIM33 (800.252.4633). At Travelers, you can always count on fast, efficient claim handling.
Travelers... A Name You Can Trust
Travelers is proud to be awarded one of A.M. Best's highest ratings, A+ (Superior)** for our financial strength.
**A.M. Best's rating of A+ applies to certain insurance subsidiaries of Travelers that are members of Travelers Insurance Companies pool; other subsidiaries are included in another rating pool or are separately rated. For a listing of companies rated by A.M. Best and other rating services visit www.travelers.com. Ratings listed herein are as of May 15, 2009, are used with permission, and are subject to changes by the rating services. For the latest rating, access www.ambest.com.
Printable Yacht Brochure
Coverage for Your Ocean Marine Business
Whether you are in the business of shipping cargo, operating commercial vessels or are simply cruising on an ocean-going luxury yacht, Travelers Ocean Marine insurance can help protect your interests at sea.
Antique & Classic Runabouts
At Travelers, we understand the pride and joy you feel as an antique boat owner, as well as the worry that oftentimes goes along with it. That's why we've crafted special boat insurance coverages for Antique and Classic Runabouts under 26 feet in length to ensure that your efforts and investment are well protected.
Comprehensive Coverage
Antique and Classic Runabouts enjoy the comprehensive coverage offered in our basic policy including:
Protection for uninsured boaters, medical payments, commercial towing and fuel spills
Physical damage coverage - In the event of a total loss, the policy is an agreed value policy whereby no depreciation will be taken and no deductible will be applied.
Broad navigational territories
No lay-up period
Enhanced Coverage
We offer you coverages that most competitors do not, including:
- For Physical Damage, in the event of a partial loss, the policy is a replacement cost policy and depreciation will be waived.
- A waiver of depreciation on machinery, hull and interior
- No mileage limitation on overland transportation in the U.S. and Canada
- Coverage to pay for land transportation to a repair facility in the event of structural damage to the hull
Claim service gets you back on the water quickly
If you have a claim, you can reach our Boat Claim Center 24 hours a day, 365 days a year for help. We have specialized marine claim representatives who are exclusively dedicated to handling your claims. They're available to resolve issues promptly so you can be back on the water quickly.
Printable Antique & Classic Boat Brochure
Boat & Yacht Insurance Discounts
Travelers Now Offers the First Insurance Discount for Hybrid Boats and Yachts!
Travelers has delivered another industry-first. You've heard the recent announcement of our Electric Boat Discount, we're now pleased to unveil our new discount* on Hybrid Boat and Yacht Insurance.
At Travelers, we're as innovative as the state-of-the-art technology that's being developed in the marine industry. Our new hybrid boat premium discount is another way that we stay in-synch with all of our customers' needs.
What is a Hybrid Boat?
Travelers defines a hybrid boat as one that is specifically designed to reduce green house gas emissions and conserve fossil fuels, as compared to an internal combustion engine boat.
A hybrid boat also utilizes an integrated propulsion system that incorporates in its original design, both an internal combustion engine (ICE) and an electric motor.
About the Hybrid Boat Discount:
The new hybrid boat insurance discount recognizes and rewards hybrid boat owners by offering up to a 10 percent discount off their boat insurance premium for hull and liability coverages.
The discount applies to hybrid boat and yachts
Available for both new and existing Travelers boat and yacht insurance customers.
Did you know?
- Electric boats are run by motors, not engines. This means they emit no combustion into the air.
- Electric boats are more efficient, breakdown less and require less maintenance.
- Standard top speed of 5-9 knots.
- Current electric boat vessels include pontoon, deck boats, and small fishing vessels.
Travelers Electric Boat Discount
Travelers is proud to be the first insurance carrier to offer a 10% discount* on boat insurance policies for electric boats.
Why is Travelers offering an Electric Boat Discount?
As habits are changing and more people are using electric boats, Travelers is ready to offer the innovative insurance solution that fits the evolving lifestyle of our customers.
With environmental concerns and escalating fuel costs top of mind for today's boater, the market for electric boats - and the number of electric-only lakes - is increasing. Our new electric boat insurance discount can help you to save on your annual insurance costs for your boat.
The Electric Boat Discount:
The new electric boat discount recognizes and rewards electric boat owners by offering 10% off their boat insurance policy.
Available for both new business and existing Travelers boat insurance customers. For existing customers, the discount is automatically added at renewal once the discount is available in their state.
Find a local independent insurance agent to help you learn more about Travelers Boat and Yacht products.
*A discount of up to 10% applies only to certain coverages. The discount may not be available in all states and is subject to individual eligibility.
Some Quick Facts
- In 2006, 70% of reported fatalities occurred on boats where the operator had not received boating safety instruction.
- Operator inattention, carelessness/reckless operation, excessive speed, and no proper lookout are the primary contributing factors in all reported accidents.
- Alcohol use is the leading contributing factor in fatal boating accidents accounting for nearly 20% of all reported fatalities.
- It is estimated that 423 lives could have been saved in 2006 if all boaters had worn life jackets.
Boating Safety
At Travelers we're committed to your boating insurance needs. We also know how important it is to stay safe on the water. As the boating season has officially started through most of the country, here are a few tips we offer to keep your boating season safe and enjoyable.
Wear a life jacket while boating
Coast guard approved life jackets are now more attractive in appearance and more comfortable to wear. Visit this year's Safe Boating Campaign website dedicated to the use of life jackets.
Keep fire extinguishers onboard
According to law, shipboard fire extinguishers must be of "B" category, which are effective against fires that are gas-based and other flammable liquids. Remember to keep extinguishers at multiple spots on your boat and to check the expiration date before each boating season.
Don't drink and boat
Alcohol use is the leading contributing factor in fatal boating accidents accounting for nearly 20% of all reported fatalities.
Fuel your boat properly
Gasoline vapors are heavier than air and can spread rapidly into enclosed spaces. Always run your blower for 5 minutes after fueling the boat to eliminate gasoline vapors. Check the bilges and all closed compartments for gasoline vapors before starting your boat. The sniff test is the most effective method for detecting fuel leaks.
Check the weather
Weather can change very quickly while you're out on the water. Check weather on local TV or The Weather Channel or visit the NOAA website for up to date weather information. Listen to the weather channel on your VHF radio. Use caution if the weather calls for Small Craft Advisories or storm warnings.
Participate in the Vessel Safety Check (VSC) Program
This is a free public service offered by the U.S. Coast Guard Auxiliary and U.S. Power Squadron volunteer organizations. Learn more at safetyseal.net. Take advantage of the Do It Yourself Vessel Safety Check to see how safe your boat is.
What does credit history have to do with insurance?
Over the last few years, many insurance companies have started using credit information to help determine what a customer pays for an insurance policy. In fact, over 90% of insurance companies use insurance scores, according to a study by Conning Research and Consulting Inc., a Hartford, Conn.-based research firm.
To help you better understand how your credit-based insurance score is calculated and how that "score" impacts what you pay for your policy, we have developed the following list of frequently asked questions. Please note that insurance scores are used only when and as permitted by law.
What is an insurance score?
An insurance score is determined by reviewing a consumer's credit history. A carefully developed and tested computer model performs this analysis, and looks at information such as payment history, whether you have filed for bankruptcy, if you have bills with a collection agent, any outstanding debts you may have, and the length of your credit history.
Unlike a "credit score," which is typically used when you are seeking a loan, an insurance score is used to help insurance companies accurately assign the best price available for your policy.
When calculating your insurance rate, insurers typically group consumers into categories. For example, driving record is the most often used category to help calculate the cost of a customer's auto insurance policy. Insurance scores are just another method insurance companies use to determine what you pay for your policy.
According to extensive industry and independent research, people with certain patterns in their credit history that result in a lower insurance score are more likely to have claims that need to be paid by their insurer. For instance, keeping your credit card balances below the maximum limit and making regular, on-time payments will result in a higher score. On the other hand, if you have a history of "maxing-out" your credit cards to their limits and submitting payments late, your score will be negatively impacted, meaning a lower score.
An insurance score DOES NOT take into account income, race, gender, religion, marital status, national origin, or geographic location. It only reviews your credit history.
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Why do companies use insurance scores?
Since insurance scores have been proven to be highly predictive of the potential for future losses, they help insurance companies determine the likelihood that a customer will file a claim, and thus allow carriers to set rates that are accurate and appropriate for each customer. This enables carriers to offer insurance coverage to a broader range of customers. What's more, many of these customers benefit from the use of insurance scores in the form of lower prices.
Insurance scores are used in the same way as other traditional underwriting factors. As a group, people with certain patterns in their credit history receive lower insurance scores and are more likely to experience a loss and file a claim. They are charged a higher premium to reflect that risk. This allows Travelers, and other insurers, to give better rates to consumers with higher insurance scores, who are less likely to file a claim.
Credit history helps predict the potential for future losses, but it is not the sole factor in determining the cost of your policy. It is one of several factors used to arrive at the best rate possible. Prior claim history is an important factor that is used to determine your rate.
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What information affects my insurance score?
In determining your insurance score, the following information is used:
- Payment history (Do you generally pay your bills on time or are you more than 60 days late?)
- Bankruptcy, foreclosures and collection activity
- Length of credit history
- Amount of outstanding debt in relation to credit limits (Are you "maxed-out" or are you well within your limits?)
- Types of credit in use (e.g., mortgages, installment loans)
- New applications for credit you have requested
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What if there is an isolated problem on my credit report?
Travelers recognizes that sometimes people face difficult circumstances, such as medical collections, divorce, or job loss. We have created an Insurance Scoring Resource Center (ISRC) to assist our independent agents and customers with issues like this. In most cases, an isolated instance of a late payment will not have a significant impact on your insurance score if you otherwise have an established pattern of responsible credit use. Your Travelers agent will contact the ISRC on your behalf if you have questions.
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How does Travelers use my insurance score?
Travelers uses your insurance score together with a number of other factors (including the factors mentioned above) to determine the best pricing level available to you. Generally speaking, customers who have higher insurance scores and no prior claims or accidents, qualify for our best price.
For those customers with prior claims or accidents, a higher insurance score will help them qualify for a better rate than a similar customer who has a significantly lower insurance score. In turn, customers with no prior accidents or claims, but who have low insurance scores, may also qualify for a competitive rate.
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The information in my credit history is personal and sensitive. What protection do I have against misuse?
Numerous federal and state laws and regulations are in place to protect you.
Under federal law, if the information in your credit history results in an "adverse action," by a company, that company must notify you and inform you about how to obtain a free copy of your credit report. You will also be provided with a description of your right to dispute the accuracy or completeness of your credit history.
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Will my agent have access to my credit report?
No. Your agent will be informed of your overall score when the policy proposal is created, but will not have access to the underlying information used to calculate that score.
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How can I improve my insurance score?
One of best things you can do is to make sure you pay your bills on time. That will help little by little with your credit history. You can also review how much credit you have. Are you up to your limit on a credit card? If so, that may also be considered an unfavorable factor. Consider how to reduce your debt without creating additional credit activity. Also, review your credit report regularly. Resources such as the American Insurance Association (www.aiadc.org) provide additional information about how to improve your credit history. Click here for a list of some ways to improve your insurance score.
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What if I need more specific information about insurance scores?
The Insurance Information Institute Web site (www.iii.org) contains a great deal of specific information on this topic under the "Credit Scoring" link. It also contains links to other helpful resources.
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