Expert Strategies & Tips For Buying Charter Boat Insurance

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Charter boat insurance can save you from expensive out-of-pocket repairs when damage occurs.

For this reason alone, it’s a good idea to get charter insurance. 

On top of this, you'll need charter boat insurance to cover any injuries that passengers or employees may incur, and will keep you on the waters. 

Charter Boat Insurance

What is Charter Boat Insurance?

Charter boat operators need to have insurance to cover accidents and liability.

From small bass boat insurance, yacht charter insurance, barefoot charter insurance, to massive luxury super yacht insurance, all charters need insurance to cover the hull and machinery, personal injury and property damage, crew coverage, passengers, and medical payments. 

Charter boat operators can also get coverage for diving excursions, and even insurance to cover their mortgage payments should something happen to the boat. 

Business insurance options for charter boat businesses are pretty vast, we will discuss which policies you will need and a few you may want to also consider. 

Should a Charter Boat Company have Insurance? 

Anyone who owns or operates a charter boat company should have insurance.

Accidents can happen at any time, and insurance offers financial protection for damage and injuries. 

What About Charter Boat Captain Insurance?

Typically, the insurance the Charter Boat Company carriers will cover all of the crew on the ship. 

However, some charter insurance won't cover the charter boat captain if they are not an employee and are acting as an independent contractor. 

Even if this is the case, if you are an independent contractor it will be a good idea to carry your own charter boat captain insurance policy. 

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Do I Need Charter Insurance? 

If you operate a charter boat, even a small six-pack boat, you should protect yourself and your guests from claims and accidents.

Insurance companies can customize quotes to meet charter boat owner’s and operator’s needs. 

Without boat charter insurance, you could be financially responsible for personal injuries, damage to your boat, accidents at the dock, or other costly expenses. 

Charter Insurance

Best Charter Boat Insurance Companies

What Insurance Does a Charter Company Need?

Charter boat companies need insurance that covers their boat, crew, and customers.

Vessel and hull coverage offers financial protection for repairs resulting from fire, natural disasters, and other accidents.

Charter boat companies need coverage to pay for medical expenses if the crew and/or customers are injured. 

Insurance companies also offer coverage for accidents that damage docks.

They also provide coverage for personal items, divers, excursions, and other services the charter company offers. 

Repairing boats, paying for medical expenses, and getting legal representation is expensive, so charter boat companies should insure their boats to reduce their out-of-pocket costs if accidents happen.

What Types of Charter Boat Captain Insurance Do I Need? 

A charter boat captain will want to carry commercial general liability insurance and possibly a specialized marine umbrella insurance policy

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Other insurances Charter Boat companies may consider? 

Charter boat companies should consider adding coverage based on their unique services. 

Charter insurance include optional features that cover:

  • Towing and emergency services
  • Marine general liability
  • Shoreside liability
  • Breach of warranty
  • Eco and nature tours
  • Expedition charters
  • Pollution liability

Marine general liability insurance covers liability that may occur on the charter boat. 

If your charter business has an office or a store, marine property liability insurance will protects it. 

Shoreside liability protects the charter boat company if customers or crew have an injury while sailing, taking a nature trek, or wading in the water. 

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How Much Does Charter Boat Insurance Cost? 

Charter boat insurance cost depends on the size of the boat, the amount of protection, and the types of coverage you need. 

Charter boat owners who only go out on occasional fishing trips might pay between $50 and $100 per month for $1 million in coverage.

The cost increases significantly to insure mega yachts or charter boats with more capacity and excursions. 

The best way to learn how much charter boat insurance costs is to speak to get a free online charter boat insurance quote. 

They can customize your coverage based on cost to cover your boat and the charter and excursion services you provide. 

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