Watercraft

Your boat can serve as the ultimate weekend retreat or your next big adventure. Regardless of what type of boat you have or how you use it, we offer a wide range of watercraft carriers to fit your coverage needs and particular style of boating.

We can insure personal watercraft, small boats, big boats over 50 feet in length, performance boats that have speeds over 100 MPH, and boats used for charter.

Also know that on vessels that are older and over a certain length, you may be required to have a valid marine survey (usually dated 5 years or newer) available so the carrier can asses your boat for coverage. Some carriers like Progressive will never require a survey and build it into their pricing.

Carriers will also ask you for information about your previous boating experience. If you are purchasing insurance for a larger boat a company might also want to see you have experience operating a larger vessel. They can ask what types of boats you have owned in the past or operated, if you have any additional safety or navigational training, and if you have had any past watercraft losses.

Below you will find some useful information on what is included when you purchase a new policy.

Common Coverages

Physical Damage


You can purchase coverage for physical damage on your own vessel. There are usually three different coverage valuations you can choose from: Actual Cash Value - factors in depreciation Agreed Value - covers you up to a specified policy limit Replacement - if your boat is three years or newer some carriers will replace your totaled boat with a new boat of the same make and model




Liability Coverage


If you cause bodily injury or property damage your watercraft policy will respond. Fuel spill liability is also included when you have liabiity on your boat policy. The Oil Pollution Act specifies that your policy will cover up to $939,800 for fuel / oil spill even if the policy's limit is less.




Medical Payments


If there are immediate injuries on or around your boat your policy will help pay towards medical expenses




Uninsured & Underinsured Boater


If someone else causes bodily injury to you or damage to your vessel without adequate coverage, your own policy will respond and pick up your damages up to the policy limit.




Wreckage Removal


If your boat is damaged or sinks and needs to be retreived from the water your policy can help pay for the expenses involved




Haul Out


Sometimes the weather just doesn't cooperate. If there is an anticipated storm and you incur expenses from hauling your boat out of the water as a precaution, your policy can pay up to a percentage of the haul out expenses




On Water Services


If your boat encouters a mechanical breakdown or if you run out of fuel you can purchase coverage for towing & fuel delivery. Progressive offers Sign & Glide which allows access to a network of tow operators and other services such as weather inquiries and navigational help.




Personal Effects & Fishing Equipment


If you have items you commonly carry onto your boat and are damaged, you can purchase personal effects coverage. You can also buy special coverage for your marine electronics and fishing equipment up to a specified limit.




Increased Navigational Limits


Not every policy is the same in terms of how far they allow you to travel, where, and when. You need to be aware of the navigation limits and provisions provided on your policy. In most cases, carriers will allow you to navigate coastal US waters while putting restrictions on traveling south of the Carolinas during hurricane season. Depending on what company you are with, if your policy restricts navigation to certain areas you can purchase a trip endorsement if you provide the carrier with an itinerary of your travels.





© 2019 Summit Financial Group, Inc. 

Phone: 203-877-1645 Fax: 203-878-1175

Email: Info@insurewithsummit.com

288 Broad Street, Milford CT 06460

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