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3 years ago · by · 0 comments

Charter Boat Insurance: Personal Effects, Liability & Loss of Income

Charter boats can provide a great source of income for boat owners, captains, and crew members. They can also provide a great source of recreation for people. Chartering a fishing boat or a boat for a cruise or tour can be a great way to get out on the water and have a good time.

However, it is very important for owners to have proper charter boat insurance coverage. There are many potential financial hazards that can occur if something goes wrong or if an accident occurs during the charter. Here are some things that owners should consider when they are looking for charter boat insurance coverage for their businesses.

Charter Boat Insurance: Liability or Protection & Indemnity

Liability coverage is extremely important for charter boat owners. Many different types of accidents can occur on the water. Inclement weather, striking submerged objects, and collisions with other boats can all cause injuries.

Most charter boat insurance policies will have liability coverage. However, the limits of this coverage can vary significantly from policy to policy. There may also be gaps in your liability coverage that you may not be aware of. For example, your liability coverage may only cover injuries that occur at sea. This can be a problem if one of your charter passengers gets injured on the dock, on an island, or anywhere else on your trip that is not on your boat.

When it comes to liability insurance, it is a good idea to make sure that your charter boat insurance policy has a coverage limit that is high enough for your exposures. Be sure to talk with your marine insurance agent to clarify any coverage gaps as well.

Charter Boat Insurance: Personal Effects

Personal effects are items that are not considered to be a part of the vessel. These items belong to individuals who bring them aboard the vessel. They can include things like clothing, sunglasses, coolers, cell phones, fishing rods and reels, scuba equipment, etc.

If an accident occurs on your charter boat, then there is a chance that personal effects worth a significant amount of money could be lost. Without personal effects coverage, the charter boat company could be held liable for personal effects losses. If the charter has a large number of people on it who have many personal effects on board, these losses could be very high.

So, when looking for a charter boat insurance policy, be sure to check for personal effects coverage.

Loss of Income or Charter Hire When a Claim Occurs

Because charter boat businesses rely on their boats to generate income, serious income losses can occur if something happens to their boat. For example, if a charter boat is damaged during a hurricane, like the recent hurricane Matthew, the owner may file an insurance claim, and there may be a period of weeks to months when the boat cannot operate if the damage is bad enough.

Many charter boats cannot afford to go for such extended periods of time with high income losses. For this reason, many charter boat companies purchase business interruption insurance. Business interruption insurance can replace lost income for covered interruptions.

This type of insurance can be extremely helpful if anything happens to your charter boat, and it is definitely wise to have a charter boat insurance policy that offers this type of coverage.

Get Covered Today

Request a charter boat insurance quote today, or simply complete an online application:

Inspected Charter Boat Insurance Online Application Uninspected Charter Boat Insurance Online Application




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Company Information

Maritime Insurance International
3 Lockwood Drive
Suite 302A
Charleston, SC 29401

Mystic, CT Office:
P.O. Box 30
West Mystic, CT 06388-0030

Annapolis, MD Office:
P.O. Box 3505
Annapolis, MD 21403

Wrightsville Beach, NC Office:
530 Causeway Drive, Suite F1
Wrightsville Beach, NC 28480

Contact Details

Phone: 843.606.5270
Fax: 888.482.6844

Monday - Friday: 9:00am - 5:00pm


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Professional, & courteous every time we've spoken. I would highly recommend ​t​his agency for boat insurance.
Carol P.