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2 years ago · by · 0 comments

Boat Dealer Insurance Considerations

A boat dealership can be a profitable and rewarding business. Boat dealers need to make sure that they have adequate insurance coverage to protect their business from potential losses. Here are some key considerations when looking for a high quality boat dealer insurance policy.


If you sell boats for a living, it is inherent that you will need to hold inventory on your premise. As a boat dealer, you have attractive boats sitting out on your property 24 hours a day, every day of the year. There are many exposures that come with that inventory including theft, wind damage, and hail. As a result of the assets at risk, you will want to ensure your dealership inventory is properly covered with quality boat dealer insurance.

One of the key features of your inventory coverage is the valuation method. Generally the options will be Actual Cash Value, Replacement Cost with Co-insurance, or Agreed Value. The payment amount can vary wildly depending on the valuation method on your boat dealer insurance policy and any number of scenarios at the time of the loss. It is vital you know your limits and valuation in order to determine if your coverage is adequate.

Demos and Boat Shows

In your business, selling a boat typically requires you to perform a sea trial first. You want to make sure you have coverage for this in-water use of inventory in case the showing does not go as planned. Another aspect of selling a boat is the obligation of exhibiting at boat shows. Whether you put boats in the water or line them up at the Coliseum, boat dealer insurance can provide coverage for prospects and attendees to walk on your boats at every show.

Borrowed Boats and Loaners

Whether or not borrowed boats and loaners are covered under your boat dealer insurance policy can vary case to case. This is an important point for boat dealers, because many dealers both borrow and loan boats in the course of business. If you do not have liability coverage for these types of vessels, however, then you could face serious losses in the event that you become liable for a claim. If an injury occurs on a borrowed boat, for example, you could have to shoulder the full burden of the loss if your boat dealer insurance does not cover these risks.

Marine Operators Legal Liability

Whether you offer service, handle a brokered boat, or hold a sold boat while the owner makes pick up arrangements, you are in the care, custody, and control of a third party boat and are at risk if you do not have the adequate coverage in your boat dealer insurance policy.

Personal Use

Oftentimes, boat dealers will pull a boat from inventory for a day of fun boating. You will want to ensure your boat dealer insurance policy allows for this or has the proper endorsements allowing for this. Otherwise an accident while out on a pleasure trip could trigger an exclusion in your policy that would cause the claim to be denied.

Bumbershoot Policies

Bumbershoot policies are insurance policies that provide umbrella-type coverage. They cover a number of marine and non-marine lines and are often used for the commercial marine industry.

Bumbershoot policies can be very important for boat dealers, as they provide higher limits of coverage for serious losses that can potentially shutter businesses. Discuss your specific coverage needs with your boat dealer insurance agent, who can help you determine if a bumbershoot policy is right for you.

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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

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.
Very helpful and easy to work with.
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Excellent and prompt service.
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Terrific custom service and extremely well informed.
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Nick does a great job, very responsive service, good products.
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Great people, prompt service and they know their policies.
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Been with this company since 2011, had one claim and it was settled to my satisfaction very promptly, never had any type of problem. I would highly recommend them based on the service I have gotten from them.
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Nick McGinty & his team are top notch. Friendly, responsive, knowledgeable...Recently had an issue that was resolved quickly. They insure both my vessels and highly recommend them.
Great service, great prices and flexible pay plans
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Easy to do business with. Knowledgeable, and good price comparisons.
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The personal service and contacts I have with Maritime Insurance make me appreciate their "product" so much more than just sending my premium to some P.O. Box! Good people standing behind their service! Sincerely, Ken Byrd Pres. Charleston Yacht Carpentry Inc.
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I have just bought my first big boat! This is a process that requires people who know what needs to happen and helped me to get it done. Insurance is something that we hope never to need but offsetting the risk in a big purchase ...
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MII has been responsive, prompt in follow-up and competitive in cost quotes. Am pleased with their customer service and already have suggested to a colleague to pursue their services.
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This company makes super yacht insurance look easy. Very knowledgeable on vessels over 400 GT and they never miss an email. On my size vessel, there is no reason to shop around. Its the relationship with your agent that is imperative and must be seamless.
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Maritime's entire team has always been outstanding!
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Angie Fessler at the Maritime office went above and beyond to find us a policy to fit our event schedule. She is a blessing and we will be using you guys again this year.
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I've never had a problem with this insurance and the price was great as well. My local guy, Garrison Rudisill, always answers my questions and helps me with anything I need.
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My experience has been very professional and pleasant. They provided me with what I needed.
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Since day one, they have been there for us and on one particular day we needed them the most, they were there. We enjoy our relationship with the Charleston Team.
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I had a serious claim in 2015 while cruising in the Turks & Caicos islands and I got the very best of service even though I was in another country. They stood behind me while my boat was repaired. It doesn't get any better than ...
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Nick McGinty and his team are top notch people who understand their customers needs and provide quality insurance products in an efficient timely manner.
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They have exceeded all my expectations. We have multiple policies on several properties, prior to insuring through Maritime insurance this was a nightmare keeping track of things, with Nick and crew its a snap. Its like having a full time person on our staff just ...
Garrison R. has been fantastic to work with and is an asset to the company!
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Very knowledgeable staff who answered all my questions and the rates I received were far superior to anyone else's.
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Very responsive, honest and customer service driven. I was surprisingly impressed and my expectations were exceeded.
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I called insurance companies on a Friday to see who would be most helpful and responsive. Maritime Insurance was the ONLY company ready and willing to take information and prepare a quote. The customer service alone was worth using the company.
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Fast prompt service, no hassles.
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Great initial coverage policy and excellent follow-up skills for renewal...
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Has an awareness of the struggles of a small marine service company.. Did a great job finding affordable policy for our specific needs. Great communication and stays on top of my account concerns.
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Found you on internet. Nick McGintry and Nicky have exceeded my expectations. It's as great genuine and heart felt as the Four Seasons staff. And you were competitive.
Susan A.