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3 years ago · by · 0 comments

Insurance Considerations for Your Charleston, SC Charter Boat Business


If you are operating a charter boat business in the Charleston, SC area, then it is wise to understand some key pieces of information about charter boat insurance in this region. Being well informed is crucial to ensure that you have the proper coverage and knowledge you need to protect your charter boat business.

Here are some of the top charter boat insurance considerations for your Charleston, SC, charter boat business.

Loss of Charter Income

If your vessel goes out of commission as a result of a covered claim, you will want to understand if your policy will provide any loss of Charter Hire Income while you are down.  Some carriers will provide limited amounts for Charters already booked, however some of our carriers will allow us to customize the loss of Charter hire income to meet your specific needs.

Partial Loss Depreciation

 Most claims on Charter Boats are partial losses, where only a portion of your vessel is damaged and in need of repair. For guide boats, this is often a lower unit. It is important to note, for instance, that once outboard motors reach a certain age (which varies between companies), there will be depreciation applied at the time of the loss. This same principle will hold true for canvas and electronics as well. This is an important point that many don’t think about until there is a claim. Additionally, if you have upgraded any of these items, it is important to maintain receipts so you can supply them to your carrier at the time of loss—as it may eliminate the need for depreciation.

Overnight Guests

While this consideration is usually for the larger Charter Yachts, it is important for clients to know that most six passenger charter yacht policies will exclude coverage for over-night stays unless the captain remains onboard the yacht. We have come across a number of people who believe that B&B and overnight stays are covered under a traditional 6 pack policy, but this is not usually the case. Policies will generally require endorsements to pick up this additional exposure. Absent the endorsement, the carrier has the ability to decline coverage for these losses.

There are different charter boat insurance policies for inspected and uninspected vessels.

Six passengers or more? That is the question. If you plan to have over six fare paying passengers on your vessel, there will likely be a need for the vessel to have an inspected passenger vessel policy and a Certificate of Inspection by the USCG.  There are some scenarios where this does not hold true. For the vast majority of clients, however, this is the case.  If you are operating without a COI & Inspected vessel policy and have over six passengers on your vessel, it is vital that you discuss this with your insurance agent to make sure your policy will respond in the event of a claim.

Your local marine insurance company is also a national leader in marine coverage.

If you run a charter boat business in Charleston, SC, you’ll be pleased to know that your local marine insurance company, Maritime Insurance International, is also a leading provider of coverage across the U.S. We work with an extensive carrier network to provide a range of coverage options for both inspected and uninspected vessels.

Contact us today. Our agents will help you find the best charter boat insurance policies for your needs.




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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.