Charter Boat Insurance

Set sail with coverage that meets your needs.

Charter boats offer an excellent source of income for many boat owners, as well as a great deal of fun for people looking to get out on the water and explore. Owning a charter boat does, however, come with its risks, so having the right coverage can keep your pockets secure, in case of emergency.

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Types of Charter Boats We Insure

At Wallace Welch & Willingham, we insure two types of charter boats: Owner operated six passenger charters and six passenger charters with a hired captain. These boats are not required to be U.S. Coast Guard certified.

Fishing & Sightseeing Charters

Fishing charters take customers out on the water to experience an elevated fishing experience. Fishing charters venture inshore and out further into the open water—sometimes 50 miles or more—which also furthers the risk of something happening. While sightseeing charters are meant for sailing on shallower waters, rest and relaxation are usually in order.

Requirements for Insuring Your Charter Boat

There are two important aspects to charter boat insurance coverage: protection & indemnity coverage, and hull & machinery coverage.

Protection & Indemnity Coverage

Watercraft Liability (sometimes listed as Protection & Indemnity) is 3rd party Bodily Injury (BI) and Property Damage (PD) liability coverage that comes into play when the insured vessel is involved in a boating accident during which a covered operator is at fault.

BI coverage pays for medical costs incurred from bodily injury, lost wages, sickness, or death related to the accident. This coverage also pays for legal fees and recompense for pain and suffering that may result from the accident. BI responds if you’re found negligent for bodily injury to others.

PD coverage pays for damage to other boats, property and structures. PD responds if you’re found negligent for damage to property of others.

The charter policy states the maximum number of charter passengers and crew agreed to by underwriters.

Crew Coverage

The Jones Act is a federal statute that provides a means for crew members injured as a result of negligence to recover for damages. Take care of those who work for you as captain or crew. Should injury occur during their duties, are they covered? Adding crew coverage also protects you as the vessel owner if they bring forward a lawsuit for a crew claim. This coverage is usually a separate endorsement to your charter policy and an additional premium is generally charged based on the total number of crew members. Always refrain from hiring crew unless this important coverage is purchased.

Hull & Machinery Coverage

Hull & Machinery coverage helps pay for the repairs to your boat, in the event of a covered loss. It may cover sudden and accidental damage caused by the following:

  • Damage from a weather event
  • Collision – damage to your vessel
  • Theft
  • Vandalism
  • Engine damage
  • Navigation equipment damage

Your policy will define policy coverage, terms and conditions.  Also refer to the policy for a list of exclusions which will apply.

Our marine advisors will use their experience and knowledge to assist you in weighing the cost of coverage against the potential risks when selecting the policy best suited to the unique insurance needs of your charter.

Find out if you have the right quantity and quality of charter boat insurance.

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Considerations for Insuring Your Charter Boat

Whether you run your charter boat operations part-time or year-round, our Marine Insurance Advisors offer versatile charter boat insurance coverage options at the most affordable rates available.

  • Part-time charter boat coverage
    Part-time charter operations can request an insurance coverage plan with endorsements that allow a set number of charter ventures on an annual basis.
  • Full-time charter boat coverage
    W3 also caters to vessel owners seeking a charter boat insurance policy for daily charter operations, including coverage options for crew members.

Charter Boat Insurance Coverage Options

Your charter charter boat insurance coverage options may include:

  • Physical Damage (Agreed Value)

  • Protection and Indemnity Liability Coverage (up to $2,000,000.)

  • Professional Angler Liability

  • Medical Payments Coverage up to $25,000 for clients/passengers

  • Personal Property & Fishing Tackle Coverage up to $5,000.00

  • Towing/Emergency Services up to $2,500.00

  • Tournament Costs Coverage

  • Extensive Navigation Limits

  • Extensive Trailer Coverage

  • Pollution Liability Coverage

  • Dockside/Ramp Liability Coverage

  • Disappearing Deductible

  • Terrorism Coverage

  • 24/7 Claims Service and Support

  • Optional coverage for your crew

  • Extended Legal Liability if you book trips on vessels you do not own

Standard Coverages for Charter Boat Insurance

A charter boat insurance policy can cover:

  • Damages to your vessel subject to charter policy provisions
  • Liability coverage, in the event someone sustains an injury while onboard.
  • Reimbursements for medical fees for you or anyone aboard needs to seek medical care.
  • Uninsured boaters coverage, if you or someone aboard your boat sustains injuries or if your boat is damaged by an uninsured vessel.
  • Towing coverage, in the event of a breakdown that leaves you or those aboard your boat stranded and unable to seek assistance otherwise.

How much is insurance for a charter fishing boat?

There is no one right answer to how much it costs to insure a charter boat.  Speak to our marine advisors to review coverage limit options.

How much you’ll spend for charter boat insurance depends on your business needs, the size of your boat as well as how often you plan to charter trips and number of crew.

Make sure you have the right insurance coverage for your charter boat.

Focus on exceptional journeys on the water without worry with a customized protection plan from W3 Insurance. Our experienced advisors will provide tailored insurance to protect your vessel, crew, and passengers. At Wallace Welch & Willingham, we provide both the highest level of customer service as well as affordable rates for charter boat insurance.

Request a Charter Boat Insurance Quote