Charter Boat Insurance

The west coast of Florida contains one of the strongest marine industries found throughout the United States. Inside of this industry, charter boat enterprises comprise a large portion of these vessels on both coasts of Florida. In almost all instances, charter boat enterprises will require charter boat insurance coverage for not only the vessel, but also potentially for crew members as well.

Charter Insurance: What to Expect

At Wallace Welch & Willingham, our boat insurance advisors address the coverage needs of numerous charter boat operations, ranging from the occasional charter venture to permanent, inspected vessels functioning as sightseeing, sport fishing, or water taxi passenger boats. Some of the other types of charter operations currently covered by Wallace Welch & Willingham include:

  • 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

    Wallace Welch & Willingham also caters to vessel owners seeking a commercial boat insurance policy for daily charter operations, including coverage options for paid crew members.

  • Jones Act/Paid Crew Coverage

    The Merchant Marine Act of 1920(also known as The Jones Act) federal act provides crew members a cause of action against the vessel owner if they are injured. All vessel owners are required to provide crew coverage for their seamen. If you have crew exposure and lack this critical coverage, you will be out of pocket for your defense cost and any monetary award in favor of the injured crew or their family. All of your assets are therefore at risk. A vessel owner who hires a captain/crew needs the proper protection in place to avoid this exposure.

  • Bareboat Charter Coverage

    If you allow another person to operate your boat as part of a charter contract and you are not on board, you will need bareboat charter coverage. The person chartering your boat will need to sign a statement absolving your business from liability in case of an accident or injury on board. Bareboat coverage policies typically limit the number of passengers allowed on board during a charter run.

  • Six-Pack Charter Coverage

    This is full-time commercial charter boat coverage designed specifically for boats that carry no more than six people at a time. These boats are not required to be U.S. Coast Guard certified.

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Charter Boat Insurance Requirements

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

Protection and Indemnity coverage is a type of boat liability insurance. It protects the vessel owner in the event you are sued. This insurance covers third-party injuries or property damages that are the result of your negligence and that occur while operating your boat. Protection and Indemnity coverage also covers any legal fees and court costs associated with an accident.

If your vessel is damaged and you have a covered hull and machinery loss, the charter policy helps pay for the repairs to your boat. This includes damage to the engine, navigation equipment or electronics, as well as damage from collision, theft, fire or severe weather event. It may even include replacing your boat if the damage is severe or the boat is stolen. There are two options for hull and machinery coverage: Named Perils or All-risk coverage (except as excluded)

With an extensive list of “A rated” insurance companies, you can trust Wallace Welch & Willingham to obtain versatile charter boat insurance coverage options at the most affordable rates available. Our Marine Insurance 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.

Charter Boat Insurance Coverage Options May Include:

  • Replacement Vessel Liability
  • Physical Damage (Agreed Value)
  • Protection and Indemnity Liability Coverage (up to $2,000,000.00)
  • 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 (in case of vessel sinking)
  • 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

Types of Charter Boats We Insure:

  • Sightseeing
  • Fishing Charters
  • Bareboat Fleets

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