MARINE INSURANCE | FAQS

WHERE DO YOU PROVIDE INSURANCE COVERAGE?


Our agency is licensed to write boat insurance in all 50 states. Cruising extensions are available to Canada, the Bahamas and Mexico. We also utilize surplus carriers that enable us to write vessels outside of the United States.




AM I REQUIRED TO HAVE BOAT INSURANCE?


Boat insurance is not mandatory (however):

  1. If you have a loan using the boat as collateral the bank will require insurance listing them as a loss payee to cover their interest in your boat.
  2. Most marinas will require you to maintain at least liability insurance in order to keep your boat at their facility.




WHAT IS INCLUDED IN THE INSURED VALUE?


The insured (hull) value should include the boat, motors, generators or other machinery and any additional electronic equipment and accessories used for safety and navigation. The trailer and tender/dinghy should be listed and covered separately.




HOW DOES LATITUDE 34 HANDLE CLAIMS?


We have dedicated claims individuals helping you in the case of a loss. If you need to file a claim you may call us at 252-515-9090, and/or submit the information online at www.latitude34insurance.com/claims, or email agency@latitude34insurance.com. Our agency professionals will work with you to get your claim handled quickly. In many cases, photos of the damage and a written estimate for repairs are all that is needed to issue a claim.




WILL MY RATE(S) BE HIGHER AS A NEW BOAT OWNER?


Boating experience is just one of the factors that are incorporated into ratings. If you are a first-time boat owner, it is possible that you will pay more for boat insurance than an experienced owner with a comparable vessel. If you have little to no prior boating experience, it is difficult for a carrier to judge your ability to safely operate the vessel. We recommend that all owners, especially first-time boat owners, complete a Boating Safety course. This will help demonstrate your ability as a safe boater and can potentially mitigate a higher premium.




WHAT ARE NAVIGATION LIMITS?


All boat insurance policies have a stated navigational territory. You must stay within the navigational territory to remain covered. You can travel outside the navigation territory if you obtain an endorsement providing permission from the insurance company. It is important to examine the navigational limits in your marine insurance policy before planning any type of long cruise that will take you far offshore or across long mileage. Latitude 34 will help you determine if there are limits to your coverage and options for possibly expanding the navigational area in which you are insured.




IS ANYONE WHO DRIVES MY BOAT COVERED?


The general answer is anyone you give permission to use the boat is covered. The exceptions to this are marine professional personnel and if the boat insurance policy has a Named Operator endorsement. With a Named Operator endorsement only operators listed can operate the boat. Named Operator endorsements are common on high performance boats.




MY STATE REQUIRES I REGISTER MY TRAILER. WHAT DO YOU PROVIDE THAT I CAN TAKE TO REGISTER MY TRAILER?


You will need to get proof of insurance from your automobile insurance agent. Boat insurance policies do cover trailers for physical damage, but the liability while trailering is covered by your auto policy.




HOW CAN I SAVE MONEY ON MY BOAT INSURANCE?


Making sure your boat insurance policy fits your boating needs is the most important first step. After finding appropriate coverage for your vessel, there are several steps you can take that can potentially influence the cost of your boat insurance premium. Navigational Territory: The waters where you will be using your boat play a part in deciding how much you will pay. Boat insurance rates in coastal waters, especially if exposed to the threat of hurricanes and tropical storms, will be higher than rates for vessels using inland lakes and rivers. Lay up: Some marine insurance companies offer a credit for the amount of time a boat is decommissioned and not being used. Location: Keep your boat in a secure location – secure and protected from severe weather and/or secure from vandalism or theft. Boater Safety Education: Insurance companies will sometimes provide a credit for individuals that have taken and passed a boating safety course from the US Coast Guard or US Power Squadron. Good Driving Record: A clean automobile driving record, with no recent moving violations, often will help an owner receive premium discounts due to their proven ability to operate vehicles in a safe manner. Liability Limits: The higher your liability limit, the higher the premium. Selecting a policy with a liability limit that makes you comfortable and also covers what you plan to do with your boat will help keep costs manageable. Deductible: You can reduce your premium by raising your deductible and sharing in the exposed risk. It is important to consider your financial position, in the event of a loss, before agreeing to this option.





Latitude 34 Sailboat Two