Boats can be insured for an agreed value amount or on an actual cash value (market value) basis. Engines are usually insured for replacement cost. As water ways increasingly become congested, most marinas mandate that boats using their facilities carry their own insurance.
Perils covered are Losses and/or damages caused by
The following extensions can also be considered on request but subject to additional premium and at terms & conditions agreed.
Premium rate for yachts and boats depend on age, construction, navigation, purpose of usage [private or commercial], passenger capacity, previous loss history etc.