Whether you’re dry docked or enjoying life on the high seas make, sure you’re covered with comprehensive boat insurance from Henry M. Murray Agency in Annapolis, Maryland.
Accidents do happen. If your boat sinks, capsizes, is damaged by a storm or if you are personally injured, your boat insurance policy will provide the protection you need. We insure a variety of personal watercraft including power boats, sailboats, jetskis and wave runners. We also offer personal yacht insurance for power and sailboats 40 ft. and larger.
Boat Insurance Coverage
Selecting boat insurance is very similar to auto insurance. There are a variety of coverage options to meet your basic needs and expanded coverage options to increase protection over your investment. There are two basic parts to marine insurance: physical damage and liability.
Physical Damage Coverage: Coverage for accidental loss or damage to your boat, machinery and equipment caused by a wide range of perils including wind, lightning, fire, theft, collision, etc.
Liability Coverage: Also known as Protection & Indemnity or P & I, covers legal obligations that can arise from bodily injury or damage to another person's property as a result of the ownership or operation of your boat.
Other types of coverage are available for boaters including:
- Medical Payments
- On-water Towing
- Uninsured/Underinsured Watercraft
- Salvage Coverage
Comparing Boat Insurance Coverage
When it comes to boat insurance, it is important that you seek an agent who specializes in marine insurance. In Maryland, Henry M. Murray Agency has the expertise you're looking for. We are located in Annapolis and insure hundreds of boats and yachts of all shapes and sizes. We also insure many commercial marinas. Our independent insurance agents know the specific needs of boaters and can help you select the right coverage.
Since we are an independent insurance agency, we represent several different insurance companies. This allows us to give you several rates and compare several options side-by-side with no obligation or pressure to buy a specific policy.
How Can I Get The Best Rates?
When you're comparing different boat insurance policies, you have to look beyond the cost and compare the amount and type of coverage. As an independent insurance agency, we can help you compare boat insurance quotes from several carriers and determine which is the best value for your needs.
Boat Insurance FAQs
What is the differences between boat insurance and yacht insurance?
The term boat usually refers to a smaller vessel, while yacht refers to a larger one. We offer personal yacht insurance for power and sailboats 40 ft. and larger. Yacht insurance coverage may be broader or more specialized than typical boat insurance because of the distance yachts travel and/or additional equipment or personal belongings they may carry.
Is boating insurance required by law?
Boaters insurance is not required in the state of Maryland. If you have a loan for your boat, the lender may require you to carry liability insurance. Despite the fact that insurance is not required, it is in every boat owners best interest to at least carry basic boat liability and property damage coverage. This will protect you from legal liability in the unfortunate event you should have an accident that causes someone bodily injury or damages someone else's property.
How much can I insure my boat for?
There are two types of values that a boat can be insured for. One is Agreed Value which is the current market value of the personal watercraft including machinery, permanently attached equipment and electronics. The Agreed Value is the amount paid to you in the event of a covered loss without depreciation. Actual Cash Value, by contrast, is determined by the market value, age and condition of the watercraft. In the event of a covered loss, you will receive the actual cash value at the date of loss.
Get a Boat Insurance Quote
What makes Henry M. Murray Agency the "best" insurance agency in Annapolis? Our customer service and support, plus the fact that we specialize in boat insurance. Our independent agents can help you compare boat insurance quotes from several different carriers and help you pick the one that's right for you.
Contact us today for a boat insurance quote. Call 410.417.6505 or request a quote online.