Markel Boat Insurance: Is It Worth The Hype?

Markel Corporation is a holding company for insurance and investment operations worldwide. They offer a wide range of insurance services, including boat insurance. Markel has been in the marine insurance business for over 45 years, providing coverage for boats of all kinds, including yachts, sailboats, and speedboats. They offer customizable policies tailored to individual needs, including water-sport liability, medical payments coverage, and diminishing deductibles. Markel boat insurance provides comprehensive protection for your vessel, with additional benefits such as fishing equipment coverage and tournament fee reimbursement. However, reviews for Markel Insurance Company across various types of insurance are mixed, with some users complaining about billing issues and denied claims.

Markel's boat insurance discounts

Markel offers a range of discounts on its boat insurance policies, which can save customers up to 35% in total. Firstly, Markel offers a diminishing deductible program, where customers' deductibles are reduced by 25% for each year they don't have an accident, with no deductible at all after four accident-free years. This can save customers over $1,000.

Markel also offers discounts for experienced boaters (those with over five years of experience), multiple units under the same policy, outboard propulsion, primary operators aged 40 and over, and diesel engines.

In addition to these discounts, Markel provides flexible payment options and lay-up options, where customers can discount their yacht insurance premium during the winter months when their yacht is not in use.

Markel's yacht insurance

Markel has been a leader in the marine insurance industry for over 45 years. The company provides a high level of expertise and experience in marine insurance, specialising in both inland marine and ocean marine insurance.

Markel yacht insurance offers distinct advantages in coverage features, options, knowledge and experience. Each Markel yacht insurance policy can be customised to fit your yacht, your needs, your budget and your style.

More Complete Coverage

Markel offers more complete coverage than any other carrier at no additional cost. The company provides experienced yacht underwriters and marine claims specialists who offer prompt and responsive services.

Discounts and Cost-Effective Coverage Options

Markel offers various discounts and cost-effective coverage options to help you save money. These include the lay-up option, where you can discount your yacht insurance premium during the winter months when your yacht is not in use. You can also choose a higher deductible if you can manage minor repairs to your yacht yourself, which will further reduce your premium.

Flexible Payment Options

Markel understands that yacht ownership can be expensive, so they offer flexible payment options to make insuring your yacht more manageable.

Actual Cash Value Coverage (ACV)

You can reduce your coverage to ACV, which factors in the depreciation of your yacht if you need to file a claim.

Windstorm Exclusion

If you live in an area that is not at risk for hurricanes, you may exclude windstorm coverage from your policy to lower your premium.

Liability-Only Coverage

Markel offers protection and indemnity (liability-only) coverage if you are responsible for injuries to another person or damage to another boat or property. Many carriers do not offer liability-only policies for yachts, or if they do, they require a survey. Markel's protection and indemnity coverage does not require a survey, giving you peace of mind while you're out on the water.

Markel's marine insurance experience

Markel has over 45 years of experience in the marine insurance industry. The company offers a wide variety of marine insurance coverage for almost any type of boat or watercraft. Their marine insurance offerings include specialised coverage for boats 26 feet or less, such as pontoons, runabouts, and fishing boats, as well as coverage for watercraft greater than 26 feet in length, including yachts, sailboats, sport fishing boats, trawlers, and houseboats.

Markel's marine insurance provides coverage for personal watercrafts (PWCs) such as Jet Skis, Sea-Doos, and WaveRunners, as well as high-performance boats capable of speeds of 66 to 120 mph. They also offer flexible inland marine insurance solutions, including customisable coverage for diverse risks and marine-related properties. Markel's team has the experience to offer multi-line package solutions to clients such as marinas and boat dealers.

Markel's boat insurance policies are tailored to fit individual needs, taking into account the type of boat and the owner's favourite activities. They offer a range of deductibles and options to increase the deductible for a premium credit. Markel also provides watercraft physical damage insurance protection, covering repairs or replacement if the boat is damaged or stolen.

The company has a fast and easy claims process, with dedicated and empathetic claims professionals who have specialised knowledge in their product lines. Markel is committed to investigating, evaluating, and resolving marine insurance claims in a timely manner.

Markel's coverage for unique boats

Markel offers coverage for a wide range of unique boats that other insurers may not cover. This includes high-performance boats, airboats, hovercraft, and more. They provide customizable policies tailored to your individual needs, taking into account the type of boat you own and how you use it.

For boats over 26 feet in length, such as yachts, Markel offers comprehensive coverage options. Their yacht insurance includes protection for the hull and equipment, consequential damage coverage for non-wood yachts, and ice and freezing damage coverage if you hired a commercial marina or repair facility. They also offer agreed value for total loss, waived deductibles on most total losses, and no depreciation on most partial losses.

Markel's boat insurance policies are designed for various watercraft, including antique boats, pleasure boats, pontoons, runabouts, fishing boats, and speedboats. They provide watercraft physical damage insurance, covering repairs or replacement if your boat is damaged or stolen. Markel also offers agreed value watercraft and equipment coverage, where you agree on the value of your boat, which will be paid out in the event of a total loss.

Additionally, Markel provides personal effects coverage for items like cell phones, MP3 players, cameras, water skis, and personal flotation devices. They also offer consequential damage coverage, which protects against fire, explosion, sinking, or collision due to wear and tear. If you require on-water commercial towing assistance, their emergency towing and assistance coverage can help with reasonable costs.

Markel's unique boat coverage demonstrates their flexibility and commitment to protecting a diverse range of watercraft. With their expertise and tailored policies, you can rest assured that your unique boat is insured according to your specific needs.

Markel's boat insurance claims

Markel has been providing marine insurance for over 45 years and offers a wide variety of insurance coverage for almost any type of boat or watercraft. Their boat insurance policies are tailored to fit your individual needs, with the company considering the kind of boat you own and your favourite activities when customising your policy.

Markel's boat insurance covers boats of all ages, from antique to pleasure boats, pontoons, and more. They also offer insurance for unique boats that other insurers may not cover, such as high-performance boats, airboats, and hovercraft.

Their policies include watercraft physical damage insurance protection, watercraft hull and equipment coverage, agreed value watercraft and equipment, replacement cost coverage, personal effects insurance protection, consequential damage coverage, ice and freezing damage coverage, ultimate drive coverage, watercraft liability, pollution liability, medical payments, uninsured boater, and emergency towing and assistance.

Markel's claims process can be initiated by calling their office at +1.800.236.2453 or by submitting a claim online. They are committed to investigating, evaluating, and resolving marine insurance claims in a timely manner. To streamline the claims and settlement process and avoid delays, they advise providing the following information when filing a claim:

• Date, time, and location of loss or damage
• Description of loss or damage
• Digital photos (if possible)
• Phone number to reach you

Frequently asked questions