F.A.Q.
- How long has Global Marine Insurance Agency been in the boat insurance business?
- Where do you provide insurance coverage?
- Am I required by law to have insurance on my boat?
- Is price the most important factor to consider when purchasing boat insurance?
- How can I save money on my boat insurance?
- What types of coverage does my policy include?
- How does Global Marine handle claims?
- Can I get a quote today?
- Is there an extended payment plan?
- What forms of payments are accepted?
- How can I tell if GlobalMarineInsurance.com is a secure site?
- What if I need to re-access my quote?
- How do I use a Corporate Name as the Named Insured?
- Do I need to use Lay Up dates when quoting a boat?
- What is included in the purchase price and hull value?
- Why can't I insure the boat for more than its purchase price?
- Do I need to read the Important Company Information?
Q. How long has Global Marine been in the boat insurance business?
A. Global Marine has been in business since 1989.
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Q. Where do you provide insurance coverage?
A. Global Marine Insurance Agency is licensed to write insurance in the 48 contiguous United States.
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Q. Am I required by law to have insurance on my boat?
A. No. To the best of our knowledge there are no state or federal laws that require a boat owner to have insurance on a boat. However, if you have a loan using the boat as collateral the bank will require insurance coverage listing them as a loss payee to cover their interest in your boat. If you do not provide insurance for your financed vessel lenders will often “force place” insurance that is often extremely expensive. It is also our experience that most marinas will require you to maintain boat insurance in order to keep your boat at their facility.
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A. No. Price is definitely an important factor. However, the coverage that your policy provides is in our opinion the most important factor in choosing an insurance policy. Marine insurance policies are not standard products like home and auto insurance. While looking for insurance you should be most concerned with the details of how your claim will be covered in the case of a loss. As a boat owner you should select an agent and boat insurance policy that meets your specific needs. Differences in premium will often be made up quickly if you select an inadequate policy or unknowledgeable agent.
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Q. How can I save money on my boat insurance?
A. Most important is to choose a policy that best fits your financial and boating needs. Once you have found the appropriate coverage there are a few other factors that may influence the actual premium.
Navigational territory - Where you use your boat and when. It costs more to insure a boat in coastal waters than inland lakes and rivers, especially in areas exposed to hurricanes and tropical storms.
Boating safety education – Most insurance companies provide a credit for individuals who have taken a boating safety course from the US Coast Guard or US Power Squadron.
Good driving records – Individual's with clean driving records (no recent moving violations) often receive premium discounts due to their proven ability to operate vehicles in a safe manor.
Liability limits – Make sure that your policy covers your financial protection needs. However, typically the higher the liability limit, the higher the premium.
Deductible – If you raise your deductible and share in the exposed risk your premium will often be reduced. In making this potential choice it is important to consider your financial position if a loss would occur.
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Q. What type of coverage does my policy include?
A. The majority of the boat insurance policies that Global Marine Insurance Agency provides are Agreed Value policies. With this type of policy, in the event of a total loss you are paid an agreed value in the case of a total loss. Repairs for Partial Loss are covered on a "new for old" basis. Please refer to your individual policy for specifics. Even though we strongly recommend Agreed Value policies, Global Marine does offer some Actual Cash Value Policies as well. With these policies all covered property losses are subject to depreciation.
Most of the policies we provide have various levels of Hull , Liability, Personal Effects, Medical, Environmental, and Towing coverage.
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Q. How does Global Marine handle claims?
A. Unlike most marine insurance agencies we have individuals dedicated to helping you in the case of a loss. We will work with you and the company to get your claim handled quickly and professionally.
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Q. Can get a quote today?
A. Absolutely. Our “one of a kind” online rating system allows you to get multiple quotes quickly right over the web. In the case that your risk has factors that require further underwriting attention we have underwriters available at 800-748-0224 M- F 8:00 – 5:00 EST. The underwriters are also available via our “Live Chat” system on our website during these hours. If you need a quote outside of these hours please call 231-463-4925 and an underwriter will be able to get you a quote right away.
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Q. Is there an extended payment plan?
A. Yes. Most of the companies we represent have payment plans available to meet your needs.
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Q. What forms of payment are accepted?
A. Our customers enjoy the flexibility to pay via various methods such as check, credit card, and electronic funds transfer.
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Q. How can I tell if GlobalMarineInsurance.com is a secure site?
A. There are 3 items that indicate this is a secure site:
- The Verisign Secure Site Logo and information on our home page
- The Web address is https: The "s" means this is a secure site
- The padlock in the lower right-hand corner of your screen also designates a secured site.
Q. What if I need to re-access my quote?
A. Once you have received a quote, you will automatically receive an email from us with your quote information along with a “Reference ID” number. You can use this reference ID to access your quote from the GlobalMarineInsurance.com homepage.
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Q. How do I use a Corporate Name as the Named Insured?
A. Please input the Corporate Name in the Notes Section for the underwriter. We will review the information and add the Corporate name if it fits the company's underwriting guidelines. There may be an additional charge.
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Q. Do I need to use Lay Up dates when quoting a boat?
A. If there is period when the vessel is laid up (not used and decommissioned/winterized) it is advantageous to put those dates in the system. Although not all companies show a lay up period on the policy, many give a premium credit for that time period. ***If lay up dates are input and the client does not lay his vessel up for the winter months, the premium will be incorrect. There will be NO NAVIGATION COVERAGE for the vessel during that time.
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Q. What is included in the purchase price and hull value?
A. The purchase price and hull value should include the boat, motors and any additional equipment, such as electronics. The trailer and tender/dinghy should not be included in the amount as they are listed separately.
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Q. Why can't I insure the boat for more than its purchase price?
A. All of our companies offer Agreed Value hull coverage, which means that the client will be paid the hull coverage amount listed on the declarations page if the boat is deemed a total loss by the company. If the boat is insured for a higher amount and there is a total loss, the client stands to make a “profit” from the loss, which creates a moral risk.
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Q. Do I need to read the Important Company Information ?
A. You will be quoting with several different companies, all of which vary in numerous ways. The Important Company Information is specific to each company and supplies information on the company rating, important consideration, machinery depreciation and some of the major exclusions. This is where you will also find billing information. The Important Company Information page is designed to help you select the BEST coverage for you.
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