markel yacht insurance

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Best Boat Insurance

Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.

RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on travel, entertainment, household services and more.

• Progressive is our top boat insurance recommendation for its low average prices and a wide variety of coverage options.
• Markel offers the best boat insurance coverage options out of the providers we’ve reviewed.
• Comparing multiple quotes is the best way to find cheap boat insurance  with the right coverage for your needs.

The best boat insurance companies offer coverage options that suit your needs, costs that fit your budget and customer service you can depend on. Some of the insurance industry’s biggest names also offer marine coverage, but does it line up with their other products?

In our boat insurance study, we at the Guides Auto Team took an in-depth look at the coverage, costs, reputation and more of a wide range of leading providers. After considering the data and many customer reviews, this is what we found.

Who Has The Best Boat Insurance?

We found that Progressive has the best boat insurance policies out of the providers we reviewed due to its comprehensive coverage options and extensive discount offerings. BoatUS, Markel, National Boat Owners Association, State Farm and Foremost also have some of the best boat insurance plans on the market.

Best Boat Insurance Reviews

When researching boat insurance providers for our industry-wide boat insurance study, our team took into account each company’s industry reputation, the availability of its coverage, its coverage selection, the cost of its coverage and customer sentiment. The following table shows the top best boat insurance providers based on the results of that study:

Best Boat Insurance Companies

Below we’ve broken down the best boat insurance companies, what makes their policies stand out along with their unique coverages and discounts.

1. Progressive: Best Boat Insurance Company

Progressive boat insurance review.

Progressive boat insurance scored the highest of all providers in our study, earning the title of the best boat insurance company. The well-known auto insurance provider offers a slew of coverage options for boat owners, and a large selection of discounts including an option for bundling with a Progressive car, RV or homeowners policy.

Notable Progressive Boat Insurance Coverages

• Propulsion Plus ® mechanical breakdown coverage : Similar to an extended car warranty , this MBI policy pays for mechanical repairs to stated components on your boat.
• Trailer trip interruption : This trip interruption coverage reimburses up to $500 in food, transportation and lodging costs if you break down more than 100 miles from home.
• Sign & Glide ® on-water towing : Progressive offers a towing package as an add-on to your boat insurance policy.

Notable Progressive Boat Insurance Discounts

• Prompt payment : Progressive actually starts its policyholders out with a discount for making their first payment on time. This discount continues as long as the policyholder continues to make on-time payments. 
• Original owner : You can get a discount if you are the original owner of the vessel and have both collision and comprehensive coverage as part of your boat policy.
• Advanced quote : If you buy your watercraft insurance at least one day in advance of the policy beginning, you can get a discount.

2. BoatUS: Best Boat Insurance Member Organization

Boatus boat insurance review.

As one might expect, BoatUS offers a wide range of specialized coverage options. Add-ons such as fishing guide coverage and a lifetime repair guarantee may be especially appealing to serious boaters and professionals. BoatUS also offers some of the insurance industry’s most expansive cruising areas, which is a significant perk for dedicated boaters.

Notable BoatUS Boat Insurance Coverages

• Fishing guide coverage : If you use your boat for tours, fishing or other business purposes, this coverage adds commercial liability coverage for up to six passengers.
• Unlimited towing : You can purchase an unlimited towing package with 24/7 dispatch from the company’s partner organization TowBoatUS.
• Trailer coverage : BoatUS offers a towing trailer package that covers your boat trailer. The company includes roadside assistance with this package.

Notable BoatUS Boat Insurance Discounts

• Multi-boat : You can earn a discount if you insure more than one boat under the same policy.
• Bundling : BoatUS offers a discount for bundling your boat policy with a Geico auto insurance policy.

3. Markel: Best Boat Insurance Coverage

Markel boat insurance review.

While the company has plenty of coverage options suited for all types of boaters, Markel is a specialty boat insurance provider that’s a particularly good choice for serious boaters and fishing professionals. The company offers commercial liability coverage for fishing and other boat-based businesses. Fishing pros can also get coverage for rods, reels and related equipment.

Notable Markel Boat Insurance Coverages

• Fishing equipment : Markel offers coverage for all your fishing equipment, ranging from your tackle box to your trolling motor. 
• Professional liability : Tour guides, professional fishers and others who use their boats for work can add commercial liability insurance to their policies. This covers injuries and property damage that occur while your boat is being used for business.
• Tournament fee reimbursement : You can add insurance to cover the cost of a fishing tournament entry fee if your boat is out of service following a covered accident.

Notable Markel Boat Insurance Discounts

• Mature operator : If the primary operator of your boat is over the age of 40, you’re eligible for a discount from Markel.
• Experienced driver : Boaters with more than five years of experience can get additional savings on their policy.
• Diesel engine : If your boat’s inboard or outboard motor uses diesel fuel rather than gasoline, Markel offers a discount.

4. NBOA: Best Boat Insurance Marketplace

Nboa boat insurance review.

In our study of boat insurance providers, the NBOA was the best option we found for comparing policies from multiple companies. The NBOA doesn’t manage or underwrite boat insurance policies itself. Instead, the organization functions as an insurance marketplace where you can work with agents to match your needs with a plan and provider. The NBOA works with a network of marine insurance companies, so options will vary and an agent can help you determine what those options are for you.

NBOA Boat Insurance Membership

Although you don’t need to be a member to purchase coverage, NBOA membership provides several perks. As a boating organization, the NBOA offers its members a wide range of benefits such as discounts, towing services and more. Membership to the organization is not included with an insurance policy you buy through the NBOA, but it’s easy to purchase a membership if you choose to do so.

5. State Farm: Best Commercial Boat Insurance

State farm boat insurance review.

State Farm is the country’s largest insurer, making it an obvious option when it comes to boat insurance. While the company offers coverage for everyone, it excels when it comes to commercial boating insurance options.  While options like fishing-related coverage aren’t that hard to find from boat insurance providers, coverage for boats rented to and from other people is scarce. State Farm boat insurance offers both in addition to several other options for people who work on the water.

Notable State Farm Boat Insurance Coverages

• Boat rental reimbursement and liability : This coverage functions similarly to rental car coverage for auto insurance. It covers the cost of a rental boat while yours is being repaired and includes liability coverage on the rented boat.
• Boat rental liability : You can purchase coverage for boats you rent from others to protect you in the event of an accident.
• Boat rented to others : State Farm offers coverage for boats you own and rent out to others.

Notable State Farm Boat Insurance Discounts

• Freshwater : You can get a discount in some areas if you only use your boat in fresh water.
• Lay-up : State Farm offers a discount for establishing a lay-up period — a set period of time in which your boat is stored and decommissioned.

6. Foremost: Best Included Boat Insurance Benefits

Foremost boat insurance review.

Foremost is a specialty insurer for its parent company Farmers, one of the country’s largest insurance providers. In addition to the traditional way of building a policy by picking and choosing coverages, Foremost offers unique pre-configured coverage packages that are curated for different types of boats and boaters. Foremost also includes emergency on-water assistance with many of its policies.

Notable Foremost Boat Insurance Coverages

• Boat lift : You can get additional coverage for your boat lift in case it breaks or gets damaged.
• Hurricane haul-out : This add-on covers some or all of the cost to move your boat to safety if it’s in the path of a hurricane.
• Pollution liability : You can add insurance to cover many of the costs related to fuel spills and other polluting incidents. These include cleanup, civil penalties and more.

Notable Foremost Boat Insurance Discounts

• Paid-in-full : You can get a discount on your boat policy if you pay for it up front rather than by monthly payments.
• Safety course : Foremost offers a discount for completing a state-approved boat safety course.

Best Place To Get Boat Insurance: What To Consider

When looking for the best place to get boat insurance for you the coverage that you can get on policies, the types of boats you can insure and what affects costs are incredibly important to know. You may also not need boat insurance depending on how you use your boat and your location. So we’ve made a comprehensive guide to boat insurance below to help guide you through your buying process.

What Does Boat Insurance Cover?

Boat insurance covers what you want it to cover, for the most part. While there are some scenarios in which you’re required to have boat insurance, you can typically build a policy to suit your needs. That can mean inexpensive liability-only coverage, a comprehensive full coverage policy or anything in between.

Types of Boats You Can Insure

Companies have different restrictions on which types of boats they’ll cover. For example, some providers offer insurance for personal paddle boats like canoes and kayaks while others don’t. 

Exclusions vary by provider and sometimes by location, but these are the most common types of boats you can insure:

• Fishing boats : Sometimes called bass boats, these vessels are designed for fishing, featuring trolling motors and other equipment for the sport. 
• Personal watercraft (PWC) : Typically built for one or two people, these jet-powered watercraft include Jet Skis, WaveRunners and Sea-Doos.
• Pontoon boats : These vessels feature a flat deck riding on two or three sealed metal tubes, and are typically large enough to accommodate a group of people.
• Powerboats : Also known as motorboats, these types of boats feature one or more outboard, inboard or jet motors and are useful for a wide range of activities.
• Sailboats : While sometimes outfitted with a motor for backup, these boats have one or more sails to harness wind power.
• Yachts : These luxury liners are typically well appointed and can cost millions of dollars — meaning that some insurers do not offer yacht insurance, as the boat cost is more than some providers are willing to cover.

Standard Boat Insurance Coverage

The standard types of boat insurance are similar to the ones you’ll find for auto insurance. Boat insurance policies can cover damages you cause as well as damages caused by others.

These are the standard coverage options you’ll find with most providers:

• Bodily injury liability : Covers medical bills and lost wages of other parties if you’re found at fault for an accident. 
• Property damage liability : Covers damages to other boats and property if you’re at fault for a boating accident. 
• Collision insurance : Provides damage coverage for your vessel and personal property after an accident no matter who is found at fault.
• Comprehensive insurance : Covers damages to your boat from sources other than accidents, such as floods, extreme weather, vandalism, fire and more. 
• Medical payments : Covers medical expenses for you and your passengers regardless of who is found at fault for a boating accident.
• Uninsured watercraft coverage : Covers damages if the at-fault boat operator lacks sufficient insurance coverage.

What Is Full Coverage Boat Insurance?

You may have seen or heard the term “full coverage” used to describe a type of insurance policy. A full coverage boat policy includes liability, collision and comprehensive coverage. When you have all three, you and your boat are covered in almost every situation, whether on the water, in transit or in storage.

Optional Coverage and Add-Ons

Providers also offer various optional coverages you can add to your policy. These may insure additional equipment on or for your boat, offer emergency services, protect your business or cover many other related boating costs.

Coverage add-ons differ from one provider to the next. In the world of boat insurance, some providers tend to specialize in insurance products geared more toward professionals and others who spend a lot of time on the water, while other insurers may cater more to a recreational boating and watersports clientele.

What Doesn’t Boat Insurance Cover?

For everything your marine insurance policy can cover, there are a few things almost no policy will. Most insurers exclude damage from the following sources:

• Damage while using drugs or alcohol
• Deterioration
• Manufacturing defects
• Renovations
• Servicing and maintenance
• Wear and tear

How Much Does Boat Insurance Cost?

The average cost of boat insurance is between $200 and $500 per year . However, boat insurance premiums vary widely depending on several variables and the cost of your policy could easily fall outside of that range.

Marine Insurance Cost Factors

The reason the cost of boat insurance varies so much is that there are typically many variables that factor into these costs. Not all insurers consider the same factors or weigh these factors the same. That’s why you’ll get different quotes from different providers for the same boat.

Agreed Value vs. Actual Cash Value Coverage

There are two main ways that your policy can value the replacement cost of your boat in a total loss — agreed value or actual cash value. Some insurers only offer one or the other and some offer both.

An agreed value policy covers an amount you set with your provider at the start of your policy. This amount stays the same for the duration of your policy, regardless of the age of your boat or market conditions.

An actual cash value policy, on the other hand, pays out for a total loss based on the value of the boat at the time of the accident. This amount includes depreciation and considers market factors as well.

Agreed value policies, as one might expect, tend to be more expensive.

Boat Condition

Boats in worse condition are more likely to suffer further damage and therefore may be considered riskier to insure. Some insurers require a full inspection of your boat before agreeing to cover it. If your boat is in poor condition, you may have to pay more for coverage.

Boating Horsepower

Speed is one of the most significant risk factors for boating accidents. Many insurers charge higher rates for powerboats with high-horsepower engines.

Cruising Area

Some providers ask you to declare a cruising area when you request a quote. This is the area where you intend to use your boat.

The larger your cruising area is, the more you’ll likely have to pay for coverage. Insurers may also charge more if your stated travel area includes high-risk places.

Deductible Amount

You’ll typically get to set the deductibles on your policy. These amounts could be as little as zero dollars or could range into the thousands.

While a low deductible means you won’t have to pay as much out of pocket for repairs or a replacement, it also means you’ll pay a higher premium.

Most boat insurance providers offer discounts that can bring the cost of coverage down. Many of these discounts are similar to those you’d find with a reliable car insurance company , such as multi-policy discounts for combining your boat policy with your homeowners insurance.

Some insurers also offer discounts that are unique to the boating world, such as one for having a diesel-powered motor rather than a gasoline-powered one. Another common boating insurance discount is one given for installing an onboard fire suppression system.

Storage Location

Your boat is still at risk when it’s in storage, so where you store it can play a role in the cost of your premiums. Boats that are stored in areas with higher risk factors, such as those prone to tornadoes, floods, hurricanes and other natural disasters, may drive higher premiums.

Type and Amount of Coverage

Of course, the types of coverage and limits you choose are a major component of the premiums on your boat insurance policy. The cheapest boat insurance policies are typically liability-only coverage, but you can choose to cover much more.

Do You Need Boat Insurance?

There are a few situations in which you need boat insurance. These are the most common:

• Your state requires it : Only Arkansas and Utah require boat owners to maintain an insurance policy. If you live in either state, you’ll need to meet its minimum insurance requirements.
• Your marina requires it : Some marinas require boaters to have liability coverage. As a result, some providers offer insurance plans that are designed to fit these requirements.
• Your lender requires it : If you took out a loan to buy your boat, the lender may require you to insure it up to a certain amount.

Risks of Boat Ownership

Owning a boat comes with many risks. Boat insurance can help cover those risks and protect your finances, as well as offer you peace of mind. 

Here are some of the most common ways your boat can be damaged:

• Collisions : Whether between two vessels or between a boat and a stationary object like a rock or a pier, a boating accident can cause injuries and property damage.
• Damage during storage : Your boat can be damaged even when it’s in storage. It’s not uncommon for boats to be scratched, dented or mishandled while being stored.
• Damage while moored : Marinas are high-traffic areas and an easy place for your boat to get damaged. 
• Damage during transit : Bad weather, car accidents, road debris and more all pose a threat to your boat while you’re moving it from one place to the next.
• Swamping : Even experienced boaters sometimes hit sandbars or unexpected earth. This can cause physical damage to your vessel and may sometimes require assistance to get unstuck.
• Sinking : There are many ways in which a boat can sink. If yours does, you’ll often have to pay for wreck removal in addition to your property loss.
• Storm damage : Storms can damage your boat while on the water and even while it’s in storage.
• Theft : Boat theft isn’t as regular as car theft, but it still happens. In 2019, there were 4,240 watercraft thefts, according to the National Insurance Crime Bureau (NICB) .
• Fire : Boats often have fuel stored on board and have electrical components that regularly come into contact with water. Because of these and other factors, fires are one of the more common risks for boat owners. 

Boating Accident Statistics

Accidents on the water are a regular occurrence. In 2020, there were reported 5,265 boating accidents, according to data from the U.S. Coast Guard (USCG). These accidents resulted in 3,191 injuries and 767 deaths.

Historical data from the USCG shows that boating accidents are becoming more frequent, too. The number of boating accidents increased by 26.3% between 2019 and 2020. The number of injuries and deaths from boat accidents also rose in that time, by 24.7% and 25.1% respectively.

Boat Safety Courses

Many insurers offer discounts for completing an approved boat safety course. This is primarily because statistics overwhelmingly show that operators who have a boat education cause fewer accidents than those who don’t.

The Best Boat Insurance: The Bottom Line

Progressive earned the top spot in our industry-wide study of the best boat insurance companies. However, BoatUS, Markel and the other providers from our list all have distinct advantages. We recommend comparing boat insurance quotes from multiple providers to see which ones offer the lowest rates for you and your boat.

Best Boat Insurance Company: FAQ

Below you can find frequently asked questions about the best boat insurance providers:

Best Boat Insurance: FAQ

Which marine insurance is best.

Progressive scored the highest out of all marine insurance providers in our study based on its range of coverage choices, discount selection and more. The company’s 9.1 out of 10.0 rating earned it the title of the Best Boat Insurance Company.

Where can I get the best boat insurance

You can find the best boat insurance with the following providers:

• Progressive : Best Boat Insurance Company
• BoatUS : Best Boat Insurance Member Organization
• Markel : Best Boat Insurance Coverage
• NBOA : Best Boat Insurance Marketplace
• State Farm : Best Commercial Boat Insurance
• Foremost : Best Included Boat Insurance Benefits

Is Geico dropping boat insurance?

Geico is not dropping boat insurance, but it’s providing it through a different path. The company no longer offers boat insurance through independent brokers and instead offers it through BoatUS, the country’s largest boating organization.

How much is insurance on a $100,000 boat?

How much insurance is on a $100,000 boat depends on several variables, including the types and amounts of coverage you want. In general, a reasonable estimate for a boat insurance policy is somewhere between 1% and 5% of the boat’s value annually. In this case, you can expect insurance on a $100,000 boat to cost between $1,000 and $5,000 per year.

What is typical boat insurance?

A typical boat insurance policy costs between $200 and $500 per year, but could easily cost more or less. Boat insurance premiums vary based on several factors and the coverage you choose, including options like personal effects coverage, coverage for wreckage removal or protection for your boat-related business.

How We Rated The Best Boat Insurance Companies

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to create our rankings of the best boat insurance companies. We collected data on dozens of marine insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

• Reputation : Our research team considered market share, ratings from industry experts and years in business when giving this score.
• Availability : Boat insurance companies with greater state availability and few eligibility requirements scored highest in this category.
• Coverage : Boaters can benefit from a wide variety of specialty coverage options. We evaluated companies based on the amount and diversity of coverage add-ons they offer for boat insurance.
• Cost : As boat insurance costs are highly variable, our research team mainly considered the availability of policy discounts.
• Customer Experience : Our research team took into account companies’ industry reputation with organizations such as the BBB as well as the ease and availability of in-person, over-the-phone and online services.

* Data accurate at time of publication.

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .

MarketWatch Guides may receive compensation from companies that appear on this page.
The compensation may impact how, where and in what order products appear, but it does not influence the recommendations the editorial team provides. Not all companies, products, or offers were reviewed.

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High performance boat insurance

The marine insurance leader for over 35 years.

High performance boats need high performance insurance.

If your speedboat does over 65 mph, then it needs serious protection. Insurance protection, that is. For over 35 years, Markel Specialty has focused on high performance boat insurance. We understand that a high performance boat policy isn’t like a typical boat policy. Each Markel Specialty high performance boat policy can be customized to fit you, your budget, and your boating style.

Why do I need high performance boat insurance?

If you have a high performance boat, you're most likely carrying some kind of insurance on it. But is it the right kind of insurance from the right kind of insurance provider?

Here are just a few of the advantages of insuring your high performance boat with Markel Specialty:

• Customizable coverage to suit your boating style
• Discounts and cost-effective coverage options to save you money
• Flexible payment options
• Experienced high performance boat underwriters and marine claims specialists who provide prompt, responsive service

Don't wait until you file a claim to find out if you have the proper insurance protection for your high performance boat. Find a Markel Specialty marine agent and get a free, no-obligation quote today.

Boat insurance customer

"When I called to get my policy started, your customer service team was amazing. Very friendly, very knowledgeable, and very helpful."

"The professionalism of the Markel folks I've worked with is exceptional. They are very efficient, but also make you feel comfortable and well informed."

"You guys are just the best. Boating can be stressful, but having Markel insuring us is not."

What can high performance boat insurance cover?

Markel Specialty offers an extensive variety of marine coverages for you, your passengers, and your boat.

Hull and equipment insurance protection including:

• Protect and recover pays reasonable costs incurred when trying to protect your high performance boat from further damage
• Agreed value for total loss – locks in the value of your boat in case of a covered loss
• Replacement cost coverage on partial losses for newer boats, meaning depreciation will not be factored into the cost of repairs, keeping your hard-earned dollars in your pocket

Personal effects coverage For all of the "extras" you physically bring on-board (such as a cell phone or camera).

Emergency towing and assistance If you happen to break down, we will provide coverage for the expenses you incur to tow your boat to the boat repair shop.

Windstorm extra expense Helps with costs you incur to protect your boat from an approaching named storm.

Medical payments Helps pay for injuries suffered by you or any passengers during a boating accident.

Boat liability Protects you in case you are responsible for injuries to another person, or damage to their boat or their property.

Uninsured watercraft Unfortunately, not all boaters on the water have insurance. This coverage helps protect you and your family members if you are injured in an accident caused by an uninsured or underinsured boater. Coverage is automatically included if watercraft liability is purchased.

Pollution liability Hard-to-see fuel lines and tanks can deteriorate over time. Pollution coverage helps protects you if you are held legally liable due to an oil pollution leak or spill.

• Boat trailer coverage
• Boat lift and boat house coverage
• Trip coverage

Transit and storage Is your boat being refurbished or only used for racing? Add this coverage to save you money when you are not using your boat.

Actual cash value coverage (ACV) Reduce your coverage to ACV, which factors in depreciation of your high performance boat should you have to file a claim.

Mature operator discount Primary operator of your high performance boat 40 or over? If the answer is YES, your high performance boat policy qualifies for a discount.

We are an Official Sponsor of Tres Martin’s Performance Boat School . As a world champion boat racer, Tres can elevate your skill level, and show you a new understanding and new techniques that are imperative to safe operation.

Get the protection and peace of mind you deserve.

Find a Markel Specialty marine agent and get a free, no-obligation quote today.

Other Markel Specialty marine insurance products:

Specialized coverage designed specifically for boats 26 feet or less. Whether you have a PWC, pontoon, fishing, ski or power boat, we've got you covered.

Your PWC is not a boat, and shouldn't be insured like one. We design our PWC policies specifically for PWCs.

For over 45 years, we've been the yacht insurance leader by providing coverages that fit your boat and your lifestyle.

Coverage designed to protect your marine business, whether it be a boat school, rental operation, or a charter boat.

• Write for Us

Markel boat insurance 

Markel boat insurance, a renowned name in the insurance industry, has been safeguarding the interests of boat owners for decades. Recognizing the unique needs of every boat owner, Markel has crafted specialised boat insurance policies that cater to a wide range of requirements. Whether you own a yacht, a fishing boat, or a personal watercraft, Markel’s boat insurance ensures that you’re covered against the unexpected.

Table of Contents

In this article, we’ll delve deep into Markel Boat Insurance , exploring its history, the types of coverage it offers, and why it stands out in the crowded marine insurance market. So, anchor down and let’s set sail into the world of Markel Boat Insurance.

History of Markel Boat Insurance

Markel Corporation, a name synonymous with trust and reliability in the insurance world, has a rich history that dates back to the 1930s. Founded by Samuel A. Markel, the company initially began as a mutual insurance company, providing insurance for jitney buses in Norfolk, Virginia. Over the decades, Markel expanded its reach, diversifying its insurance offerings and establishing a strong foothold in various insurance sectors.

The journey of Markel into the realm of boat insurance began in the late 20th century. Recognizing the growing demand for specialized marine insurance, Markel ventured into this niche market with a clear vision: to offer boat owners comprehensive coverage that would protect them against both common and unforeseen marine risks.

Over the years, Markel Boat Insurance has evolved, adapting to the changing needs of boat owners and the marine industry’s dynamics. From introducing policies for different types of watercraft to integrating advanced technology for seamless policy management and claims processing, Markel has consistently stayed ahead of the curve.

Today, Markel Boat Insurance is regarded as one of the premier choices for boat owners across the nation. With a legacy of excellence and a commitment to innovation, Markel continues to set the gold standard in boat insurance, ensuring that boat owners can navigate the waters with confidence and peace of mind.

Types of Boat Insurance Offered by Markel boat insurance 

Navigating the vast waters of boat insurance can be daunting. However, Markel simplifies this journey by offering a diverse range of coverage options tailored to the unique needs of every boat owner. Let’s explore the various types of boat insurance provided by Markel:

Comprehensive Coverage: 

This is the all-encompassing shield for your boat. It covers damages to your boat caused by events like fire, theft, vandalism, and other incidents that aren’t collision-related. Whether your boat is on water or land, Markel’s comprehensive coverage ensures it’s protected.

Liability Coverage: 

Accidents can happen, and when they do, liability coverage is your safeguard. This coverage takes care of bodily injury or property damage to others for which you are legally responsible due to a boating accident.

Medical Payments Coverage: 

Safety is paramount, but sometimes injuries can occur on board. This coverage takes care of medical expenses for you, your family, or any other person injured on your boat, regardless of who’s at fault.

Uninsured/Underinsured Watercraft Coverage: 

Not all boat owners are diligent about insurance. If you find yourself in an accident with an uninsured or underinsured boater, this coverage ensures you’re not left in the lurch. It covers bodily injuries caused by such boaters.

Personal Effects Coverage: 

Your boat might carry more than just people. Personal effects coverage protects your personal belongings on board, such as fishing equipment, electronics, or even clothing, against theft, loss, or damage.

Towing and Assistance: 

If your boat breaks down or you find yourself stranded, Markel has got your back. This coverage takes care of the costs associated with emergency services like towing, fuel delivery, or even minor repairs.

Markel understands that no two boats or boating experiences are the same. Hence, they offer customizable options, allowing boat owners to mix and match coverages to create a policy that perfectly aligns with their needs. With Markel’s boat insurance, you can set sail with the assurance that you’re covered from bow to stern.

Benefits of Choosing Markel Boat Insurance

In the vast sea of boat insurance providers, Markel stands out as a beacon of trust and reliability. But what truly sets Markel apart? Let’s delve into the key benefits of choosing Markel Boat Insurance:

• Expertise in Marine Insurance: Markel isn’t a newcomer to the marine insurance scene. With decades of experience under their belt, they possess a deep understanding of the unique challenges and needs of boat owners. This expertise translates into policies that are both comprehensive and tailored to individual requirements.
• Customizable Coverage Options: One size doesn’t fit all, especially when it comes to boat insurance. Markel recognizes this and offers a plethora of customizable coverage options. Whether you own a luxury yacht or a small fishing boat, you can craft a policy that aligns perfectly with your needs.
• Competitive Pricing: Quality coverage doesn’t have to break the bank. Markel offers competitive rates, ensuring that boat owners receive value for every dollar spent. Plus, with various discounts and savings opportunities, you can further reduce your premium.
• Dedicated Claims Service: In the unfortunate event of a claim, you want an insurer who stands by your side. Markel’s dedicated claims team is known for its swift and fair claim processing, ensuring that you’re back on the water in no time.
• Discounts and Savings Opportunities: Loyalty pays off at Markel. Whether it’s a discount for being a claim-free boater, attending safety courses, or having multiple policies with Markel, there are numerous ways to save on your premium.

How to Get a Quote and Purchase a Policy from Markel boat insurance 

Embarking on the journey to secure boat insurance with Markel is both straightforward and user-friendly. Whether you’re a seasoned boat owner or a first-time buyer, Markel ensures that the process is seamless. Here’s a step-by-step guide on how to get a quote and purchase a policy:

• Step 1: Visit Markel’s official website and navigate to the boat insurance section.
• Step 2: Enter the required details about your boat, such as its make, model, year, and estimated value.
• Step 3: Provide personal information, including boating experience and any safety courses undertaken.
• Step 4: Review the generated quote, which will detail the coverage options and associated premiums.
• Step 5: If satisfied, proceed to purchase the policy online. Secure payment options are available for your convenience.
• Step 1: If you prefer a more personalized touch, reach out to a Markel authorized agent in your area.
• Step 2: Discuss your specific needs, concerns, and budget with the agent.
• Step 3: The agent will then provide a tailored quote, offering insights into the best coverage options for you.
• Step 4: Once you’re content with the proposal, the agent will guide you through the purchase process, ensuring all your queries are addressed.
• Boat Details: Make, model, year, length, and estimated value.
• Usage Information: Expected frequency of use, storage details, and primary navigation areas.
• Owner Details: Personal information, boating experience, and any prior claims or boating incidents.

Securing boat insurance with Markel is not just about protection; it’s about forging a partnership. With transparent processes, expert guidance, and a commitment to excellence, Markel ensures that every boat owner sails away with confidence, knowing they’re in safe hands.

Claim Process with Markel boat insurance 

While we all hope never to face a situation where we need to file a claim, it’s reassuring to know that if the need arises, the process is straightforward and supportive. Markel’s reputation for efficient and fair claim handling is well-earned. Here’s a breakdown of the claim process with Markel:

Steps to File a Claim:

• Step 1: Report the Incident: As soon as an incident occurs, ensure everyone’s safety, then promptly report the event to Markel. The sooner you inform them, the quicker they can assist you.
• Step 2: Gather Information: Document the incident. Take photos of the damage, note down details of the event, and gather any witness statements or third-party details if applicable.
• Step 3: Contact Markel: Reach out to Markel’s dedicated claims hotline or file a claim online through their portal. Provide all the gathered information to aid the assessment process.
• Step 4: Claims Adjuster Assignment: Once your claim is filed, a Markel claims adjuster will be assigned to your case. They will review the details, assess the damage, and guide you through the next steps.

Tips for a Smooth Claims Experience:

• Be Proactive: Report incidents promptly and provide all requested information in a timely manner.
• Stay Organized: Keep all related documents, photos, and details organized and readily accessible.
• Open Communication: Maintain open lines of communication with your claims adjuster. If you have questions or concerns, don’t hesitate to reach out.

Navigating the aftermath of a boating incident can be stressful, but with Markel by your side, you’re not alone. Their dedicated team, combined with a streamlined claims process, ensures that you receive the support and guidance you need during challenging times.

Markel boat insurance   Customer Reviews and Testimonials

In the world of insurance, the voice of the customer speaks volumes. Markel’s long standing reputation in boat insurance is not just built on its policies and claims process but also on the experiences and feedback of its valued customers. Let’s delve into some of the reviews and testimonials shared by Markel Boat Insurance policyholders:

Positive Experiences:

• John from Florida: “Having been with Markel for over five years, I can confidently say they’re the best in the business. From easy policy management to a hassle-free claims process, they’ve always exceeded my expectations.”
• Linda from Washington: “The customer service at Markel is unparalleled. Every interaction, be it with their agents or claims adjusters, has been pleasant and informative. Highly recommend it!”
• Carlos from Texas: “After a minor accident last summer, I was anxious about the claims process. But Markel made it so smooth and straightforward. The support I received was exceptional.”

Areas of Improvement:

• Sophia from New York: “While I appreciate the coverage options Markel offers, I wish their online portal was a bit more user-friendly. It took me some time to navigate and find what I needed.”
• Derek from California: “I had a slight delay in my claim resolution. Although it was eventually sorted out, quicker responses would have been appreciated.”

Overall Satisfaction:

• Megan from Oregon: “Markel’s boat insurance is comprehensive, affordable, and backed by a team that genuinely cares. I’ve had insurance from other providers in the past, but none compare to the peace of mind Markel offers.”
• Raj from New Jersey: “From getting a quote to filing a claim, every step with Markel has been transparent and efficient. I’m glad to have them as my boat insurance provider.”

Comparing Markel to Other Boat Insurance Providers

In the competitive landscape of boat insurance, several providers vie for the attention of boat owners. While each company offers its unique selling points, it’s essential to make an informed decision based on a comparative analysis. Let’s see how Markel stacks up against other boat insurance providers:

Key Differentiators:

• Specialized Expertise: Markel’s longstanding history in marine insurance gives it an edge in understanding the nuanced needs of boat owners. This expertise is reflected in their tailored policies and specialized coverage options.
• Dedicated Claims Service: Markel’s claims process stands out for its efficiency, transparency, and commitment to getting policyholders back on the water swiftly.
• Customizable Coverage: Unlike many providers that offer one-size-fits-all policies, Markel emphasizes customization, allowing boat owners to craft policies that align with their specific needs.

Market Position and Reputation:

• Coverage Options: While many providers offer standard boat insurance coverages, Markel goes the extra mile with options like uninsured/underinsured watercraft coverage and personal effects coverage.
• Pricing: Markel’s competitive pricing, combined with various discounts and savings opportunities, often makes it a more attractive choice for boat owners seeking value for money.
• Customer Service: Time and again, Markel’s customer service has been highlighted in reviews and testimonials, setting it apart from many competitors in the industry.

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Home top ad, may 19, 2021.

Set Sail Worry-Free with Small Boat Coverage from Markel and NYCM Insurance Agency, Inc.

With boat season right around the corner, we know that many people are anxious to get out on the water. We are excited to set sail on expanding our partnership with Markel to offer small watercraft coverage! Continue reading to learn more about this exciting new coverage option!

What Types of Boats Are Covered?

The Markel Small Boat Program is designed to cover watercraft up to 26 feet long.   This product line is open to a large variety of boats, and offers very competitive rates for the following types of watercraft:

●       Airboats

●       Catamarans

●       Cruisers

●       High Performance Vees

●       Homemade or Kit Boats

●       Hovercrafts

●       Inflatables

●       Manuals

●       Mini sports

●       Pontoon/ Tritoon

●       Runabout

●       Sailboats

●       Sportfish

●       Walleyes

●       Personal Watercraft (PWC)

What Does the Coverage Include?

This small boat product line offers distinct advantages when it comes to coverage features, options, and expertise which ensures that customers are well protected. Whether it be an older watercraft , something more unique or something brand new - coverage can be tailored to accommodate risks that are otherwise hard to place.

Program coverage features include:

●       Hull and equipment coverage

○       Replacement cost, agreed value or actual cash value settlements

○       Deductible waived for most total losses

○       Diminishing deductible (25%) for each loss - free term, down to $100

○       Broad navigation

○       No lay-up restrictions

○       Wreck removal

○       Consequential damage coverage

○       Ice and freezing damage coverage

○       Non-owned coverage

●       Ultimate drive coverage

○     Optional coverage

○     Payments to repair/replace drive in the event of a mechanical breakdown due to wear and tear or defect

●       Watercraft liability to $1,000,000

●       Uninsured watercraft equal to limit of liability up to $500K

●       Personal effects coverage

●       Pollution liability

What Sort of Discounts Are Available?

We know when shopping for insurance, every dollar counts. While your insurance agent should be able to provide you with a comprehensive list of discounts that you may qualify for, here is a snapshot of what discounts are available in this program:

●       Experienced boater

●       Homeowner

●       Mature operator

●       Married

●       Multi-unit

●       Outboard propulsion

Why Choose This Product Line?

If a tailored experience and impeccable customer service is a priority, this may be the best option for you!   Markel’s dedicated underwriting and claims teams specialize in watercraft coverage making it easier to provide prompt, responsive service. If you have a boat that is uncommon or otherwise hard to find coverage for, this product line can offer creative solutions for your unique situation. Flexible payment options, and eco-friendly document delivery seal the deal!

So, How Do You Get Covered?

With some of the best coverage in the marketplace, a knowledgeable claims and underwriting staff, top-notch service, and longevity in the industry, Markel is happy to introduce their marine insurance source. If you live in the state of New York and are looking for small boat coverage, click the button below to find a trusted NYCM Insurance agent.

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Boat Insurance

Keep your dreams afloat..

Members get a 5% discount on coverage for most types of boats and personal watercraft. See note 1

What type of watercraft do you have?

Watercraft type

Stay on an even keel with boat insurance that helps meet your needs.

Relax and enjoy smooth sailing and coverage from stem to stern through our alliance with Progressive and Markel American Insurance Company.

Boats and personal watercraft

Yachts and boats over $150,000.

• Help protect your watercraft and trailer, including options for agreed value and emergency services.
• Get customized coverage for damage to your yacht and liability needs unique to large boats.
• Help protect yourself if you're liable for injuries or property damage.
• There's no deductible on most total losses, and you'll receive the agreed value listed on your policy.
• Earn discounts for safety, experience and insuring multiple boats, as well as other savings opportunities. See note 2
• If your boat is damaged, there's no depreciation for most covered losses.

What kinds of watercraft can be insured?

Members get a 5% discount on coverage for most boats and personal watercraft valued under $150,000. Learn more about the coverage for each type of watercraft.

Personal Watercraft

Jet Ski® and other brands

Also known as powerboats

Fishing Boat

Bass boats and others

From simple to luxury

For relaxing

Plus boats over $150,000

These include Jet Ski®, WaveRunner®, Sea-Doo® and most other brands.

What does personal watercraft insurance cover?

• Property damages and bodily injuries

Your policy may cover damages and injuries if you cause an accident. You can add coverage for medical costs, up to your policy's limit, no matter who's at fault.

• Your stuff

Get coverage for your personal property, such as your skis, sunglasses or phone.

Motorboat Coverage

This could be a freshwater or saltwater boat with an inboard or outboard motor. Also known as powerboats, these include:

• • Bay boats
• • Bowriders
• • Center consoles
• • Cruisers
• • Cuddy cabins
• • Deck boats
• • House boats
• • Jet boats
• • Ski and wake boats
• • Walkarounds

What does motorboat insurance cover?

In addition to standard coverage, such as bodily injury and property damage liability, your coverage can include:

• On-water towing

Jump starts and fuel delivery are included.

• Water sports

This includes injuries or property damage you're liable for while tubing, kneeboarding, wakeboarding, wakesurfing and waterskiing.

Fishing Boat Coverage

From bass boats to offshore boats, these vessels are designed for fishing.

What does fishing boat insurance cover?

• Fishing equipment

Add full replacement coverage up to available limits for your fishing gear. You can also get coverage for personal items if they're damaged, stolen or lost.

Pontoon Coverage

Built on hollow metal cylinders, pontoon boats are great for lakes and rivers.

What does pontoon insurance cover?

You can add coverage for your personal property, such as your skis, sunglasses or phone.

Sailboat Coverage

Powered in full or partially by the wind, these boats have at least one sail.

What does sailboat insurance cover?

Standard coverage includes bodily injury and property damage liability. You can also expect:

• No depreciation

Most partial losses will have no depreciation.

• Agreed value

If your sailboat can't be repaired after a covered incident, you'll receive the value listed on your policy.

Yacht Coverage

If your boat is worth more than $150,000 or longer than 26 feet, you may need yacht coverage.

What does yacht insurance cover?

• Hull and equipment

Get protection for damage from fire, explosions, sinking or collision, as well as ice and freezing conditions. Your policy may also pay the reasonable cost to prevent further damage.

• Total loss

Markel will waive the deductible on most total losses, and you'll receive the agreed value listed on your policy.

• Partial loss

Get personal effects coverage for your other property, such as clothing, sunglasses and phones.

You may also get coverage for emergency towing and assistance, rental reimbursement, uninsured boaters, pollution liability, medical payments and paid crew.

The above coverage descriptions are intended to provide general information and are not an insurance contract. All coverages are subject to the terms, exclusions and conditions of the insurance policy. Read the insurance policy for complete details. Product, coverage and coverage limits options may vary by insurance company and location. Applications for insurance are subject to underwriting by the insurance company.

USAA Insurance Agency means USAA Insurance Agency, Incorporated or USAA of Texas Insurance Agency (collectively the "Agency"). California License #0D78305, Texas License #7096. 9800 Fredericksburg Road, San Antonio, Texas 78288. The Agency contracts with insurance carriers that are not affiliated with USAA and offers products and services ("third-party insurance products") on their behalf. Third-party insurance products are not underwritten by USAA or its affiliates. The Agency receives a commission on the sale or renewal of third-party insurance products and may receive other performance-based compensation from them. Purchase of third-party insurance products does not establish USAA membership. Product and coverage descriptions are brief. All coverages are subject to the terms and conditions of your policy. Read your policy for details. Product and coverage availability may vary in some locations and all applications for insurance are subject to underwriting by the insurance carrier.

Coverage is provided by Markel American Insurance Company. Policyholder services are provided by Markel Service, Incorporated, national producer license # 27585, in California doing business as Markel Insurance Services, license # 0645481. This content is provided for informational purposes only. Policy terms, conditions, and exclusions apply. Coverage, dividends and services availability may vary by state. Terms and conditions for rates and coverages vary.

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Reinsurance News

Markel names grant smith as head of marine & energy liability for international specialty.

15th August 2024 - Author: Taylor Mixides

Markel Group has announced that Grant Smith has been appointed as Director of Marine & Energy Liability for International Specialty, effective immediately.

In his new position, Smith will head the Marine & Energy Liability team within Markel’s International Wholesale division.

His role will involve steering growth efforts that align with Markel’s strategic goals, focusing on expanding market presence and reinforcing the company’s leadership in Marine and Energy liabilities.

He will also be responsible for strengthening relationships with key stakeholders and mentoring current underwriting talent. Based in London, Smith will report to Tom Hillier, Managing Director of International Specialty.

Hillier commented: “Clients currently face a challenging environment, because of economic inflation and changes to regulatory and legal frameworks, combined with emerging technological and climate-related liability risks, making it increasingly important to ensure they have insurance cover that meets their evolving needs.

“When we established the Specialty practice within our International Wholesale business last year, we set out ambitious goals for our Marine & Energy Liability team, centred on the delivery of sustainable, profitable growth and establishing ourselves as a leader in the market in terms of underwriting and service.”

Hillier continued: “I’m therefore delighted to welcome Grant on board to lead our Marine & Energy liability team. I’m confident his background and experience will position him to lead the team to deliver on our ambitious goals for this class of business and provide a superior service proposition to our clients and brokers.”

Smith brings over 17 years of experience in the liability insurance market, having held numerous underwriting and leadership roles in this field.

Before joining Markel, he was the Portfolio Manager for Specialty at QBE European Operations, a position he held since 2014, where he managed a broad portfolio of international marine business, including liability, hull, and P&I classes.

Prior to his tenure at QBE, Smith worked at Travelers for five years in various underwriting positions across marine and aviation sectors.

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Markel hires QBE’s Smith to lead marine & energy, international specialty

Smith joins from qbe insurance, where he spent over 13 years..

Markel has appointed Grant Smith as director, marine & energy liability, international specialty.

In the London-based role, Smith will lead the marine & energy liability team across Markel’s international wholesale business, and will be responsible for driving sustainable, profit growth...

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Markel appoints Smith as marine and energy liability director

Markel has appointed Grant Smith as director of marine and energy liability within its international specialty unit.

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People Moves: Markel Announces 2 Key Hires for International Casualty Team; Howden Re Taps Gruen From AXIS as Head of Cyber Threat Intelligence

This edition of International People Moves details appointments at Markel and Howden Re.

A summary of these new hires follows here.

Markel Appoints 2 Key Hires for International Casualty Team

Markel , the insurance operations within Markel Group, announced the appointment of Robert Hannaford to the role of senior underwriter, Life Science, and James Murray as head of General Liability, with immediate effect.

These new hires will work within the company’s International Casualty team and report to Graeme Ivory , director, International Casualty.

In his new position, Hannaford will support the development and build-out of Markel’s Life Science portfolio in London, ensuring long-term profitable growth. His other primary duties will involve identifying and assessing risk exposures to provide tailored insurance coverage through superior underwriting for a range of life science companies, including areas such as pharmaceutical manufacturing/distribution, nutraceuticals, medical devices, contract manufacturing and clinical trials, among others.

Hannaford brings more than a decade of underwriting experience to his new role, including cross-functional skills and expertise in life sciences, clinical trials and large multinational programmes for various industries. Previously, Hannaford spent 11 years at Newline Group. After joining as an underwriting assistant, he was promoted to underwriter, where he serviced international clients and collaborated with overseas offices to provide global solutions for their clients locally across the insurer’s Life Science portfolio.

Meanwhile, Murray will work closely with Ivory to develop and lead a profitable international general liability portfolio. This will include fostering broker relationships and maintaining high service levels for broker and their stakeholders. He will also be tasked with recruiting new underwriters to the international general liability team and mentoring existing colleagues, including supporting their professional development.

Previously, Murray was employed at AXA XL as underwriting manager for international wholesale liability, UK and Lloyd’s, where he led a team of underwriters and was responsible for managing coverholder relationships across Canada, Australia and Europe. Before his employment at AXA XL, Murray worked in MS Amlin’s international casualty division for six years, during which time he received two promotions in short succession from underwriting assistant to underwriter, international casualty.

Howden Re Taps Gruen From AXIS as Head of Cyber Threat Intelligence

Howden Re , the reinsurance and risk advisory arm of insurance broker Howden, announced it has appointed cyber risk specialist, Harriet Gruen , as head of Cyber Threat Intelligence, based in London.

Gruen joins Howden Re with eight years of cyber industry experience, the four most recent of which were at global insurers. As a senior cyber risk advisor at AXIS Capital in London she helped list the first 144A cyber catastrophe bond and led investor education on cyber risk.

Previously, she was a cyber risk specialist at Tokio Marine Holdings, where she designed cyber scenarios and delivered technical training. Gruen also worked at both HSBC and Digital Shadows in London in the Strategic Security Threat and Cyber Threat teams, respectively, and in the Department of the Australian prime minister. She has a Master of Science from the London School of Economics.

Howden Re said it has been building its cyber reinsurance practice over the last 14 months to develop an industry-leading offering. Senior hires in addition to Gruen include:

• Luke Foord-Kelcey joined Howden Re in October 2023 to build out the practice as global head of Cyber. He joined after seven years at Aon Reinsurance where was global head of Cyber, and has nearly 20 years’ experience in various roles in the cyber market.
• Matthew Webb joined in May 2023 as head of Cyber Clients & Strategy. Webb joined from Hiscox where he held roles such as group head of Cyber and leading its syndicate cyber portfolio as line underwriter.
• Mark Lynch joined Howden Re in October 2023 as head of Cyber Data & Analytics from Aon Reinsurance, where he had been head of Cyber Innovation & Capital.
• Toby Lampier joined in July 2023 as head of Cyber Broking & Markets, having previously been at Aon for nearly 10 years, including six years in cyber reinsurance.
• Jack Sandford joined Howden Re in October 2023 as a director in cyber reinsurance, and previously had held roles at Aon and Canopius in cyber reinsurance and catastrophe risk, respectively.

Topics Cyber New Markets Casualty

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Yahoo Finance

Markel group inc. (mkl): are hedge funds bullish on this property and casualty insurance stock right now.

We recently compiled a list of the 10 Best Property & Casualty Insurance Stocks to Buy .   In this article, we are going to take a look at where Markel Group Inc. (NYSE:MKL) stands against the other property and casualty insurance stocks.

Property and casualty (P&C) insurers face the hardest market mainly because of the increasing expenses, large claims payouts, and price-shopping policyholders. To revive the growth, they are required to shift to a more proactive strategy and exploit new developments and opportunities available in auto, homeowners’, and renters’ insurance.

With several insurers posting sound profitability in 2023, and in response to some notable improvements in the reinsurance market, the insurance market in 2Q 2024 was growth-oriented yet disciplined. Insurer strategies were focused on underwriting and pricing for profitability and program stability. As we approach the mid-point of the decade, the property & casualty insurance industry continues to see significant transformation led by technological advancements, fluctuating consumer preferences, and evolving regulatory landscapes.

Property & Casualty Insurance is expected to leverage digital technologies to enhance customer experience. This will be in the form of interactive digital ecosystems, building unique customer intelligence, and incorporating products and services to meet the demands of a digital world. Insurers plan to adopt technologies like artificial intelligence (AI), machine learning, and the Internet of Things (IoT) to enhance customer service and streamline processes.

Climate Change and Property and Casualty Insurers

The increase in weather-related losses and inflation-impacted costs to revive the damaged assets continue to weigh on homeowner insurers' profitability. As we all know, this is a segment that was already under stress due to years of persistent high loss ratios. Deloitte reported that, in 2022, ~75% of the property and casualty sector's insured losses, or US$74 billion, were associated with the US homeowner segment.

With the severity and frequency of losses due to natural catastrophes continuing to increase at an estimated average annual growth rate of 5% - 7%, experts believe that US homeowners might see up to US$118 billion in losses by 2030 end as a result of weather events. In this situation, what should be an approach for Property and Casualty Insurers?

Insurers, in alliance with government agencies and policyholders, should invest ~US$3.35 billion in residential dwelling resiliency measures. It is being said that two-thirds of the US homes which are not built as per the codes can be made in such a way that they can steer through weather-related claims losses.

Deloitte also stated that such actions might help the property and casualty insurers save ~US$37 billion by 2030 end.

The rise in insurance rates is the most preferred way for property insurers to offset higher costs of catastrophic events. Property and Casualty Insurers shore up their premiums on homeowners so that they can make up for the rising losses. This can mean hefty profits for the leading property and casualty insurers.

S&P Global stated that, throughout the US, most of the property and casualty insurers have increased their rates for homeowners' coverage by approximately double digits over the last year. As per NOAA, the US saw ~28 weather and climate disasters last year, outpacing the previous high of ~22 disasters in 2020. The atmospheric and oceanic conditions can result in an extremely active hurricane season. NOAA also stated that the hurricane season kicked off to a violent start with Hurricane Beryl. This is the earliest category-5 Atlantic hurricane on record.

Higher Costs and Weather-related Catastrophe Losses

More and more natural disasters continue to damage assets every year. The number of US catastrophic events went up by ~32% between 2019 and 2022. As a result of this, property and casualty insurers' losses escalated from US$25 billion in 2019 to US$99 billion in 2022. This made a whopping ~80% of the global natural catastrophe losses. A recent report from Swiss RE has suggested that total insured losses worldwide due to weather-related natural catastrophes exceeded $122 billion last year.

Adding to this, Capgemini revealed an eye-shattering ~250% increase in economic losses in the previous 3 decades because of climate and extreme weather events.

Over 2020 and 2023, replacement costs for property and casualty-related losses increased by ~45%. This was seen when the overall inflation growth sat at ~15%. While some believe that climate change might be leading to disasters, housing demands are also driving the risk.

While the climate-related risk continues to persist, Americans still prefer to migrate to disaster-prone areas. Not only this, but they are also building higher-value homes in such regions. For example, over 1990 and 2020, ~44 million homes were built in regions where wildfires are quite common, like California and Colorado. As a result of such factors, there has been a deterioration in the US property and casualty industry combined ratio, from ~98.8% in 2020 to ~102.7% in 2022.

Amidst This Chaos, What Should Property and Casualty Insurers Do?

Property and casualty insurers should look for some alternative strategies such as loss prevention and mitigation if they want to maintain their viability in regions that are prone to extreme weather conditions.

The new homes, which are built with advanced construction materials, such as engineered timber, impact-resistant glass windows, and enhanced roof coverings, can sustain damage from severe weather conditions as compared to the existing homes. For example, the average annual expenses due to wind damage came out to be ~84% lower for the house which was built in 2022 to code compared to a 1990s-era home. As per Federal Emergency Management Agency, the average annual damages from climate change might fall by ~48% for homes meeting the specified criteria/codes.

As of now, ~35% of residences nationally have been constructed as per the desired standards and codes.

This means that property and casualty insurers can help the remaining ~65% of the homeowners improve their dwellings to meet the desired standards.

For example, the insurers can provide some policy premium discounts to homeowners. This will incentivize them to upgrade to hazard-resistant standards and codes. Property and Casualty Insurers might also make homeowners aware regarding the prevailing state-sponsored incentives.

Our methodology

To compile the list of 10 Best Property & Casualty Insurance Stocks to Buy, we used the Finviz stock screener and extracted the stocks related to the property & casualty insurance industry. Once we had our filtered list, we ranked the stocks based on analysts' average price target upside, as of August 14.

At Insider Monkey, we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points ( see more details here ).

An executive in a suit walking through an insurance office.

Markel Group Inc. (NYSE: MKL )

Average Upside Potential: 11.12%

Markel Group Inc. (NYSE:MKL)’s primary business is property and casualty insurance. It focuses on specialty lines, ranging from areas like executive liability to commercial equine insurance.

The company has released its 2Q 2024 financial results, and posted net operating earnings per share of $25.95, crushing the analysts’ estimates by 25%. It saw improvement in earned premiums and higher net investment income, which supported its bottom line. Total operating revenues came in at $3.8 billion, slightly missing the analysts’ expectations by 0.6%. Markel Group Inc. (NYSE:MKL) saw YoY revenue growth of 4.7%.

For those who are unaware, the company is known as an early-stage Berkshire Hathaway. This is because Markel Group Inc. (NYSE:MKL)’s core business remains insurance, but it has a publicly-traded stock portfolio. It also has a venture investing division. Therefore, Markel Group Inc. (NYSE:MKL) is a unique company. It invests its excess capital in common stocks and earlier-stage businesses.

The recent acquisition of Valor Environmental by Markel Group Inc. (NYSE:MKL) implies the company’s strategic approach to growth and expansion. Not only it has enhanced its service offerings, but it has positioned the company to capitalize on the growing environmental services market.

Royal Bank of Canada assumed the coverage on the company’s shares and upped their price target from $1,475.00 to $1,625.00. They gave a “Sector perform” rating on 3 rd May. According to Insider Monkey’s database of Q1 2024, 26 hedge funds held stakes in Markel Group Inc. (NYSE:MKL).

Giverny Capital Asset Management, LLC , an investment management company, recently published its 4Q 2023 investor letter. Here is what the fund said:

“In the fourth quarter, we sold  Markel Group Inc.  (NYSE:MKL), the Richmond-based insurer. For some years now, Markel has tried to mimic Berkshire Hathaway by using profit generated in its core insurance business to buy whole companies. While this has been a compelling model for Berkshire, Markel has not been able to convince high-quality companies to sell for attractive prices to the same degree as Berkshire. Meanwhile, in its insurance operations, Markel has an elevated expense structure – it spends about 33 cents of every dollar collected in premiums on its own overhead. Its leanest competitor spends 21 cents of every premium dollar on overhead. Markel’s cost structure stems from an unwieldy technology stack that would be very expensive to upgrade. I have great respect for Markel, but the combination of middling investments and a challenging expense structure caused me to believe I could find better value elsewhere. Selling SS&C and Markel, which were each about 4% of the portfolio, was not easy for me. Both businesses trade for reasonable prices and have good competitive positions. They have strong CEOs who have been in the job for many years. CEO Bill Stone founded SS&C and is a billionaire thanks to his own decisions. Tom Gayner at Markel is a well-regarded stock market investor and a much-admired leader.”

Overall MKL ranks 6th on our list of the best property and casualty insurance stocks to buy. While we acknowledge the potential of MKL as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MKL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock .

READ NEXT:   $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley  and  Jim Cramer Says NVIDIA ‘Has Become A Wasteland’ .

Disclosure: None. This article is originally published at  Insider Monkey .

If you are in the path of the approaching Hurricane Ernesto, we have resources to help you prepare, protect, and recover .

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Protecting your marine business is our business.

Find a Markel marine agent and get a free, no-obligation quote today.

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You know the risks in your business. Thankfully, so do we. 

Helping you protect your business with customizable, affordable insurance coverage is our top priority. With over 45 years of marine experience, we understand the risks and liabilities that commercial marine business owners like you are exposed to. A Markel Tradesman™ or marine business insurance policy from Markel can provide you with insurance protection and meet your business needs.

Why is insurance for my marine business important?

When you look at the assortment of businesses that fall under the commercial marine category, it’s obvious that this is not a one-size-fits-all category. There’s a big difference between a business that rents rowboats by the hour and a blue water sport fishing charter.

That’s why our marine business insurance program is designed from the ground up can offer a broad spectrum of coverage features for a wide variety of marine business uses. Insurance coverages can be designed specifically to help keep your business afloat.

What we offer

Markel has 45 years of experience providing specialized insurance protecting for marine businesses including:.

• Boat or PWC rental facilities
• Boat schools
• Commercial fishing boats
• Bed and breakfast boats
• Bareboat charters
• Guide charters
• Sport fishing charters
• Sightseeing excursions
• Owner/operator vessels (environmental, artisan, weed control, etc.)

Our coverages can include:

• Coverage for your marine business
• Optional coverages

Available for all usages

Physical damage Can provide coverage for repairs or replacement of your boat if it is damaged or stolen. Flexible deductible options are available.

Watercraft liability Can provide protection for legal liability you may have for bodily injury or property damage through ownership, maintenance or use of the vessel.

Pollution liability Can provide coverage for the sudden, accidental and unexpected discharge or spillage of a contaminant from the insured vessel.

Trailer coverage Coverage for the trailer used to carry the insured watercraft.

Business interruption coverage When a physical loss to a covered property occurs, it can lead to costly downtime. Business interruption coverage helps marine businesses withstand a covered loss so it is "business as normal."

Watersport liability Coverage for bodily injury or property damage while the insured vessel is being used for waterskiing, aquaplaning, or any similar sport in which a person(s) or object(s) are being towed.

Premises or slip liability "Slip & fall" coverage can provide insurance protection for the insured if another person is injured while on the insured's property.

Medical payments Can help cover necessary medical treatment resulting from an accident-causing bodily injury to any person while in, boarding or leaving the insured vessel.

Personal property Can provide coverage for personal items not generally required for the safe operation or maintenance of the vessel (i.e. cameras, water-skis, sporting equipment, etc.). Coverage  includes items while aboard an insured vessel or while being loaded or unloaded.

Emergency towing & assistance Coverage can help reimburse the reasonable cost incurred (up to the limit purchased) if commercial towing assistance is required. Includes delivery of gas, oil, parts or a loaned battery (excluding the cost of items themselves) or emergency labor, while away from safe harbor.

Fishing equipment Coverage on a primary basis for fishing equipment while aboard the insured vessel or when it is stored in a locked storage facility. Fishing equipment can include gear and equipment used in the legal taking of fish, including rods, reels, lures, rigs, line, tackle boxes and related electronic gear.

Uninsured and underinsured watercraft Provides coverage for damages an insured person is entitled to receive due to a watercraft accident caused by an uninsured/underinsured vessel.

Crew liability Provides coverage for the legal liability of an insured to a paid captain or crew member, and for obligations and duties under Jones Act or general maritime law.

Preferred charter (sport fishing only)

• Tournament fee reimbursement – reimbursement for the non-refundable portion of a tournament entry fee
• Referral liability – can cover legal obligations if the insured negligently refers people to another professional charter and they are injured
• Emergency expense reimbursement – coverage for the lodging and transportation expenses due to a covered physical damage loss, while more than 250 miles from mooring location
• Limited commercial fishing – allows usage for limited commercial fishing

Coverages offered vary and may not be available to all risks.

Frequently asked questions about marine business insurance

General questions.

What is Markel Tradesman? There are unique risks to owning a business and owning a commercial marine business is no exception. Markel understands these risks, and for over 45 years, has been helping insure marine businesses like yours with our Markel Tradesman™ coverage. The Markel Tradesman™ program is insurance protection designed to help you protect your marine business.

What type of marine businesses do you typically insure? With over 45 years of experience insuring marine businesses, chances are, we’ve seen a business like yours before. Examples of marine business risks that would fall under our Markel Tradesman™ program include:

• Charter boats used for guides, bareboat, sightseeing or sportfishing
• Owner/operator (environmental, artisan, weed control, etc.)

Do you insure charter boats? Whether you are a professional captain taking out guest passengers out for sport fishing, dinner cruises, sightseeing tours or even using your boat as a water taxi you can be protected with our Markel Tradesman™ coverage.

What type of coverage do you offer for charter boat businesses? Charter business owners have a variety of protection options so they can customize their coverage to fit their business needs and budget. Some coverages available for marine charter businesses include:

Base charter coverage options:

• Windstorm extra expense
• Automatic tender
• Lower marine electronics deductible

Optional coverages available:

• Business interruption
• Primary fishing equipment
• Guest liquor liability
• Slip and mooring liability
• Premises liability

Optional preferred charter package coverage options:  

• Tournament fee reimbursement
• Referral liability
• Emergency expense reimbursement
• Limited commercial fishing

At my facility, we rent out boats and also use those same boats for charters. Am I covered for both uses of the boat? With our Markel Tradesman™ coverage, numerous business types can be listed on one policy. For example, if you use your boat for charters, but also have that same boat available for rental for your customers, both can be listed on the same policy. When talking with one of our watercraft insurance specialists, be sure to list all the different ways your boat(s) is used.

I use my boat for my business, but also sometimes use it for personal use. Am I covered? If you own a boat bed and breakfast, use your boat to charter and/or guide, or even use your boat in a light commercial capacity (i.e. corporately owned boat used for client entertainment or employee use), you may be covered if you use your boat for personal use as well.

How do I get ahold of my agent? If you're not sure who your Markel marine agent is, you can look on the declarations page of your Markel Tradesman™ policy (usually page 4 of your policy). Your agent’s information will be listed under “Your Agent” on the upper right-hand side of the page.

How do I get a quote from Markel? It's easy to get a quote from Markel. Simply find a licensed  Markel marine agent  in your area and request a Markel insurance quote.

How do I make a change to my policy? If you need to make a change to your Markel marine insurance policy, simply contact the agent listed on the declarations page of your policy.

Can I pay my bill online? Yes, visit our My Account page, where you can make a payment with a credit card, debit card or checking account. You can also decide if you want to make a one-time payment or set up automatic recurring payments so you never miss a payment.

Claims questions

How do I file a claim? We understand that no one wants to file a claim. That's why we do everything we can to make the process as painless as possible. You can report your marine business insurance claim by calling our office at +1.800.236.2453 or submit your claim online .

How long will it take for my claim to be processed? We are committed to investigating, evaluating and resolving marine insurance claims in a timely manner.

Is there anything I can do to help speed up the claim process? You can help streamline the claims and settlement process and avoid delays by providing the following information when you file your claim:

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

Get the insurance protection you deserve.

Find a Markel marine agent and get a free, no-obligation insurance quote for your marine business today.

Additional resources

Related articles.

From helpful tips to coverage options, find the information, advice, and resources you need all in one place.

Warrior Sailing

Markel is a proud supporter of Warrior Sailing, an organization dedicated to healing and strengthening the lives of veterans through sailing. Visit warriorsailing.org to learn about Warrior Sailing and how you can donate to the program so they can continue to help the lives of wounded veterans.

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