Liveaboard boat insurance is harder than ever for cruisers to find–especially if your boat is older and worth less than $100,000. We get questions about the topic all the time. Ben Belyea offered to share his insights about the state of the industry. And what cruisers need to know about finding insurance coverage.
For those who dream of a life at sea—chasing sunsets, waking up in exotic anchorages, and living by the tides—cruising full-time is the ultimate freedom. But while life aboard offers adventure and tranquility, there’s one reality check that can throw even seasoned sailors off course: finding reliable, affordable boat insurance.
Why Cruisers are Hard to Insure
Cruisers aren’t your average boaters. They’re constantly in motion, venturing into international waters, exploring remote regions, and often living aboard full-time. That level of adventure comes with a unique set of risks—ones many traditional insurers aren’t eager to take on.
From an underwriter’s perspective, it’s a tricky equation: unfamiliar waters, limited repair access, increased wear and tear, unpredictable weather, and, in many cases, the boat being the owner’s sole residence. All this adds up to higher risk—and often, fewer options for coverage.
Shrinking Options, Rising Costs
In recent years, the boat insurance landscape has tightened significantly. Following a wave of catastrophic storms and climate-related claims, many insurers have pulled out of the marine market altogether. The result? Cruisers are left with limited options—and those that remain often come with:
- Geographic exclusions, especially during hurricane season.
- High deductibles for named storm damage.
- Strict maintenance and inspection rules that are hard to comply with while underway.
- Premiums that are double or even triple those of stationary boats.
A Cruiser’s Option
This is where working with a specialty marine insurance agent, like Global Marine Insurance Agency, can help.
Global Marine isn’t just another insurance broker. They specialize in covering boats, yachts, and cruisers with complex needs. And they understand the nuances of the cruising lifestyle and work closely with underwriters to find policies that actually fit.
By working with Global Marine, many cruisers have successfully secured coverage through Markel’s Cruisers program, one of the few U.S based insurance providers offering comprehensive plans for full-time, international cruisers.
Markel’s Cruisers Program
Markel is known for its flexibility and willingness to insure experienced liveaboards and long-distance sailors, especially when presented through a knowledgeable agent who understands how to make your case.
Markel’s key features include:
- Agreed value hull coverage (no depreciation for total losses).
- -$75k minimum vessel value. Liability only is available for well-maintained lower value vessels.
- Personal effects and equipment coverage – vital for liveaboards.
- Worldwide navigation options, subject to pre-approval.
- Protection and Indemnity for 3rd party liability protection – essential for full time liveaboards who have guests or workers on the boat
- Tailored underwriting, factoring in your route, vessel, and experience.
The Broker’s Role
That said, even Markel has its limits. Policies vary based on location, and hurricane zone restrictions still apply. The application process can be detailed and daunting—but here’s where a specialty agent like Global Marine shines.
They’ll help you:
- Prepare a strong application.
- Understand and navigate the fine print.
- Secure coverage tailored to your cruising plans.
Know the Gaps: Read the Fine Print
Even with solid coverage, beware of common blind spots:
- Named storm clauses that limit payout if you’re not in a designated safe harbor.
- Excluded regions that change seasonally.
Bureaucracy, Experience Requirements & the Reality Check
Markel requires:
- Detailed sailing résumés showing offshore experience.
- A detailed cruising itinerary
- A current SAMS (Society of Accredited Marine Surveyors) or NAMS (National Association of Marine Surveyors) condition and value survey & standing rigging inspection.
- Safety equipment like EPIRBs, life rafts, and fire suppression systems.
Final Takeaway: Don’t Go It Alone
If you’re a full-time cruiser, or planning to become one—boat insurance isn’t just a formality. It’s a safeguard for your home, your safety, and your freedom. And in today’s tightened market, working with a specialist like Global Marine Insurance Agency can make all the difference between getting decent coverage—or none at all.
The ocean may be unpredictable, but your insurance doesn’t have to be. Be informed, plan ahead, and find the right partner to help you protect your dream.
Ben Belyea has been with Global Marine Insurance for 20 years in various underwriting roles and is currently the VP, Underwriting manager for the Boat/Yacht team. Ben has extensive boating experience owning and operating several sized boats and yachts and exploring the Great Lakes region from home in Traverse City, MI.
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