To most insurance companies, the mere thought of a wooden boat (old dried-out wood full of gasoline and oil) makes them cringe. But we know differently. Not only are they valuable pieces of history, they might even be the love of your life!

Marine insurance is unregulated. This means that there are few rules by which insurers must comply. So it is critical that consumers understand what kind of policy they buy and what kind of service they will get in the event of a claim. Please consider the following tips.

What is Agreed Value?

This is the only kind of insurance policy that will fully protect a wooden boat in the event of a claim. It guarantees that your boat (and inboard engines as well) will not depreciate with a loss. Many marine policies do not offer Agreed Value for wooden boats and may lessen the coverage if the boat or engine is over 10 years old (hardly a help for wooden boats). The bottom line: Buy an Agreed Value policy specifically designed to cover the full value of your wooden boat.

Isn't my boat covered by my homeowners policy?

Please be careful... this is a common
assumption. Most homeowners policies can insure boats, but they are not designed for wooden boats. Many of these policies only cover wooden boats for certain types of usage or only when the boat is in storage. The bottom line: Cover your wooden boat
with a separate policy.

If I have a claim, who handles it?

This is the most important question of all. Logically, the insurance agent, the person who sold the policy, should handle the claim. But this is generally not the case. Claims are usually turned over to a giant marine underwriter where their experience is with claims on newer boats, not classic wooden boats. This can even happen with some specialty wooden boat insurers. The bottom line: Ask the question of your insurance company: "Do you have experience handling wooden boat claims?"

What should I do when my boat is under restoration?

Many people make the mistake of carrying no insurance while their wooden boat is undergoing restoration. Yet even the loose parts can be rare and valuable. People either assume that no one would insure their boat during a restoration or that the shop doing the work carries ample insurance to cover it if there was an accident. The fact is, there is specific insurance available, called Port Risk Insurance. It's kind of like comprehensive coverage for your car. It is inexpensive and will fully cover your boat during restoration. The bottom line: Keep your boat insured even while it's being restored.

Will l need a marine survey?

Every insurance program is different when it comes to survey requirements. But as a general rule of thumb, the bigger the boat, the more likely a survey will be required. Often, it hinges on whether a boat has liveaboard capabilities, such as larger sailboats and cruisers. For owners of these larger boats, a full value and condition survey is a good idea. A qualified marine surveyor can see things which require maintenance that the typical owner might overlook. This indicates to an insurance company that the owner is serious about the maintenance of his craft. The bottom line: If you own a larger sailboat or cruiser, a survey may be both necessary and a good idea to have. If you have a small wooden boat you probably won't need one.

Insure it.

If you have further questions about obtaining insurance for your wooden boat, please call our toll-free number; 800-232-0674. We are happy to help you find the right kind of marine insurance, even if you do not insure with Hagerty. You see, we love wooden boats and we want to see them passed on to future generations. The right kind of insurance, including an Agreed Value policy, along with proper claims handling, could make the difference in the life of your wooden boat.

Please be safe, but most important, have fun with your boat.