Frequently Asked Questions

Why would I choose Charter Lakes over the other companies?

Charter Lakes is a specialist in the marine insurance industry. We have numerous years of experience when it comes to providing you with the proper coverage’s for your boat. Whether you own a charter boat, a pleasure craft, or a commercial boat for hire we have both the knowledge and experience to meet your needs. We are an industry leader when it comes to marine insurance.

Is price the most important factor to consider when purchasing boat insurance?

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.

How can I save money on my boat insurance?

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. Saltwater is another factor, as freshwater is easier on the life of the boat.
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.

How often is it that the survey is required?

Typical markets require the following:
Freshwater = 15yrs
Saltwater = 10yrs
1. Surveys should be less than 18 months old & performed out of water by an accredited marine surveyor
2. Surveys due every 5yrs after first one

Who is allowed to operate my vessel?

The majority of policies allow any person to operate your boat as long as you have given the operator permission with no money exchanged, and the vessel is not being used for commercial or charter purposes.

I want to go outside my navigation area. How do I make these changes?

All policies have a warranted navigation limit. However, if you do decide to go outside of the navigation area listed on your declarations page; you will need to contact a Charter Lakes customer service representative prior to going outside of your navigation limits. The carrier must review and approve your request and the proper changes must be made to your policy.

What is Actual Cash Value Coverage?

Actual Cash Value – Replacement cost less depreciation. Property is depreciated over time.

What is Agreed Value

Agreed Value – The insurance Carrier and the Insured agree to a specific value on the property. At the time of a total loss, the company pays the agreed value with no regard for depreciation.

What is Replacement Cost?

Replacement Cost – A form of settlement under which the insurance company, after a covered loss, will pay the insured enough to replace property with new property of a like kind and quality without deducting depreciation.

What is “All Risk or Open Perils”?

All Risk or Open Perils – The policy covers every conceivable peril except for those specifically excluded in the policy.

What is a Binder?

Binder – An interim insuring agreement that provides coverage until the actual policy is issued.

How long does a quote take & will someone be contacting me?

In most cases you will be contacted with a quote within 24 hours. 

After quoting how soon can I use my boat?

Typically we can bind coverage on the boat the same day as you receive your quote.

Does your agency offer any discounts for boating experience, memberships, multi-boat discount, or boating classes? 

We have many carriers willing to offer discounts. Your Charter Lakes agent will provide all credits available within the product guidelines.

Why do I need a survey and do I need one before I can get coverage? 

The survey is a written document that gives the underwriter a clear view of the condition of the boat without physically inspecting it themselves. Having a boat surveyed prior to the purchase could save you thousands of dollars by revealing hidden problems with the vessel.

Where do you provide insurance coverage?

Coverage is available anywhere in the continental United States to boat owners with US address. Seasonal cruising extensions are available to Canada, the Bahamas, Bermuda, and Mexico. Premium discounts are available for selection restricted cruising areas such as the Chesapeake Bay or Puget Sound. Let us know where you will be using your boat and we will match you to an appropriate area at the best rate available.

Do you offer payment plan?

Yes, We offer several options to meet your needs. Ask your agent for specific details.

I have filled out an application online.  Can I update it, and resubmit it?

Yes, we have designed the online application system to allow you to access your application, make a change if necessary and resubmit it without having to re-type everything else.  After you submit the application initially, you will be sent an email with a link to access it again in the future.