Watercraft Insurance

Overview — Southern Insurance Underwriters, Inc. Watercraft Insurance

Southern Insurance Underwriters, Inc. (SIU) offers a specialized Watercraft Insurance program for agents looking to place both personal and commercial marine risks. SIU operates as a managing general agency with access to multiple markets and underwriting expertise that spans from personal watercraft and pleasure boats to commercial vessels and ocean cargo. Coverage features include agreed-value and replacement-cost options, broad navigational territories for most boat types, and specialized endorsements such as professional angler coverage and wreck removal.

Ideal Accounts and Appetite

• Personal watercraft: jet skis, airboats, houseboats (no ocean navigation for small craft), performance boats up to 26'.
• Yachts: vessels 26' and over including high-performance hulls, catamarans and vee hulls (high-performance hulls capable of speeds up to 120 mph are considered).
• Commercial classes: charter boats, rental operations, marinas, boat dealers, ocean cargo, marine artisan contractors, tours & excursions, passenger and non-passenger commercial vessels, schools, special events, commercial captains, and water sport operations.
• Non-owned watercraft exposures and professional angler operations.

Coverage Highlights and Advantages

• Settlement options: Replacement cost, agreed value, and ACV where appropriate.
• Liability limits: Personal accounts may qualify for higher limits; commercial coverage limits available up to $10,000,000 (Florida: up to $5,000,000) depending on the risk.
• Broad navigational territories for most boat types and limited or no lay-up restrictions (Florida exceptions apply).
• Included or available coverages: water sport liability, wreck removal, protection & recovery in addition to watercraft & equipment limits, coverage for non-owned watercraft, and other marine endorsements tailored to the operation.
• Underwriting flexibility for high-performance boats and unique hull types (e.g., catamarans).

Underwriting Notes

• States actively written: AL, FL, GA, NC, SC, VA.
• SIU evaluates risks across a wide range of classes but maintains specific restrictions (for example, small boats up to 26' may not be eligible for ocean navigation).
• High-performance vessels and unique hulls are considered with supporting loss history, maintenance records, and experience of operator/crew.
• Minimum premium and final terms vary by risk and market availability; submit complete applications and current loss runs for accurate placement.
• Carriers and admitted/non-admitted status vary by state and risk — SIU places business in the most appropriate market for coverage and pricing. (Admitted options are available in many territories; non-admitted placements may be used when necessary.)

Territories and Availability

The program is available in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. Availability and specific endorsements differ by state — agents should confirm state-specific terms and admitted versus non-admitted market options at time of submission.

Why Work With Southern Insurance Underwriters, Inc. on Watercraft Business

• Specialized marine underwriting: SIU focuses on watercraft risks and offers tailored underwriting for both personal and commercial exposures.
• Market access: As an MGA, SIU can place a wide variety of marine accounts with multiple carriers when available.
• Flexible coverages: Options for agreed value, replacement cost, high liability limits, and niche endorsements help you craft competitive proposals for clients.
• Support for hard-to-place risks: high-performance yachts, charter operations, and commercial marine classes that need broad navigational territories or specialized liability protection.

Example accounts that fit this program

• A coastal charter operator in Georgia seeking a marina package and liability limits with broad navigational territory for day cruises and fishing charters.
• A Florida owner of a 30' performance yacht who wants agreed-value settlement, water sport liability, and higher liability limits for occasional passenger cruising.

Underwriting & Submission Tips

• Include current loss runs, photos of the vessel, hours on the engine(s), operator qualifications/captain resume (for commercial accounts) and maintenance records for high-performance hulls.
• Clearly describe navigational territory, intended use (pleasure, rental, charter, commercial), crew experience and any special operations (fishing tournaments, tours, rentals).
• Because markets and minimum premiums vary, provide full exposure details so SIU can evaluate admitted and non-admitted options and recommend appropriate limits and endorsements.

Frequently Asked Questions

Need help placing an account? Connect with a market specialist.