Boat Insurance In 2014, there were 4,064 accidents that involved 610 deaths, 2,678 injuries and approximately $39 million dollars of damage to property as a result of recreational boating accidents.* Boat insurance protects your water vessel, whether it’s a dinghy, fishing boat, or yacht. There are two main forms of boat insurance. Agreed Value policies set a value on your vessel that stays constant in the case of an incident. Actual Cash Value policies take into account depreciation if owners file a claim. Generally speaking, Agreed Value policies are more expensive, but each owner needs to assess the coverage that is best for them.Different types of policies are available depending on the type of vessel that is being protected. Also, insurance companies take into account the amount of time the owner will spend on their boat, how far it will be traveling, and where it will be stored when not in use.*“2014 Recreational Boating Statistics.” United States Coast Guard. 2014.