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Chubb Boat Insurance Review


ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
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Founded in 1888, Chubb is the world’s largest publicly traded property and casualty insurer with locations in 54 countries. It provides commercial, personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, life insurance, and marine and boat insurance policies.
 
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How is Chubb rated?

Breakdown

4.5/5
Coverage & Benefits
0.0/5
Discounts
3.5/5
Customer Experience
5.0/5
Financial Strength & Reputation

Overall Rating: 4.2 / 5 (Excellent)

For more than 100 years, Chubb has been one of the premier yacht insurance providers in the United States and abroad. It offers three customizable policies with exceptional coverages and benefits for all type and class of private pleasure boats, from Jet Skis to mega-yachts. It also has superior ratings with three U.S. financial credit rating agencies. For consumers seeking premiere coverages and benefits from a well-established boat and yacht insurance provider, we highly recommend this company.

Chubb Coverage & Benefits

Coverage & Benefits - 4.5 / 5

Chubb offers three agreed value policies, based on the length of the vessel, which are customizable to each boater's needs. It offers up to 120% in replacement cost coverage in the event of total loss, a generous coverage on partial losses, as well as unique coverages like "coverage for marinas as additional insured." For larger vessels, it offers specialized coverages including search and rescue, temporary substitute watercraft, emergency towing, and occasional charter coverage.
Policy Type
Agreed Value
Coverages
Comprehensive
Collision
Bodily Injury Liability
Property Damage Liability
Medical Payments
Uninsured/Underinsured Boater
Boat Trailer
Wreck Removal
Personal Watercraft
Salvage Assistance
Type of Boat
Small
Speedboat
Personal Watercraft
Yacht
Sailboats
Leisure Boat
Sport Boat
Benefits
Salvage Assistance
Wreckage Removal
Fuel-Spill Liability
Boat Towing
Fuel Spill Cleanup

Chubb Customer Experience

Customer Experience - 3.5 / 5

Chubb provides an online account and claims processing. Its website features a list of useful boating sites including a marina's directory, U.S. Coast Guard (including float planning), National Ocean and BoatSafe, and BoatSafeKids. It also provides a Boat Insurance 101 resource, a comprehensive guide on understanding boat insurance.
Online Account

Chubb Financial Strength & Reputation

Financial Strength & Reputation - 5 / 5

In 2017, Chubb had more than $167 billion in assets and $36 billion of premiums written (according to its website). Chubb has superior financial strength ratings including an AA from Standard & Poor’s, an A++ from A.M. Best, and an Aa3 with Moody's. The company is not listed with the BBB or has a presence on trustpilot.com.
Company Type
Underwriter
Year Founded
1882
NAIC Direct Premiums Earned (2017)
$217,315,952
AM Best Financial Rating
A++
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aa3
Date Collected
2018-04-20

Company Profile

Full Name
Chubb Boat Insurance
Company Website
https://www2.chubb.com/
Headquarters
15 Mountain View Road, Warren, NJ, 07059

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Customer Comments & Reviews

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G
Guy
8/24/2023
They dropped us after our claim of a total loss. Our insurance agent told us that Chubb now drops policies with a total loss claim. Their mandate should be disclosed. For example, here: https://www.chubb.com/us-en/individuals-families/products/boats-yachts/boats.html

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