The short answer is technically, nobody; But realistically most boat owners should have insurance. Marine insurance is regulated by the state of Florida. Most likely if you are docking at a private marina or municipal marina they will require proof of liability insurance.

This means if a boat is damaged and has a covered loss, the insurance company pays for new replacement parts.

Boat insurance can get complicated, but if you know what to look for in a policy, you can get the insurance that’s right for your boat. In boat insurance many times what is important is understanding what is not in your policy more so than what is included. Understanding the terminology in your boat/yacht policy is key to the understanding of your coverage. Maritime law in the United States is based on common law and not regulation therefore; the term seaworthiness becomes very important in understanding an insurance policy for your boat. The term seaworthy in a boat policy goes back to whether or not your vessel is seaworthy the first day of the insurance policy term.

This is the coverage under the physical damage portion of the policy. It is typically termed agreed value. This is the value that you and the underwriter agree on a value for the boat when you first insure it. If you have a total loss, you recover the agreed-upon value of the boat. Agreed value policies will often cover salvage, wreck removal costs, and fuel spills.

This means when there is a loss the damage is covered up to the actual market value of the boat, minus depreciation and deductions for any damage. This type of coverage can save you 20% or more on your premium, but keep in mind it can expose you to more risk.

This includes all of the required liability coverage- bodily injury, property damage, wreck removal, and coverage related to the US Longshore and Harbor Workers Act and Jones Act.

If the boat is damaged and has a covered loss the insurer will say yes, your engine was damaged, but it was already 15 years old, so we are only paying 40 percent of the claim.
** finding a boat or yacht policy without depreciation methods is difficult these days.