There is a formal term for this kind of marketing, but I'm just starting my first cup of coffee and I can't remember it. Some sort of group marketing. You're better off getting a good marine policy from a good insurance company. I am a State Farm agent, so take my recommendations with the appropriate amount of salt.
In my experience the best yacht policies (and claims service) are offered by Ace, Chubb, and State Farm. All of them use Agreed Value to insure the value of the boat. All of them pay out for damages without insisting on an actual accident. Most boat policies, and Premier Insurance, state they pay out after an accident. A good friend had an exhaust hose clamp fail, sending 50 gallons per minute into the bilge. The boat was 15 minutes from sinking when he got it to a sling. After the water was pumped out the boat was moved into the repair yard. State Farm paid him the agreed value less the $5.00 hose clamp. That's how yacht policies work. Note that there was no accident per se. He didn't hit something, and nothing hit him.
Two different friends had an engine get ruined due to a failed part. In both cases Premier refused payment as there was no accident. It took each friend two years of phone calls, letters, and finally hiring lawyers before Premier paid them, and they each lost two years of time on the water.
Too many people look for the least expensive policy. Buy the best insurance you can afford.
