You are currently viewing Chubb Watercraft Terms and Conditions

Chubb Watercraft Terms and Conditions

Thu, 31 Dec 2020 13:11:17 +0000

Chubb Watercraft Insurance Terms and Conditions

Mexican law requires boats and watercraft to have liability insurance provided by a company based in the country that owns those waters.

Chubb offers Liability only insurance to cover all your water toys!


Get A Watercraft Quote Now

To File A Claim

01-800-362-7288

52-818-374-8053

To Follow-up on a Claim

01-555-258-5800 x7683

011-52-555-258-5800 x7683

Who is Chubb?

Established in Mexico in 1999, we offer insurance programs to both multinational and domestic companies. In May 2013 ACE Limited acquired ABA Seguros, Mexico’s fourth-largest personal lines carrier, and in January 2016, ACE acquired the Chubb Corporation, creating the world’s largest publicly traded property and casualty insurance company operating under the renowned Chubb name. All combined, Chubb has now an even stronger presence on the US/Mexico border with offices in Tijuana, Hermosillo, Ciudad Juarez, Chihuahua, Reynosa and Monterrey. With our head office located in Mexico City and a bilingual team with more than 20 years of experience in the Mexican Car Insurance market, Chubb Mexico is a company that represents energy, drive, optimism, and a can-do attitude, the commitment to our clients is our new badge of honor associated with quality and unparalleled service.

Chubb Mexico has been # 1 best positioned Mexican Car Insurance carrier for the Auto Tourist Program for 6 years in a row” with a market share of 24.65% by 2018 and has become the third-largest personal lines carrier in Mexico.

Filing a Claim:

By phone – Call 1-800-CLAIMS-O (1800-252-4670), please take precautions and then call when you are safe.

Response Within 1 Hour

When clients experience a loss, minutes can seem like hours. Even during catastrophic events, these are the target response times for our clients:

Urgent situations: response time 1 hour or less, onsite within 4 hours

Non-urgent situations: response time 4 hours or less, onsite within 48 hours (or at the client’s convenience)

3 Year Guarantee

The professional service providers within the Chubb Trusted Service Network provide a 3-year guarantee on all of their repair work, compared to the industry average of one year. In addition, clients have added peace of mind knowing they are backed by a larger organization.

First, the good news…

Getting legally required insurance for your watercraft while it is IN the water in Mexico is easy. You only need to purchase liability for your boat in Mexico. Theft and collision coverage that boaters already have will cover their boat no matter where they go. The liability portion, however, must be provided by a company with a domicile in the country that owns those waters.

Now for the bad news…

Even with liability your boat may not be completely protected. When your boat is NOT in the water (for example, when it is being towed), your watercraft insurance is not valid. Therefore, you need two policies: a liability policy for when your boat is in Mexican waters and insurance on your watercraft when it is out of the water in Mexico.

But not to worry…

MexInsurance® is ready to get you covered, on and off the water, and eating fresh fish tacos in no-time! The solution is simple. All you need to do is add your trailer and boat to your auto or RV policy. Our online quote system will prompt you to include that information. You won’t even have to go looking.

What products do they offer?


Auto coverage for tourists driving in Mexico


RV coverage for tourists driving in Mexico


Auto coverage for Mexican plated vehicles driving in the US


Driver’s License insurance allows tourists to operate multiple vehicles in Mexico


Watercraft policies for coverage in Mexico

Why does Mexico require liability insurance for my boat? And what is liability?

Requiring liability insurance allows Mexico to protect its citizens. Liability coverage pays for the other driver’s expenses if you cause a collision. So, if you cause an accident in Mexico, you will be responsible (AKA liable) for all the damage inflicted to both the people involved and the property involved. Requiring visitors to purchase insurance ensures that visitors have the ability to cover costs that may arise if they are in an accident. Liability does not, however, cover your expenses or losses.

What information do you need to know about my boat or watercraft during the quote and application process?

  1. Year, length, make and model of boat or watercraft
  2. Maximum speed
  3. Registration number and country where vessel is registered
  4. Hull ID number (HIN)
  5. Information about operators- age, Driver’s License number

What is the difference between boat insurance and yacht insurance?

Some people use boat and yacht interchangeably. When it comes to insurance, agents use “boats” to describe vessels up to 26 feet L.O.A. and “yachts” to describe vessels 27 feet L.O.A. and longer.

What is agreed value vs. actual value?

There are two basic types of boat insurance—“agreed value” and “actual cash value.” How depreciation is handled is what sets them apart. An “agreed value” policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat (some partial losses may be depreciated). “Actual cash value” policies cost less up front, but factor in depreciation. In other words, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policy—and if often gives a substantial savings.

How can I get discounts on my Mexican watercraft policy?

There are a few ways to reduce your boat insurance costs. For example, if your boating is restricted by seasons and your boat is in storage during the winter, you can get deductions for winter layup. Many insurers offer discounts for good driving records and for anyone who has completed boater education classes. Finally, it usually costs less to be insured in fresh water versus salt, so be sure to discuss where you boat with your agent. You may earn extra savings by bundling your coverage with the same company that insures your home and/or car.

[pardotForm thumbnail=https://mexinsurance.com/wp-content/uploads/Logo_CHUBB.jpg maplocation=”Watercraft_Chubb_Terms_And_Conditions” formhandlerurl=https://go.mexinsurance.com/l/832243/2022-01-31/4pq3w asset-category=Terms and Conditions]