Charter Lakes Insurance Agency

What Charter Lakes Insurance Agency does

Charter Lakes Insurance Agency, doing business as Gallagher Charter Lakes, is a Managing General Agent (MGA) specializing exclusively in marine insurance. Founded in 1976 and headquartered in Grand Rapids, Michigan, the company has operated under Arthur J. Gallagher & Co. ownership since 2013. Charter Lakes administers five distinct marine insurance products on behalf of Great American Insurance Group and represents multiple A-rated marine underwriters (Markel, Chubb, Travelers, GAIG, FGA), licensed to do business in 48 states. The firm operates a wholesale distribution model selling to retail agents and brokers, alongside a direct-to-consumer channel via its website, secure policy portal, and iOS/Android mobile app for claims submission and policy management.

The company offers eight marine insurance products covering yachts, small boats, charter boats, passenger vessels, fishing guides, tournament anglers, commercial watercraft, and marine artisans. All products feature agreed value coverage, disappearing deductibles for claim-free operators, and specialized endorsements such as replacement vessel liability, equipment and tackle coverage (including ashore storage), tournament fee reimbursement, and professional angler liability. The firm maintains a 12-member production team focused on 24-hour quote turnaround for broker submissions, a 24-person customer service and support team, and five regional offices across Michigan, Florida, North Carolina, Texas, and Maryland to serve coastal boating markets. Underwriting team members collectively bring over 120 years of combined marine insurance experience.

Charter Lakes generates revenue through insurance premium commissions on policies placed through retail agents (wholesale channel) and direct-to-consumer sales. As an MGA, the firm earns override commissions and contingency income based on premium volume and loss ratios from carrier partners. Pricing is quote-based and tailored to vessel value, mooring location, usage type (recreational versus commercial), operator experience, claims history, and safety certifications, with multi-boat and fleet discounts available. The company does not publicly disclose revenue figures, operates without independent venture capital or private equity backing, and benefits from the scale and resources of its parent company, Arthur J. Gallagher & Co.

Name

Charter Lakes Insurance Agency

Legal name

Charter Lakes Insurance Agency

Website

https://charterlakes.com

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

1–10 employees

Short description

Gallagher Charter Lakes is a marine insurance Managing General Agency serving recreational boat owners, charter operators, fishing guides, and commercial vessel operators across 48 states with eight specialized marine insurance products distributed through wholesale brokers and direct channels.

Ownership category

akta.pro rank

Product category

Marine Insurance

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Marine Specialty (Hull/P&I/Cargo) (FSAJAGAJ)

Keywords

• Marine insurance
• Boat insurance
• Yacht insurance
• Charter boat insurance
• Commercial marine insurance

Headquarters

HQ city

Grand Rapids

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premium Commissions: As a Managing General Agent, Charter Lakes earns commissions on insurance premiums placed through retail agents. The agency administers products for Great American and other A-rated marine underwriters, earning override commissions and contingency income based on premium volume and loss ratios.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Charter Lakes Insurance Agency, operating as Gallagher Charter Lakes, is a Managing General Agent (MGA) specializing exclusively in marine insurance for recreational and commercial vessel owners across 48 U.S. states. The agency distributes eight distinct marine insurance product lines—covering charter boats, fishing guides, passenger vessels, yachts, small boats, anglers, commercial watercraft, and marine artisans—through retail agents/brokers on a wholesale basis and directly to consumers via its website and mobile app.

Product overview

Charter Lakes Insurance Agency, operating as Gallagher Charter Lakes, is a Managing General Agent specializing exclusively in marine insurance. The company offers a portfolio of eight distinct marine insurance products designed for various vessel types and commercial operations: Anglers Choice Insurance (for recreational and tournament anglers), Charter Boat Insurance (for charter operators), Commercial Watercraft Owners Policy (for commercial vessels), Fishing Guide Insurance (for professional guides), Marine Artisan Insurance (for marine service businesses), Passenger Vessel Insurance (for commercial passenger vessels), Small Boat Insurance (for recreational boats), and Yacht Insurance (for luxury vessels). All products feature agreed value coverage options and 24/7 claims service. The company administers five distinct marine insurance products for Great American Insurance Group and represents multiple A-rated marine underwriters. Core differentiators include over 120 years of combined marine insurance experience, fleet discount programs, and specialized coverage options including disappearing deductibles and replacement vessel liability endorsements.

Differentiator

Problem solved

Functional benefit

Products and services

• Anglers Choice Insurance Insurance program for recreational and tournament anglers providing physical damage coverage on an agreed value basis, fishing equipment coverage, P&I liability, professional angler liability, tournament fee reimbursement, and 24-hour claims service for inshore and offshore fishing vessels.
• Charter Boat Insurance Comprehensive insurance coverage for charter boat operators protecting vessels, equipment, passengers, and crew against risks including sinking, fire, collision, storms, and theft, with fleet discount options available.
• Commercial Watercraft Owners Policy Competitive commercial Hull and P&I program for owners and operators of commercial watercraft including oil and gas contractors, geophysical contractors, environmental contractors, vessel assist tow boats, municipality patrol and fire rescue, and commercial fishermen.
• Fishing Guide Insurance Insurance coverage designed for professional fishing guides protecting their business, clients, boats, and equipment with agreed value settlements, professional angler liability, P&I coverage, tournament fee reimbursement, pollution liability, and personal property coverage.
• Marine Artisan Insurance Marine-specific policy for businesses that work on and care for vessels, covering personal and advertising injury, liability, products completed operations, property damage, personal property coverage, and damage to property rented by the artisan.
• Passenger Vessel Insurance All-risk commercial policy protecting passenger vessel owners' property, passengers, and crew with physical damage coverage on agreed value, disappearing hull deductible, passenger liability, dockside liability, medical payments, and optional maritime employment liability.
• Small Boat Insurance Insurance coverage for small boats with all-risk policy on occurrence basis, agreed value physical damage coverage, trailer coverage, and uninsured boaters coverage.
• Yacht Insurance Comprehensive yacht insurance protection with all-risk policy on occurrence basis, physical damage on agreed value, protection and indemnity liability, pollution liability, uninsured boaters liability, and towing and emergency assistance.

Quantifiable outcome

• Same day coverage binding available for most quotes
• +2 more outcomes

Named customers6 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• Gallagher Bassett Services, Inc.coreOthersClaims adjustment and processing partner for Charter Lakes marine insurance claims. Gallagher Bassett is a global claims management company providing specialized marine claims handling services to ensure swift and fair claim settlements for policyholders.
• Great American Insurance GroupcoreTechnology or IntegrationPrimary insurance carrier partner for which Charter Lakes administers five distinct marine insurance products as Managing General Agent. Great American is an A-rated carrier providing the underlying insurance capacity for Charter Lakes marine products.
• A-Rated Marine Insurance CarrierscoreTechnology or IntegrationCharter Lakes represents multiple A-rated (A.M. Best) marine insurance carriers including Markel, Chubb, Travelers, Modern, GAIG, FGA, and others to provide competitive options for various marine risk types.
• National Association of Charterboat Operators (NACO)strategicOthersIndustry association representing charter boat owners and operators. NACO advocates for Great Lakes charter boat owners and works on disaster relief initiatives. Charter Lakes supports NACO mission and members receive specialized coverage options.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Foremost Insurance Group (marine): Foremost offers specialty boat, yacht, and personal watercraft insurance through independent agents, directly competing with Charter Lakes for the same recreational and small-commercial marine customer base.
• GEICO Marine Insurance: GEICO offers boat and marine insurance policies directly to consumers as part of Berkshire Hathaway's P&C platform, competing head-on with Charter Lakes in recreational marine coverage distribution.
• BoatUS (Boat Owners Association of the United States): BoatUS is one of the largest direct providers of recreational boat insurance in the US, offering specialized marine policies similar to Charter Lakes' yacht and small boat products and competing for the same recreational boat-owner segment with a direct-to-consumer model.
• Markel Insurance - Marine: Markel is a specialty insurer with a dedicated marine division offering yacht, boat, charter, and commercial marine coverage. As both a partner carrier and competitor, Markel operates in the same marine MGA/specialty space as Charter Lakes.

Broad incumbents

• Allstate - Boat Insurance: Allstate provides boat insurance through its broad personal-lines agency force, competing for recreational marine customers in the same SMB/individual segment that Charter Lakes accesses through its retail agent/broker channel.
• Progressive - Boat & Marine: Progressive offers boat insurance within its broader personal-lines portfolio, leveraging national scale and direct online quoting to capture recreational boaters — comparable market overlap to Charter Lakes but as part of a much larger multi-line insurer.
• Chubb - Marine Insurance: Chubb underwrites personal and commercial marine insurance as part of its global specialty portfolio. It serves as both a capacity partner and a competitor to Charter Lakes, particularly in the high-net-worth yacht segment.
• Travelers - Boat & Yacht: Travelers offers boat and yacht coverage through agents nationally, representing both a carrier-partner relationship for Charter Lakes and an overlap competitor in the standard recreational marine segment.
• Liberty Mutual - Boat Insurance: Liberty Mutual offers recreational boat insurance through agents and is also a former employer of key Charter Lakes underwriters; it competes broadly in the marine space both as carrier and as retail broker-recommended option.
• Nationwide - Boat Insurance: Nationwide provides boat insurance through its exclusive agent network, targeting the same recreational and small-commercial marine customers that Charter Lakes serves via its wholesale agent/broker channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubecharterlakes.com/blog
• Xx.com/charterlakes
• Facebookfacebook.com/charterlakesmarineinsurance
• LinkedInlinkedin.com/company/charter-lakes-insurance-agency

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Charter Lakes Insurance Agency