GEICO Marine Insurance
GEICO Marine Insurance Company is a Berkshire Hathaway subsidiary that underwrites boat and yacht insurance in all 50 states and DC, distributed through GEICO agents and a core BoatUS partnership, serving recreational boat and yacht owners.
- Company typePrivate
- Founded1989
- HeadquartersSpringfield, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What GEICO Marine Insurance does
GEICO Marine Insurance Company is a US-domiciled specialty insurer that underwrites marine insurance for recreational boats and yachts. The company originates from Seaworthy Insurance Company, established in 1989 in Annapolis, Maryland; it was acquired by Berkshire Hathaway in 2007 and rebranded under GEICO in 2015. Domically licensed in Nebraska, with operational offices in Springfield, Virginia and Omaha, Nebraska, the company holds insurance licenses in all 50 states and the District of Columbia and carries an A.M. Best rating of A+ (Superior).
The company's product portfolio is structured in three tiers: a Liability Only policy for unfinanced boats and yachts, a Boat Policy with Actual Cash Value coverage for vessels up to $100,000 hull value and 30 feet, and a Boat Policy with Agreed Hull Value coverage for yachts up to $2.5M hull value and 70 feet. All policies include Named Storm Haul Out reimbursement (50% of labor up to $1,000), fuel spill liability coverage up to ~$1M, and access to the BoatUS Catastrophe Team for large-loss events. Underwriting is handled in-house by specialized marine underwriters, while technology is centered on a policyholder self-service portal at boatus.geico.com and an agent login at slogin.geico.com.
GEICO Marine earns revenue through recurring annual insurance premiums, with pricing calculated on vessel value, length, speed, coverage limits, and risk factors. Distribution is channel-led: the GEICO insurance agent network and a core partnership with BoatUS drive policy origination, supplemented by direct online self-service and telephone-based claims. The customer base is segmented into pleasure boat owners seeking affordable coverage and yacht owners requiring comprehensive Agreed Hull Value protection; both are consumer/SMB segments. The company operates as a wholly-owned subsidiary of Berkshire Hathaway with no external funding, no public listing, and revenue that is not publicly disclosed.
GEICO Marine Insurance firmographics
Firmographics- Name
- GEICO Marine Insurance
- Legal name
- GEICO Marine Insurance Company
- Website
- https://geicomarine.com
- Company type
- Private
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- GEICO Marine Insurance Company is a Berkshire Hathaway subsidiary that underwrites boat and yacht insurance in all 50 states and DC, distributed through GEICO agents and a core BoatUS partnership, serving recreational boat and yacht owners.
- Ownership category
- akta.pro rank
GEICO Marine Insurance industry classification
Industry- Product category
- Marine Insurance
- NAICS
- Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)
- SIC
- Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Yacht & Pleasure Craft Insurance (FSAJAHAI)
- akta.pro secondary industry
- Ocean Marine Insurance (Hull, Cargo & Freight) (FSAJAHAA)
Keywords
Where GEICO Marine Insurance is headquartered
LocationHeadquarters
- HQ city
- Springfield
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
GEICO Marine Insurance business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Insurance Premiums: GEICO Marine generates revenue through insurance premium payments from policyholders. The company offers multiple policy types including Boat Policies (Actual Cash Value and Agreed Hull Value coverage) and Liability Only options, with premiums based on vessel value, coverage limits, deductibles, and risk factors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Boat Policy - Actual Cash Value Coverage for boats up to $100,000 and 30 feet |
| Subscription | Annual | Boat Policy - Agreed Hull Value Coverage for boats and yachts up to $2,500,000 and 70 feet |
| Subscription | Annual | Liability Only Policy for boats and yachts without lien holders |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels3 records
GEICO Marine Insurance product offering
Product offeringCore offering
GEICO Marine Insurance underwrites and distributes specialized boat and yacht insurance policies for individual recreational boaters. Its offerings include Boat Policies with Actual Cash Value or Agreed Hull Value coverage (for vessels up to 70 feet and $2.5M hull value) and Liability Only policies for owners without lien holders. The company also bundles Named Storm Haul Out coverage, towing, salvage, fuel spill liability, and 24/7 claims dispatch backed by boating-expert adjustors.
Differentiator
Problem solved
Functional benefit
Products and services
- Liability Only Policy Lowest-cost liability-only marine insurance policy for boat and yacht owners without lien holders, covering third-party liability, medical payments, fuel spill liability, and salvage/wreck removal without hull coverage.
- Boat Policy - Actual Cash Value Coverage
- Boat Policy - Agreed Hull Value Coverage
- Named Storm Haul Out Coverage
Quantifiable outcome
- Named Storm haul-out reimbursement up to $1,000 (50% of labor costs)
- +1 more outcomes
Companies that use GEICO Marine Insurance
Customer profileSegments3 records
Ideal customer profiles3 records
GEICO Marine Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
GEICO Marine Insurance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- BoatUScoreBoatUS is a key distribution partner for GEICO Marine Insurance. GEICO Marine underwrites policies for BoatUS insurance customers and provides integrated account management through the boatus.geico.com portal. BoatUS also provides the CAT (Catastrophe) Team for large-scale disaster claims handling including hurricanes, tornadoes, ice storms, storage facility collapses, and marina fires.
Scale indicators4 records
Recent moves5 records
Expansion highlights3 records
GEICO Marine Insurance competitors and assessment
Company assessmentDirect peers
- Markel: Markel Specialty writes recreational marine and yacht insurance with direct-to-consumer and broker distribution. Closely comparable underwriting specialization in the same pleasure marine niche.
- Chubb: Chubb's personal lines division underwrites high-value yacht and pleasure craft insurance globally. Comparable product offering to GEICO Marine's Agreed Hull Value policy for vessels at the upper end of GEICO Marine's $2.5M limit.
- AIG Private Client: AIG Private Client Group insures high-net-worth yacht and watercraft owners with agreed-value specialty coverage. Direct competitor to GEICO Marine's yacht policy for affluent pleasure craft owners.
- BoatUS Insurance: BoatUS offers boat and yacht insurance policies directly to recreational boaters and is simultaneously GEICO Marine's largest distribution partner. Highly comparable product set (hull, liability, hurricane haul-out) serving the same pleasure craft customer base.
Broad incumbents
- State Farm: State Farm writes boat and yacht insurance through its captive agent network, serving the same U.S. consumer base. Multi-line insurer competing on bundling and local agent relationships.
- Travelers: Travelers writes boat and yacht coverage through its ocean marine division and personal insurance agents. Competes for yacht owners seeking agreed-value coverage with national carrier financial strength.
- Progressive: Progressive writes boat and personal watercraft insurance through its broad P&C platform, leveraging national brand and digital channels to serve recreational boaters — directly competing with GEICO Marine for the same customer wallet.
- Nationwide: Nationwide underwrites boat insurance as part of its diversified P&C portfolio. Targets the same recreational boating customer segment with both basic and specialty yacht coverage.
- Allstate: Allstate offers boat insurance as part of its multi-line P&C portfolio with strong national agent distribution. Competes for the same recreational boat and yacht owners with bundled coverage discounts.
- Liberty Mutual: Liberty Mutual offers recreational boat insurance through its personal lines agents. Comparable multi-line carrier competing for the same U.S. boat and yacht consumer segment.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
GEICO Marine Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
GEICO Marine Insurance leadership team
Management profileNumber of profiles
GEICO Marine Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
GEICO Marine Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about GEICO Marine Insurance
What does GEICO Marine Insurance do?
GEICO Marine Insurance underwrites and distributes specialized boat and yacht insurance policies for individual recreational boaters. Its offerings include Boat Policies with Actual Cash Value or Agreed Hull Value coverage (for vessels up to 70 feet and $2.5M hull value) and Liability Only policies for owners without lien holders. The company also bundles Named Storm Haul Out coverage, towing, salvage, fuel spill liability, and 24/7 claims dispatch backed by boating-expert adjustors.
Is GEICO Marine Insurance a public or private company?
GEICO Marine Insurance is a private company. It is classified as corporate owned and is currently operating.
When was GEICO Marine Insurance founded?
GEICO Marine Insurance was founded in 1989. It employs 11 to 50 people.
Where is GEICO Marine Insurance based?
GEICO Marine Insurance is headquartered in Springfield, United States, in the North America region.
How does GEICO Marine Insurance make money?
One revenue line is on record: insurance Premiums.
Who are GEICO Marine Insurance's main competitors?
Direct peers on record are Markel, Chubb, AIG Private Client and BoatUS Insurance. Broad incumbents are State Farm, Travelers, Progressive, Nationwide, Allstate and Liberty Mutual.
Does GEICO Marine Insurance have an API?
No public API is recorded for GEICO Marine Insurance.
What industry is GEICO Marine Insurance in?
GEICO Marine Insurance's product category is Marine Insurance. Its primary akta.pro industry code is FSAJAHAI, Yacht & Pleasure Craft Insurance, with a secondary code of FSAJAHAA, Ocean Marine Insurance (Hull, Cargo & Freight). Its NAICS code is 52412 and its SIC code is 6331.