GEICO Marine Insurance

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.

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

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

• Marine insurance
• Boat insurance
• Yacht insurance
• Hull coverage
• Vessel insurance

Headquarters

HQ city

Springfield

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BoatUScoreChannel Partner/ Reseller/ DistributorBoatUS 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

Direct 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

Revenue estimate

Valuation estimate

Number of profiles

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 GEICO Marine Insurance