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Insuring Formula Boats
motorboats and sports boats · the USA
Formula Boats builds motorboats and sports boats in the USA. NAMMERT insures boats of this make regardless of year built or where you bought them, liability, hull, legal expenses and personal accident cover from one house, taken out online in five minutes.
At a glance
Origin
the USA
Class
motorboats and sports boats
Typical sizes
7 bis 15 m
Premium from
from €49 a year for liability
Worth knowing
Formula Boats; cover, cost and conditions
Formula has been building in Decatur, Indiana, since 1956 and still manufactures in its own plant today. For the insurance, what matters is less the yard than what is inside these boats: bowriders and sport yachts from Formula almost invariably run powerful petrol engines, often as a twin installation. With us, engine power feeds directly into the premium, far more strongly than name or year of construction.
Most Formula boats in European harbours are imports. That is no obstacle for underwriting, we insure regardless of the place of purchase. What matters is the stated value: the decisive figure is what an equivalent boat costs in Europe, not the American list price. Keep the invoice or an appraisal to hand, then the sum can be substantiated in the event of a claim.
Some of the model ranges have been running since the nineties, the 240 and 290 Bowrider since 1995. On a thirty-year-old bowrider the current market value lies far below what a replacement costs. Agree an agreed value for that reason: in a total loss this value is then paid and not the residual value.
Questions and answers
Frequent questions
Does NAMMERT also insure Formula boats imported from the USA?
Yes. Place of purchase and first registration play no part in underwriting. In the calculator, state the replacement value in the European market, not the purchase price in dollars.
Are the engines of a Formula insured as well?
Yes, propulsion and permanently installed technology are part of the boat value. In full hull cover the theft of individual parts is covered too, for the outboard just as for the sterndrive.
The cover that fits
For the whole class of boat
What matters for motorboats and sports boats is the same across every brand; engine output, how a claim is settled, cruising range and theft protection. The class page lists every point and every brand in this class.
Insuring motorboats and sports boats, every brand and every condition
Other builders in this class
All makes by type of boat
motorboats and sports boats
Ohne Zuordnung
sailing boats and sailing yachts
motor yachts
dinghies and small craft
inflatables and RIBs
jet skis and boards
houseboats and electric boats
catamarans and multihulls
boat trailers
Katamarane & Trimarane
Nautical information What counts before you cast off, papers, equipment, waters
Licence
A powerboat licence (inland or coastal) is required from 15 hp (11.03 kW).
Registration
Registration from 3 hp; for trips abroad carry the boat certificate or flag document.
Waters
Inland, coastal and abroad; plan fairways, bridge clearances, draught and tides.
Equipment
Lifesaving gear, fire extinguisher, anchor, signalling equipment and correct navigation lights.
Cruising range
The agreed cruising range is stated in the policy and can be extended at any time.
Weather
Check wind force in Beaufort and wind direction before casting off, and allow for gusts.
General guidance, not a complete account; what governs are the rules of the waters you are on and your boat’s manual. Current wind force and direction for your waters are shown on the Home.
Series by Formula Boats, with value and cover
Formula 240 / 290 Bowrider is a motorboat from Formula Boats (the USA), built since 1995, and today changes hands at between €60,000 and €190,000.
Formula 350 / 430 Super Sport is a motor yacht from Formula Boats (the USA), built since 2000, and today changes hands at between €220,000 and €690,000.
Formula 45 / 50 Yacht is a motor yacht from Formula Boats (the USA), built since 2010, and today changes hands at between €690,000 and €1,600,000.
Formula 29 PC is a motor yacht from Formula Boats (the USA), built from 1990 to 2012, and today changes hands at between €22,000 and €72,000.
Formula 350 / 380 CBR is a motor yacht from Formula Boats (the USA), built since 2012, and today changes hands at between €520,000 and €880,000.
Formula 430 / 500 SSC is a motor yacht from Formula Boats (the USA), built since 2015, and today changes hands at between €980,000 and €1,600,000.
As the series is still in production, parts are available and repair costs are predictable. Even so, value it at replacement cost including retrofitted electronics, not at list price.
On a motorboat the drive is the single most valuable part. Damage after grounding is covered, an engine failure from wear is not.
On motor yachts the drive and the electronics together make up about half the value. Both belong in the valuation, otherwise the sum insured is too low.
For a series built in these years the market value and the replacement cost often differ widely. An agreed value removes the age-based scale, and the figure in the policy stands.
Models of this make we insure
Each model has its own page with cover, cost and the points that matter for that boat. Your model not listed? We insure it all the same.
Formula Boats insured in five minutes.
Calculate the premium online, policy the same day, or call us: +49 3375 / 29 12 77.
