Your yacht is a luxurious, relaxing pastime. Keep it that way with yacht insurance.
Protect your investment with specialty coverage.
Engaging in leisure activities aboard your yacht is an indulgent and soothing experience. Nevertheless, the potential hazards linked to yacht ownership can detract from your enjoyment if adequate protection is not in place. Insuring your yacht involves more complexities than one might initially perceive. It is essential to secure coverage that safeguards the vessel against various threats, including damage, theft, and fire. You may opt for a policy with a higher premium that ensures a fixed payout amount upon filing a claim, or choose a more economical premium for a cash-value policy, where the payout is determined by the market value at the time of the claim.
Avoid leaks in your liability coverage.
Liability constitutes an essential component of yacht insurance. It is imperative to ensure that you are protected against damages incurred to other individuals' yachts in the event of a collision, as well as for injuries and personal property damage affecting passengers aboard your yacht and other watercraft. Additionally, confirm that your policy encompasses any cleanup expenses you may be obligated to cover in accordance with prevailing laws and regulations.
Why get yacht coverage instead of boat insurance?
Although the two types of coverage may appear comparable, the value of a yacht generally exceeds that of a boat; therefore, the insurance policy you select should provide coverage that corresponds to the significant value of your yacht.
Is yacht insurance required?
It is advisable to verify your local regulations regarding the necessity of insurance coverage for your yacht. Even if such coverage is not mandated, it may be prudent to obtain it to safeguard against potential expenses related to repairs or replacement due to damage to your vessel.
What else can be covered by your yacht policy?
In the realm of yacht insurance, numerous optional add-ons may be beneficial based on your specific requirements. These can encompass expenses related to towing in the event of a breakdown during a voyage, protection against collisions with uninsured vessels, or costs associated with relocating your yacht in response to a hurricane alert. If you are considering yacht insurance to safeguard your investment, please reach out to us to discuss the particulars of your yacht and the various coverage options that are available.