Yacht Insurance
Do you own a yacht and have a standard boat policy? You may be underinsured. Yacht Insurance policies do differ from boat insurance policies when it comes to coverage. A yacht is typically classified as a vessel that is 27’ or larger. Due to the large size of these vessels and larger navigational areas, yachts pose a larger risk on the water and attract an assortment of exposures. Due to the distinctive risks, a specialized policy is needed to cover you properly.
Why do you need Yacht Insurance? Yacht Insurance is a policy that provides indemnity liability coverage for a sailing vessel. Depending on the chosen coverage, it can also provide coverage for towing and other assistance.
COVERAGES
Liability – If you cause an accident, liability coverage pays for bodily injury and property damage to others. In addition, you can include pollution clean-up coverage for extra protection in accident-related incidents.
Comprehensive – This coverage applies when damages come from non-collision events. For example, fire, vandalism, or theft would all be covered repairs to your boat.
Collision – When your boat is damaged in a collision, this coverage helps pay for the necessary repairs.
BENEFICIAL OPTIONAL YACHT INSURANCE COVERAGES INCLUDE:
*Policies can be customized to include these coverages – they are not automatically included
Towing
If your boat becomes immobilized, on-water towing is covered.
Mechanical Breakdown
This coverage helps repair or replace the drive motor and lower unit of an outboard motor when a mechanical failure occurs.
Gas Delivery
If your yacht runs out of fuel, this coverage reimburses you for the delivery of gas.
Pet Injury
Do you bring your dog or cat on board? In case of an accident, this coverage pays for veterinary expenses (up to a set limit) per pet.
Dinghy/Tender Coverage
When an accident damages your dinghy or tender, this policy helps cover repairs.
Trip Interruption
If damage or a covered loss occurs, you can receive reimbursement for accommodations, transportation, and meal expenses.
Uninsured Boat Coverage
Because boat insurance is optional in many states, this protection applies when property damage or injuries result from an accident caused by an uninsured boater.
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