Yacht Insurance

A yacht can be one of the largest investments a person can make besides buying a house. Some yachts are worth even more than many houses. Since these luxury vessels are so valuable you will need and want to have yacht insurance for it if you every buy one. Yacht insurance is available to protect against such things as loss, theft, accidents and third party mishaps associated with a yacht. If you own a yacht or if you are thinking of buying one you should learn all you can about the different types of polices that are available first. You will definitely want to find the best company to buy yacht insurance from.

Anytime someone buys a yacht they can contact an insurance specialist who knows all about the various insurance providers and what kind of policies are available. There are many companies that offer yacht insurance and they can all offer varying degrees of coverage so try to review as many providers as you can before deciding on which is the best yacht insurance company for your needs. You will want to find the most coverage for the best possible price.

Over the years people have had some amazing experiences with their yachts. They are not only fun to take out on the water, but they can represent a great risk for financial loss to an individual if the yacht is ever damaged or stolen. Yachts have been known to sink in severe weather storms while at sea and they can also sink while being docked for one reason or another. Having yacht insurance is critical if you own one to be protected from a large financial loss if the vessel suffers major damage or loss. There is also the possibility that your yacht could be in a collision on waterways and cause damage to other vessels, which can leave the owner vulnerable to lawsuits. Such legal issues can be covered in your yacht insurance policy.

Comprehensive yacht insurance coverage can also protect against damages to the vessel from environmental hazards such as an oil spill. Other types of coverage you will want for a yacht will be to cover you from the liabilities associated with a passenger being damaged while on board. Yacht insurance can pay for things like medical and hospital bills for passengers injured while on board. If you are financing a yacht the lender usually requires you to carry yacht insurance too and there may be certain requirements that need to be met on the insurance policy.

When shopping for yacht insurance make sure you thoroughly check out the insurance company. If the premiums quoted back to you are ridiculously low you should be wary. If you are dealing with a reputable provider you should be able to find suitable coverage for reasonable prices. However, an extremely high premium does not necessarily mean it’s a better insurance company. You will want to locate a good insurance company that offers good customer service as well. Look for the ones that are willing and able to take the time with you to answer all of your questions. Some policies may exclude coverage for certain things like hurricanes and such so be sure you know what is and is not covered when you buy your insurance.

If you live in an area where hurricanes occur you should make sure your yacht is covered for it. Also, sometime yacht insurance can be affected by a navigational warranty. For instance, you may be required to dock the vessel certain times of year and there may be a restriction on the amount of time the vessel can be used in certain parts of the world’s oceans. You yacht insurance agent will be happy to answer all of your questions to make sure you understand any policy restrictions.

Comments are closed.