A yacht is a significant investment that you must safeguard with adequate insurance protection. Yacht coverages provide indemnity liability protections to minimize your risks and prevent financial losses. This kind of insurance is more specialized than policies for other boat types because a yacht can sail farther, presenting more potential hazards.
What Type of Insurance Do You Need for Your Yacht?
The best insurance policy is one that meets your legal and contractual requirements while mitigating your financial risks. It is vital to spend some time investigating the essential considerations of your vessel. Maritime laws are specific, and you need an insurance plan that covers your unique exposures.
What Do Yacht Insurance Policies Cover?
A yacht policy is more inclusive than a standard boat insurance plan. It typically covers property damage, third-party liabilities, medical expenses, emergency towing, wreck removal, rental reimbursement, coverage for your employees and more.
These policies offer the broadest range of protections but do have some exclusions. Be sure to discuss the specifics of your plan with an experienced agent to get the coverage you need. You can tailor additional options like hurricane protection to your particular requirements.
Your yacht is a luxury asset that you want to protect from unforeseen events. Finding the best yacht coverages is an essential part of taking care of your investment.