Yachts can provide an exciting way to travel and explore the open water, but owners need to ensure they are carrying the proper insurance to cover their liabilities and their vessel. There are several types of available coverages, and the knowledgeable agents at Casey Insurance Group in Plantation, Florida, can help you analyze your needs and assist you in securing the right insurance. Contact us today to get started. What Is Yacht Insurance? Yacht insurance can cover the liabilities and risks of loss associated with owning and operating a yacht. While there isn’t a standard definition of a yacht, they are generally considered at least 27 feet long. Your agent can discuss your watercraft’s specifications to ensure you secure the proper coverage (e.g., boat or yacht insurance). What Types of Coverage Do Yacht Owners Need? Yacht owners have unique risks depending on the size of the vessel, where they use it and how they use it. In general, yachts need higher levels of coverage than standard or pleasure boats because they have comparatively more risks due to potentially having a wider navigational range and a higher market value. Yacht insurance coverage generally may be tailored to your needs, and your agent may recommend the following:
Liability coverage—This may help cover losses and associated legal fees if you are responsible for an accident involving your yacht. Policies may provide:
Bodily injury liability coverage—This can help pay for third-party expenses (e.g., medical bills) if they suffer a bodily injury.
Property damage liability coverage—This can help pay for damage to someone else’s property (e.g., repair or replacement costs).
Physical damage coverage/hull insurance—This may provide payments to help yourecoup your yacht-related losses after a covered event (e.g., fire, theft, vandalism and collisions).
Personal effects coverage—This may provide coverage if personal items you bring on your yacht (e.g., fishing gear and clothing) are lost due to a covered peril.
Medical payments coverage—This may help pay for injuries you and your passengers sustain after an accident, regardless of fault.
Uninsured/underinsured boater coverage—This may provide coverage if you are in an accident with a boater who does not have adequate insurance to provide compensation for the resulting losses.
Other coverages may be available, including:
Emergency towing and assistance
Marine environmental damage coverage
Search and rescue coverage
Boat show and demonstration coverage
Hurricane haul-out coverage
Speak with your agent to secure the policy that addresses your needs. We can provide more information on coverages, limits, exclusions and settlement options (e.g., agreed value coverage or actual cash value coverage). How Much Does Yacht Insurance Cost? Yacht insurance rates are impacted by several factors, including the value, age and size of your vessel as well as how and where you intend to use it. Your claims history and selected coverages may also impact premiums. Contact Us for More Information The team at Casey Insurance Group is ready to help you secure the optimal yacht insurance policy. Contact us today to get started with a quote. This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.