So, you’ve decided to buy a yacht and spend your weekends on the water. Perhaps you have a great plan to retire and travel the oceans or you simply want to have a getaway that is ready to go when you are.
Whatever the plan is for your yacht, you need to make sure that you find comprehensive yacht insurance that is sufficient for your vessel and your plans for the future. You want to make sure that whatever company you decide to go with has you covered sufficiently for all your future voyages. Here are a few things to look for in your policy for your yacht coverage.
Coverage for The Hull
This is something that should definitely be a huge part of your comprehensive coverage. Hull coverage is what takes care of any of the physical damage to the boat itself. This does not include items such as wear and tear of the yacht due to maintenance or the elements. This does, however, cover items if you’re damaged in an accident or other means to your yacht. In most cases, your insurance company should cover items such as the motor, trailer you haul the boat on, and the equipment on the boat in this plan. Typical coverage includes items that are destroyed by fire or even windstorm damage that you have no control over.
Just like coverage for your car, your yacht coverage will also include the operational liability that you as the captain have. This will cover items such as damage to another’s property or injury to a person when you’re operating the yacht yourself. While the insurance pays for damages, you want to make sure that you are always operating the yacht carefully and with a clear mind. It is best to leave the alcohol out of the picture when you’re operating the yacht on the waters.
Coverage for Uninsured
Just as you have a policy for uninsured motorist for your car, you want one for the other boaters on the waters. Other boaters may not be as conscious of these items as you are, or they simply don’t have insurance on their property. This could cost you a pretty penny if they damage your property and do not have coverage. Your insurance will kick in and take care of what they should have paid for.
Don’t Forget Medical Coverage
You want to make sure that you work with a company such as the Marine Agency to ensure all items are covered. Medical coverage for those injured on your yacht is one of those items that does not need to be left out. As careful as you may be, accidents can still happen when you’re on the water. Enjoy the time out in the sun and in your yacht by knowing that all of your yacht insurance needs are taken care of.