Yacht Insurance
Candlefocus EditorA yacht insurance policy typically includes two parts—hull insurance and protection and indemnity (P&I) insurance—and each provides separate coverage.
Hull insurance covers the boat and its equipment, including everything from fires and accidents to theft of equipment and sinking. It may also cover extras like lifting, loading, and towing, in case your boat needs to be taken away for repairs.
The other main component of yacht insurance is P&I coverage. This protects the owner from financial loss due to legal liability in the event of damage or injury to a third party while they’re on your boat. This is especially important if you’re using your boat as a charter business. To make sure you’re covered in a wide range of scenarios (from medical expenses to damage to other vessels) you should choose an all-in P&I policy, which is usually provided in the form of a legal liability policy.
The cost of a yacht insurance policy varies depending on the type of coverage and risk factors. Generally, the more coverage you choose and the greater the risk, the higher the cost. The size of the boat, locality, age and check of the vessel, and previous claims all have an impact on insurance rates.
When shopping for yacht insurance, it’s important to look for a policy that not only has the best value for the price, but also provides comprehensive coverage. When selecting a policy, consider the types of hull and P&I coverage required and the possible risks associated with owning a yacht. Be sure to compare a variety of insurers to find the best coverage for your needs.
No matter where or when you’re sailing, having the right yacht insurance in place can provide priceless peace of mind and protect you from unforeseen events. Accidents and natural disasters can cause major financial loss, and a comprehensive insurance policy can help to ensure you’re prepared if the worst happens. It’s essential to take the time to find the right coverage—and a good insurer—so you can stay safe and afloat, wherever your travels take you.