Types of Yacht Insurance Policies: Which is Right for You?

Yachts tend to be beautiful, elegant vessels that can provide people with a wonderful and classy way to enjoy the water. These vessels are appealing to the eye and tend to be larger than the average runabout. With larger vessels carrying more passengers, higher risks are inherent. This means that it is especially important for yacht owners to have proper yacht insurance policies for their specific exposures. Below are the two general classifications of yacht insurance policies as well as information on ancillary coverages.

Yacht Insurance Policies

Standard yacht insurance policies typically classify yachts that are over 27’ but less than $1,000,000 in value. Whether you use your yacht only during vacation periods a few weeks of the year or for extended cruising, Maritime Insurance International can help you find a great yacht insurance policy for your needs.

A general yacht insurance policy will cover third party liabilities, physical damage, personal property, medical expenses, pollution liability, wreck removal, and emergency towing to name a few. These policies are written for different vessel types such as private pleasure/weekend cruisers, limited six pack charters, long-range cruisers, great loopers, and liveaboards. Additional options that can be tailored to fit individual needs are Paid Crew, Broad Navigation, Dinghy/Tenders, Fishing Equipment, and Hurricane Haul-out reimbursement.

Yacht insurance through Maritime Insurance can cover vessels that cruise waters in and around the United States, Bermuda, the Bahamas, Turks and Caicos, Canada, Mexico, the Caribbean, Atlantic and Pacific crossings, Panama Canal crossings, Central and South America, and the Mediterranean.

Luxury Yacht Insurance Policies

This type of insurance is designed for yachts that are greater than $1,000,000 in value. Vessels of this size and quality represent an enormous investment and are higher targets for liability suits. That is why it is essential to have proper insurance coverage and adequate protection.

Luxury yacht insurance policies encompass similar coverage as standard yacht insurance policies; however, these likely warrant higher liability limits and more tailored ancillary coverages. We see vessels range from custom and semi-custom sport fishing yachts, trawlers, long-range cruisers, “down east” boats, sailboats, catamarans, yachts with a full-time captain, and yachts that are owner-operated. Additional options that can be tailored to fit individual vessel needs are Paid Crew, Broad Navigation, Dinghy/Tenders, Fishing Equipment, Hurricane Haul-out reimbursement, Fine Arts and Fire Arms, Marine Environmental Damage, etc.

A high quality luxury yacht insurance policy is essential to protect your luxury yacht from all of the hazards that are inherent on the high seas such as storms, collisions, unforeseen accidents, piracy, etc. Maritime Insurance International can help you find an ideal luxury yacht insurance policy fit for your individual needs.

Request a Yacht Insurance Quote Today

No matter whether you own a yacht, luxury yacht or mega-yacht, excellent insurance coverage is a must in order to protect yourself financially. Maritime Insurance International can get you a yacht insurance quote within 24-48 hours, and can help you find the best insurance options on the market.