As with any high-value asset, yacht ownership comes with significant responsibilities, including safeguarding against unexpected risks. Most yacht owners invest in comprehensive boat insurance, but many overlook the value of umbrella insurance for additional protection. Yacht owners should understand the importance of proper umbrella coverage and appreciate the value of choosing the right provider.
What Is Personal Umbrella Insurance for Yacht Owners?
Personal umbrella coverage provides additional liability protection beyond the limits of any primary insurance, such as homeowners or auto insurance. It protects you from the risk of financial disaster in the event of a claim that exceeds the limits of those existing policies. For yacht owners, that means additional coverage beyond the limits of the boat insurance policy.
Why Yacht Owners Need Personal Umbrella Insurance
There are several reasons why yacht owners should invest in personal umbrella coverage.
Liability Coverage Gaps
Yacht owners often host guests and crew members on board, which can lead to possible liability claims if an accident occurs. In those cases, umbrella policies fill the gaps left by the coverage limits of traditional policies with additional protection for accidents, injuries, or property damage.
High Asset Risk
Yachts are a significant investment. The value of some vessels can run into the millions of dollars. If a lawsuit or accident occurs, umbrella coverage ensures your assets stay secure, preventing financial devastation.
Legal Expenses
Legal battles from any maritime incidents can be costly. An umbrella policy covers your legal fees, ensuring access to quality representation if necessary.
Comprehensive Coverage
Yacht owners face many risks, including environmental damage and salvage operations. Umbrella policies are customizable for comprehensive protections that address maritime risks.
Worldwide Protection
A yacht provides you with the opportunity to travel beyond domestic waters. Umbrella policies offer worldwide coverage so that you have coverage anywhere you travel.
Legal Requirements
Some marinas and clubs require yacht owners to carry specific levels of liability coverage. Failing to meet those requirements may restrict your access to some ports or facilities. An umbrella policy can offer financial safeguards and access to such resources.
Key Factors to Consider in Umbrella Insurance Providers
When deciding on a liability insurance carrier for your yacht, there are several factors to consider.
Reputation
Consider the reputation of the agency before you make a choice. Look for an insurance carrier with a strong track record of reliability in the maritime industry.
Customer Service
Accidents and emergencies can happen at any time. Choose an insurance carrier with accessible customer service so you can reach your carrier with claims or support when needed.
Yacht Insurance Experience
Insurance for the yacht industry requires specific coverage. That means choosing an insurance carrier with direct experience dealing with yacht policies and the particular needs of vessel owners.
Mariner’s Insurance has a proven history of success with coverage in the marine insurance sector. Our specialized knowledge and experience help us provide the coverage you need for your yacht.
Personal umbrella insurance provides valuable protection for your personal finances, which might otherwise be vulnerable due to gaps in coverage left by standard insurance policies. Safeguard your yacht and assets with a comprehensive umbrella policy from Mariner’s Insurance.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
