There are things to know about yacht insurance before establishing a commitment to a policy that works for you. Investing in yacht insurance has plenty of roadblocks and complications to navigate. There are various policy options and insurers to choose from, and you must ensure that your policy adequately covers common risks.
What to Know About Yacht Insurance
Read on to learn about nine important things about yacht insurance you probably didn’t know.
Yacht Insurance Isn’t One-Size-Fits-All
The first thing you should know about yacht insurance is that it’s not one-size-fits-all. For example, different vessels have different values, and insurers calculate rates and coverage based on various other factors, too.
Yacht Insurance Coverage Limits Can Vary
You should know, too, that yacht insurance coverage limits can vary dramatically. Some insurers offer coverage limits in excess of $100,000, while others may offer lower coverage limits and rates.
You Need To Cover the Right Liabilities
When looking for the best Mariners yacht insurance, you should assess your yacht’s liabilities first. In addition to standard risks such as property damage and collision, are there any unique risk factors that may require additional coverage?
You Can Get Coverage for Fuel Spills
Fuel spills are a significant liability for any boater. If your vessel happens to leak oil, you could be responsible for a wide range of damages, including environmental harm and cleanup costs. Consider investing in an insurance policy that covers this liability.
Yacht Insurance Costs Can Vary Widely
The cost of yacht insurance can vary from one insurer to the next. One provider may quote you a premium twice the price of other insurers. It is why shopping around and considering all policy options is essential.
Safety Gear Can Get You Discounts
Investing in safety features such as extra lifejackets or flotation devices is wise for protecting your yacht’s passengers. It can also translate to discounts on your yacht insurance policy.
Safety Training Can Minimize Risks
In addition to investing in extra safety gear, you can invest in safety training before you set sail on your yacht. Familiarizing yourself with safety protocols will minimize your risk of accidents, reducing the chances of a yacht insurance claim.
Insurance Can Cover Uninsured Boaters
Despite the many benefits that yacht insurance offers, some boaters are negligent and choose not to obtain a policy. It is a significant hazard for other boaters in the water if an accident occurs. You can tailor your yacht insurance, though, to cover this risk.
Some States Require Yacht Insurance
Uninsured boaters are common, but it’s illegal to operate a boat without insurance in two states — Utah and Arkansas. If you are in either of these states, you are legally required to have a yacht insurance policy.
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.
