Personal umbrella insurance can become the best investment you ever make as you begin your journey as a yacht owner. Although you may love the feeling of adventure you get while on your yacht, it also brings responsibilities and potential risks. Getting personal umbrella insurance is one way to protect your assets and finances even beyond existing insurance policies’ limits. Read on to better understand why this insurance can help you during unexpected incidents.
How Personal Umbrella Insurance Works
Personal umbrella insurance typically covers more than the limits of primary insurance policies, including homeowners’ insurance or auto insurance. It can also protect you in ways yacht insurance cannot. This additional umbrella coverage is essential when you exceed the primary limits of your other insurance policies due to a significant accident or other issue. Having this protection means your assets and future earnings are not at risk.
The Importance of Personal Umbrella Insurance for Yacht Owners
Once you own a yacht, getting expanded liability coverage can give you a way to avoid suffering from extreme costs after a financial problem. By bridging the gap between what the primary policies cover and what you may need to pay, you can get protection from attorney fees and court costs with comprehensive protection.
Additionally, asset protection is a way to save your assets from a judge taking them away to satisfy a legal judgment. Not only can this kind of personal umbrella insurance policy give you a way to protect yourself in certain circumstances, but it also can help give you peace of mind while enjoying your time out on your yacht.
Considerations for Personal Umbrella Insurance
Paying close attention to the coverage limits you may face is critical when considering what policy you should choose. You do not want to overpay for too much insurance or underestimate the risks you face on the water. Talking with an experienced insurance agent is one way to help save time and energy when weighing your choices. It includes circumstances not covered under this kind of umbrella insurance, such as high-risk activities or some water sports.
Checking the policy you want before committing to purchasing it can also give you better insight into the underlying insurance requirements and minimum liability limits. If your primary auto or yacht insurance policies do not meet these limits, you may be unable to buy specific personal umbrella insurance policies.
Finding Quality Personal Umbrella Insurance Policies Can Help You
Learning more about how umbrella insurance policies for your yacht can protect you — covering everything from attorney fees to court costs so that you can keep as much of your assets as possible — will help you make a more informed choice. The main benefit of this extra coverage is that it can protect you beyond the limits of your other insurance policies. Contact us to learn how this umbrella policy can give you peace of mind.
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.
