After investing in a high-value craft, boat owners should secure yacht insurance and understand all the coverage options that come with it. Standard insurance protects against property damage and bodily injury. Because water adventures come with additional risks, however, it may be wise to obtain specialized coverage for additional peace of mind. For instance, many policies offer coverage for personal items, towing after an accident, theft, and hull damage. This article explores the types of yacht insurance options that are available to help boat owners enjoy worry-free adventures at sea.

Specialty Tailored Yacht Insurance Coverage

Yacht insurance coverage allows you to file a claim for boat damage, injuries, and losses and will cover costs up to specified provisions and limitations. If a total loss happens, the settlement depends on the type of policy. Although it may cost more upfront, agreed value costs ensure you get the full value of the yacht as opposed to an actual cash value policy, which factors in market value and depreciation.

Another vital element of specialized coverage revolves around hull insurance, which covers potential damage to the vessel, such as the engine, sails, or other vital equipment. Depending on the policy, it may also cover property stored on the yacht. Comprehensive hull coverage ensures that the potentially costly repairs or replacements from storms, accidents, collisions, and other perils do not require paying out of pocket, whether on the open water or sitting at the dock.

Liability Coverage for Yacht Insurance

Accidents can still happen no matter how well a person follows safety and boating rules. Liability coverage remains an essential part of your insurance coverage. If you cause injury or damage to a third party, it helps cover potential legal liabilities. Along with covering collisions, liability yacht coverage also covers situations where your actions cause another yacht to run into a channel marker or other boat.

Uninsured/Underinsured Boater Coverage

While one hopes that other boating enthusiasts adhere to the rules and have minimum yacht insurance coverage, that does not always happen. An incident with a person who does not have coverage may lead to you getting stuck with paying for the damage. Including uninsured/underinsured boater coverage in your policy keeps that from happening. Whether the third party has insufficient or no insurance, this added layer helps pay for the damages and may cover lost wages and medical expenses.

Emergency and Medical

Even a small incident can lead to severe injuries. Suppose you or a passenger sustains a head injury, broken bones, or other medical issues. In that case, medical payment coverage helps cover the costs of medical testing, hospital bills, and medications regardless of who caused the boating accident. 

Likewise, an accident may leave you stranded in the water. Obtaining emergency towing and assistance coverage relieves the chaos and stress of a breakdown or other emergencies.

Just as every yacht has its uniqueness, so do the needs of its owners. By knowing the different yacht insurance options available, you can work with insurance professionals to customize your policy to ensure you have the comprehensive coverage that fits you.

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.