Yacht Insurance - The Insider's Guide to Yacht Insurance - What
You WISH You Had Known BEFORE You Bought It!
A yacht is a complicated, major investment, and requires
a lot of care. These vessels are much more involved than simply maintaining
a little fishing boat on the lake. Because of this, it's important that your
yacht insurance be more comprehensive for a yacht than just for that little
fishing boat, as well.
A yacht brings you all the comforts of home, but lets you wander wherever
you like on the water. These wonderfully engineered crafts have a lot of love
and money invested in them, and it's important to keep them protected. Make
sure that you carry not only personal liability and property damage insurance,
to protect others, but coverages that will insure the value of your yacht,
Fire and theft coverage are important, as well as coverage for fuel leak liability.
Because salvagers are entitled to an amount equivalent to a percentage of the
yacht's value, salvage insurance can keep you from having to pay additional
costs, should your boat be lost. It's also important to make sure that you
are purchasing agreed value insurance for your yacht, not actual value. Actual
value insurance includes depreciation, and will pay only for the current sale
value of your vessel and all items aboard, not their replacement cost. If you
choose to purchase actual value insurance, and your yacht is lost, you could
receive less money than you expect.
When looking for yacht insurance, it's first important
to determine the value for the entire yacht and all items aboard it. Since
most boat insurance policies don't automatically cover the loss of personal
items such as video equipment or computers, you may wish to purchase personal
belonging coverage in addition to the other insurance you get. Include the
cost of motors, navigational equipment, and furniture in your estimation of
your yacht's value, and make sure that you will be covered up to that amount.
While higher coverages may raise your premium slightly, remember that it's
worth it to protect your investment.
Another concern for yacht owners is weather damage. Hurricanes and other storms
can do a lot of damage to a large craft, but many insurance policies exclude
this damage or have a deductible for it. If you are concerned about whether
or not you will be covered for hurricane damage, or store your boat in an area
prone to storms, investigate your insurance policy closely for loopholes that
will prevent you from being paid. You may also have to pay more for this kind
of coverage. However, replacing your yacht it you lose it to a hurricane will
run even more.
Luxurious and beautiful, your yacht is a work of modern engineering. To protect
your investment, be sure to get the right insurance coverage. This is one area
where cutting corners will not do you much good. Be sure that your entire craft
is covered in all eventualities, and enjoy yourself without worry.