See full version: The Basics of Yacht Insurance
It is important to know what kind of cover is required for your vessel. The marine insurance industry classes vessels over 26 foot as yachts and they qualify for yacht insurance. If they are less than 26 foot they are eligible for boat insurance cover.
Other factors will also determine the cost of your cover. These include such things as the length of the vessel, its age, where it is going to be sailed, and the type of engine it has. However, there are several factors which can lead to a discount in premiums. They include the provision of on board safety equipment, whether the owners have taken safety courses and if the yacht is laid up for a long period. here
In order to adequately insure your yacht, you need assess how much it would cost to replace the vessel if it were lost or completely destroyed. Then it is a case of finding out how much it would be to replace the items and equipment on board.
You finally saved up enough to buy the boat you’ve been eyeing for years, and can’t wait to take her out for the first time. Or maybe you own a cargo ship that transports goods regularly. In either case, the last thing you want is for something to happen to your boat, passengers, or property. For this reason, many boaters purchase boat or marine insurance to help cover the costs of such unfortunate events. The article below discusses different types of boat insurance, what’s covered, and important things to consider when selecting insurance.
Boat and marine insurance are similar, but marine insurance deals with commercial vessels while regular boat insurance is for recreational boaters. Boat insurance helps you cover your losses if there’s an accident and property is damaged or people are injured, depending on the type of policy you buy. While your homeowner’s insurance policy might cover a small boat under certain circumstances, other types of boats require actual boat insurance in order to be covered. Like other kinds of insurance, you have options regarding the amounts of your deductible and the liability limits.
Additionally, unlike many other types of insurance, some boat insurance policies give you the option to suspend or “lay-up” your insurance coverage for the periods of time you won’t be using your boat, like those cold winter months. [links]
You may also qualify for discounts if you’ve taken a boating safety course, or a good driving discount if your boating record is unblemished. Insurance companies vary in the discounts they offer, so be sure to ask an independent agent to compare quotes and options from multiple carriers on your behalf. more
However, depending on the policy, this may or may not extend to water skiers you are pulling behind the boat. Be sure to work with a knowledgeable professional who can help evaluate your needs and risks. [links]
Boat insurance sometimes covers engine damage. This varies from company to company, as well as by policy. Some insurance companies have machinery damage exclusions while others do not; it often depends on the age of the motor. Reimbursement may include replacement cost or be subject to depreciation.
Boaters often want to know whether they have to carry boat insurance to enjoy the water. The answer is that boat insurance can be required for a variety of reasons. Some states require that you have liability coverage. more
$30,000 Personal effects here
$5,000 Fishing gear and Boat towed water sport equipment.
Including rods, reels, tackle, boards, skis, ropes, bindings, plus other gear and accessories.
Free Value Added Packages Cruisers here
Yachts and larger boats have a different set of exposures and risks. The brokers at Safe Harbour Insurance will assist to evaluate your risk. Helping you to make an informed decision on how to insure your vessel. The most important aspect of insurance is at the time of a loss. Safe Harbour Insurance is here to assist. We are constantly in touch with surveyors and claims adjusters, and are fully committed to fair and prompt claims settlements for our clients. Call the yacht insurance specialists today.
$1,000 Search and rescue expenses
To protect against persons lost at sea