You’ve probably put a lot of money into your new yacht, so it’s no wonder you want to protect its value. Getting insurance for a yacht can be a little more complicated than for other boats, but where do you start? Here’s your basic guide to getting off on the right step when purchasing insurance for your yacht.
The first type of insurance you want to have is one that covers damages. Accidents happen, and damage insurance ensures you don’t have to pay for repair costs. This kind of insurance can go so far as to cover parts of the boat itself to personal property on board. Check to make sure your policy includes damage from weather events, vandalism, theft, and collisions.
Liability insurance is a must for boat owners, mainly because so much can be included in it. Removal of debris, spill and pollution clean-up and even driving someone else’s boat can be included in the policy. The policy should also cover anyone who is injured on your boat, though you may want to ask about coverage for medical bills.
You don’t want to discover a loophole in your insurance policy after an accident. Looking at a yacht insurance guide can help you make informed decisions on how to protect your new asset.