Yacht Insurance – How Important Is It?
Yacht owners have a big financial investment in their yacht. It makes sense to insure your seafaring property adequately. The old saying is “What the sea, wants, the sea takes.” This has been proven true in recent years with the increase in storm damage to some of the most expensive yachts. More than ever, a yacht owner needs the confidence and security of yacht insurance. There’s really no insurance cost too high when you consider the amount of damage and destruction to your yacht.
What Will Yacht Insurance Cover?
The coverage for yacht insurance depends on your choice of insurance agents and underwriters. Look for an agent who specializes in yacht insurance. This is one way to be certain your yacht is fully covered. The expert yacht insurance agents and underwriters inspect your yacht before offering the very best coverage. This is an important part of purchasing yacht insurance. After a thorough inspection, the professional agent will assess the possible cost should damage occur. Then, the customer is provided with several insurance options from which to choose. Compare the value of your yacht to the value of the insurance. The agent can help you choose the insurance coverage package best suited to protect your interests. There will be a difference in the structure of yacht insurance for those who live aboard their yacht year round, than for those who own a yacht for sport or pleasure use. This is just one of the variables to discuss with your yacht insurance agent. Be sure to inquire about limitations of the policy as well as any deductibles in place. Check with your agent whether loss of furnishings and other cargo aboard ship are covered.
Personal Injury While Aboard Ship
Your agent will advise about coverage for injuries for crew or passengers that occur while aboard ship. It’s important to know the extent of this type of yacht coverage. Not all insurance policies for yacht cover this potential risk. Yacht insurance is all about possible risks. As a yacht owner, make certain you know all the potential risks involved before you choose yacht insurance coverage. If you are uncertain of the best coverage, consult with your yacht insurance agent.