If you own a luxury yacht, you need to insure it.
When insuring your yacht for the right insurance policy you need to ask your self, what type of yacht you own, and what your plans are for it, holiday, living etc.
Yacht insurance not only covers the boat but also passengers, damage to other yachts etc.
Policy types
1. Third Party Liability covers yacht owners for any damage they are not liable for. It also will cover injuries to others.
2. Comprehensive Cover usually covers all accidental damage, fire, theft and vandalism but is subject to policy conditions.
3. New-for-Old Cover means that any item damaged will be replaced with a new one. But be careful there may be an age limit clause.
4. Racing Risks Cover is for those wishing to enter their boat in races.
5. Laid Up Period refers to the policies where it is established that a vessel is laid up ashore at certain times of the year.
Homeowner’s policy
It’s possible to have a yacht insured under your home insurance policy, but this will rarely cover specific risks such as running aground or wreck removal.
Always check the country limits of any yacht cover before heading off on holiday. Many countries will ask for evidence of insurance cover.
Which insurance company to choose
You should always choose a familiar and reputable insurance company. Many regular high street insurers are able to offer yacht insurance, but may not have the expertise to offer the best advice. You should always try to get insurance from the UK (if you live here) as then you are subject to UK laws.