When going out buying your luxury yacht your going to have to ask your self and your insurance provider some very important questions about insurance below i’ve listed a few main questions you should ask.
1. What coverage do the guest in my yacht hold?
Many different yachts, and insurance companies have different policies for guests, so make sure you ask your insurance provider this question.
2. What equipment in my yacht is part of the insurance deal?
3. New for Old insurance cover for your yacht insurance?
Means that your insurance provider will pay the damaged piece of your yacht while the other may only pay the depreciated value or second hand value of the equipment.
4. Damage limit in yacht insurance?
Chek to see if there is a limit to your yacht cover, some providers may set a limit for any kind of damage on your yacht, which will mean you will have to pay the excess of the damage fees.
5. What damages are covered by the insurance provider?
Check what kinds of damages are covered, and also check for thinks such as trailers, and see if they are included in the insurance policy. Check also if your insurance is covered by natural disasters.
6. Is your insurance provider able to do a custom policy?
Insurance companies want your business, so check to see if they will offer you a custom package to meet your needs.
7. Is your yacht protected if something happened while it is anchored or in a dock?
Some yacht insurance providers offer seasonal coverage for this kind of protection when your not using it, such as winter etc. But we recomend all year around coverage.
8. Does your yacht insurance offer legal advice & protection?
Try to choose a insurance company that offers legal protection and Aid. This helps you get claims should collisions and accidents occur.
9. Does your insurance policy offer third-party liability?
Having a third-party liability means that your yacht insurance will cover the damages your yacht may cause on other water. Good insurance providers offer this coverage.
10. What is the protection when you go aboard?
Different countries have very different regulations. If you plan to go abroad, make sure that you are aware of the protection of your yacht before you set out.
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