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Yacht insurance generally covers any watercraft that is around 26 feet. Typically larger sailboats, cruisers, and fishing boats fit under the Boat Insurance Quote's yacht category. If you own a larger boat you'll want to look into purchasing yacht insurance along with the optional "all risk" coverage which covers machinery, furniture, navigational equipment and all gear that is used for the boat's operation and maintenance.
Yacht insurance is a lot like boat insurance and it has two main types of coverage. Instead of being called property damage and liability for boat insurance, yacht insurance calls them hull coverage and property and indemnity coverage.
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| Hull Coverage: |
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If your yacht is damaged due to a fire, theft, windstorm, lightning or vandalism hull coverage will pay to repair it. Hull coverage generally will cover the whole yacht. Sails, furniture, outboard motors, and anything used to operate the yacht will be covered. Even dinghies and trailers may be covered under separate policies. |
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| Protection and indemnity coverage: |
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Protection and indemnity coverage is the same as liability for boat insurance, and pays for damage to property or injury to someone other than you or a family member. Just like boat liability insurance yacht insurance is usually offered in $100,000 up to more than $1 million.
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| Hurricane Coverage |
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If a hurricane is approaching a yacht owner can usually buy a hurricane protection endorsement. It basically pays to take your yacht out of the water if a hurricane watch or warning is issued. It also would pay to cover the costs of hiring a professional to get your boat to a safe harbor because of a threatening hurricane approaching. |
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| Navigational Warranties |
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A navigational warranty restricts a yacht to a certain area. If your yacht is in the region then it's covered. The region can cover the entire East or West Coast or as small as a Bay. If you would like to plan a trip outside of your navigational warranty area, trip endorsement may be purchased temporarily. |
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| Yacht Premium Factors |
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As with auto insurance, your Yacht quote can vary due to certain details:
Your experience on the water
Previous insurance claims
Location of where you will be using your boat
Navigational equipment
Value, style, age of the boat
Your driving record on the road will be considered
If you are an informed buyer, chances are you'll
save. Don't be afraid to ask the insurance company questions
about a specific policy. They can be confusing sometimes.
If you would like to be a good risk for the insurance
company you may want to take
a safe-boating course or a charter certification
from a learn to sail program. A boat company likes a client
who has taken courses such as these and has shown they
are responsible. A well-experienced
operator and well-equipped boat will affect the
amount of the premium.
The condition of the yacht
is important to the premium also. If the boat is more
than eight years old the boat will need to be surveyed
to receive insurance. Yacht insurance is basically like
another piece of equipment on your boat. Meaning you shouldn't
leave the dock or mooring without it.
Location also determines
how much your premium will be. If your boat is in a secure
location, away from hurricanes, tornado's, floods, and
other natural disasters, the premium may be lower. If
the area is known for vandalism or theft, it will also
be a factor. The decision to dock your boat or have a
mooring can affect the price of the premium too. It is
generally safer to keep your boat on a dock; the marina
will help protect against thieves and vandalism. |
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| What If My Yacht is Antique, Classic, or Wooden? |
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Antique and classic boats are boats that aren't ordinarily used as a pleasure boat. Normally standard boat and yacht insurers aren't interested in insuring a wooden-hull boat, custom built boat, or any other boat that is extraordinary. An antique or classic boat is a boat that was built over 25 years ago. Most of the wooden boats would fall under this category. In order to be covered for all risk, the boat must be safe to operate in the water. These policies usually are written for an agreed value on the hull, and include liability, uninsured boater, medical payments, and trailer coverage. Please contact B.I.Q. so they can provide you with additional information on coverage of antique and wooden boats.
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| High Performance Yachts |
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A high performance boat is a boat that can go over 50 mph and up to 100 mph. Many boaters use them for water-skiing or just to cruise around. A standard part of a performance insurance package is hull and liability coverage, and this includes medical payments, personal effects, and uninsured boaters. Optional coverage's may include extended land transit coverage, transit and storage only, and machinery damage coverage. The hulls limits can extend up to $500,000 and $1 million for the liability. Policies are generally issued by an agreed upon policy. You will agree on what your boat is worth and in case of total loss, they will pay you the agreed value.
Operators names are usually written down because if a name is not listed in the
policy and there is an incident, they may not be covered. Performance boats have
many different coverage options. To learn more about these coverage's contact
B.I.Q.. |
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| What is not normally covered: |
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Hydrocycles, jet skis, kit boats, ski boats, and other personal watercraft
(PWC) High-performance boats with a design speed which is in excess of
50 Mph Outboard motors which are not listed in your policy may not be
covered
Fishing and Scuba gear
Personal items- clothing, jewelry, watches etc.
Cell phones
TV's
Ropes for wake boarding and water skiing
Food or beverages
Cameras Video equipment
Wear and tear
Deterioration Dents, scratches
Manufacturing defects
Electrolysis
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| Items Excluded from Hull Coverage |
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Marring, denting
Ice and freezing
Manufacturers defects
Insects, mold Marine
life, and animals
Blistering, osmosis
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| Additional Items Which May Not
Be Covered |
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Racing Water sport liability Theft without visible signs of breaking and entering Mysterious
disappearance of gear and items on the boat
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| Additional Information |
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Please contact B.I.Q. for additional information on coverage's and plans.
Ask if you are covered for:
Bodily injury to yourself or another person Physical damage to your boat,
another boat, trailer, personal belongings Theft of your boat, motor, or
equipment Medical
expenses Towing services.
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