Whenever you see footage of luxury vessels hit by disasters, you hope they have adequate yacht insurance coverage.

Not that you hope for any boat to be subject to tragic circumstance, but there is something so painful – visceral really – about seeing a sleekly beautiful luxury yacht destroyed. To a boat enthusiast, it’s similar to witnessing a Renaissance Masterpiece defaced.

The idea of a well-crafted, superbly outfitted boat ravaged and wrecked for any reason is gut wrenching. Sympathy lies with the craft perhaps, not with the owners who are wealthy enough to have taken the precaution of procuring proper yacht insurance coverage.

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In late January of this year, the media reported around the world how three luxury yachts had been destroyed and another very badly damaged on the Gold Coast of Australia. While this is winter in North America, Down Under it is the summer season, and especially given the current drought conditions, it means worries about deadly wildfires. However, the cause of the yacht fire is as yet undetermined.

During the wee hours of Wednesday, January 29th, fire broke out at the Mirage Marina just outside the luxury Palazzo Versace Hotel on the beautiful Australian Gold Coast. During the blaze, three luxury yachts were totally ruined and another partially. Several others were pulled out of harm’s way just in time. Damages are said to total over $5 million Australian (about $4.4 million US).

Perhaps the footage is so compelling because it took seven fire crews to put out the flames. It was not an easy battle given the limited access to the water, but being able to isolate the burning yachts was an advantage. Clean up began later in the day once the fire had been extinguished and crews began to pull debris from the water.

If your moored luxury boat should catch fire, would you have the right yacht insurance coverage? Check with Global Marine Insurance about competitive yacht insurance rates.