Recruiting and retaining an exceptional crew is essential to many yacht owners, but don’t forget to have additional liability insurance coverage for your staff.

There are so many options for additional yacht insurance available that it can be hard to know what is essential. What you need, what would be nice, and what is less critical if you’re okay with assuming the risk.

Here are some points to consider when you talk to your yacht insurance specialist:

• Protection and indemnity insurance protects third parties and is available for work-related injuries or accidents on the job, but it is not the same as regular health insurance.

• The crew can claim health-related expenses through a crew medical plan, which will cover them both on the job and on their own time.

• Protection and indemnity insurance is intended to protect yacht owners from significant liability claims.

• Owners of smaller vessels may opt to add a few million in liability coverage to their Hull and Machinery (H&M) insurance, which covers losses due to things like fires, grounding or colliding with another vessel, but those with larger vessels usually seek separate P&I protection with additional coverage.

• There are various options for indemnity coverage, which would be applicable should third parties seek compensation for losses or damages.

• Yacht owners should ask about liability insurance coverage in cases of crew negligence, criminal negligence, or willful misconduct.

If you haven’t reviewed your yacht insurance liability coverage recently, take a few minutes to learn the parameters of the policy in the event of a mishap, accident, fire, or environmental damage. It’s essential to protect your investment and your crew.

Contact the yacht insurance professionals at Global Marine Insurance with your questions about liability coverage when you have a yacht crew on board.