You might think that owning a yacht is a luxury reserved for the rich and famous, and therefore, yacht insurance is not a concern for you. Many boat owners who believe this are mistaken. In fact, according to the United States Coast Guard, a yacht is defined as a sailing vessel, which exceeds 26 feet in length. If your new boat is categorized as a yacht, you will want to contact an experienced boat insurance company like Global Marine Insurance to purchase adequate insurance.
Yacht Insurance Considerations
Insuring a yacht is different than insuring a small boat. For one, yachts often travel longer distances, and navigate larger often more dangerous bodies of water. You need to ensure that your coverage applies no matter where you are traveling. Your yacht is likely a significant investment and may be are financed. Work with a knowledgeable maritime insurance professional to ensure that your investment is protected, and that your insurance policy meets all of the requirements as set forth by the lender.
Make a quick list of the items you’re concerned about, fishing equipment coverage, towing, salvaging, liability in the event of a fuel spill, travel locations etc. Then call a yacht insurance specialist like Global Marine Insurance. A specialist understands the unique challenges you face as a yacht owner allowing them to quickly answer your questions and expertly craft your insurance policy to suit your needs. This helps to ensure you have the best policy possible and eliminates the need for you to invest time educating your insurance agent.
Money Saving Features
There are many ways to save money on your yacht insurance policy.
Safety Equipment – Money saving features may be found on your vessel itself.Â Safety equipment including an Emergency Position Indication Radio Beacon (EPIRBs), guard rails, approved hull openings, depth finder, navigation system, carbon monoxide detectors, radar and automatic fire extinguishers may qualify you for a yacht insurance discount.Â Contact a Global Marine yacht insurance specialist for a comprehensive list of safety items that would apply to your vessel. If your vessel does not currently have these items you can still improve safety and lower premiums by retrofitting your yacht.
Safe Captains – Those with safe driving and operating records also often qualify for reduced insurance premiums. Additionally, boat owners and operators who have completed operational and safety training may be eligible for insurance discounts.
Diesel Yacht – Diesel fuel is less likely than unleaded to cause an explosion making your diesel-powered vessel more likely to receive a lower rate on yacht insurance.
Green – Though not considered a safety feature, vessels that feature hybrid or electric power are often eligible for discounts.
It is important that you purchase yacht insurance before you receive your vessel so that any damages that could be incurred during delivery or on the very first departure would be covered. If you’re financing your boat lenders will often require proof of yacht insurance prior to releasing funding. Even if you haven’t decided which vessel is right for you, you can begin to discuss yacht insurance and get an estimate on premiums. Request a free online yacht insurance quote from Global Marine Insurance today.