Yacht Insurance & Your Repairs

Nov 1, 2013 | Blog Post | 0 comments

yacht insurance covered repairsWhen your boat needs minor repairs and maintenance you might be able to do it yourself.  However, for more complex work you should protect your investment by relying on qualified carpenters and mechanics. When filing a claim call your yacht insurance company before taking your vessel anywhere.  This way they can access the damage properly before anything has been altered and provide you with valuable information. If you’re unsure of what your yacht insurance covers contact the specialists at Global Marine Insurance for a complimentary consultation to ensure you have the best coverage for your vessel.

Even if you are not filing a claim with your yacht insurance company you’ll want to ensure that the selected repairer carries a commercial insurance policy that includes Ship Repairers legal liability.  This will provide coverage in the event that there is further damage incurred while the vessel is in their possession. You can ask them to provide you with a current certificate of insurance as evidence of coverage.

Always ask your repair technician for a copy of the front and back of the intended repair order.  There could be language that protects the repair company from paying damages when they are negligent, you can always choose a different service provider that does not attempt to transfer their risk to you.  To get clarification on all the legal jargon, consult an attorney.  Before you sign a repair order give your yacht insurance company the name of the repair yard, the amount of time your yacht will be there, the scope of work to be completed, and the estimated repair cost.

When you tow the yacht yourself your marine insurance policy will likely cover physical damage that could occur to your vessel on the road. You would look to your auto insurance policy to cover any property damage or bodily injury you could possibly cause to others.  When the repair company tows your boat for you, any damages incurred would likely fall under their commercial insurance.  It’s a good idea to ensure that their limits exceed the value of your yacht.

Physical damage coverage usually only pays for necessary yacht repairs resulting from damage by a wide range of perils such as wind, rain, lightning, hail, wave action, fire, theft, vandalism, and collisions with other yachts, docks, and submerged and floating objects.  Some policies provide “all risk” coverage, meaning the cause of loss is covered unless specifically excluded. The yacht insurance specialists at Global Marine Insurance can offer clarification as to what your policy covers.

Call Global Marine Insurance to have yacht insurance specialists search top providers to find the best yacht insurance coverage for your unique circumstances. We’ll ensure that you find the coverage your looking for 800-748-0224.

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