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Yacht insurance typically covers you, your yacht, and your passengers — depending on the policy and coverage selected.
Hull Coverage: Hull coverage is the primary component of watercraft insurance that covers the owner against losses resulting from damage to the watercraft.
Boating Equipment: Knowing how your policy separates equipment used for yacht operations is essential. It may be included in the hull limit or a percentage of the hull value. This will depend on the insurance company providing the coverage.
Watercraft Liability (sometimes listed as Protection & Indemnity) is 3rd party Bodily Injury (BI) and Property Damage (PD) liability coverage that comes into play when the insured vessel is involved in a boating accident during which a covered operator is at fault.
BI coverage pays for medical costs incurred from bodily injury, lost wages, sickness, or death related to the accident. This coverage also pays for legal fees and recompense for pain and suffering that may result from the accident. In addition, BI responds if you’re found negligent for bodily injury to others.
PD coverage pays for damage to other boats, property, and structures. PD responds if you’re found negligent for damage to the property of others.
Crew Coverage: The Jones Act is a federal statute that provides a means for crew members injured due to negligence to recover damages. Take care of those who work for you as captain or crew. Should an injury occur during their duties, are they covered? Adding crew coverage also protects you as the vessel owner if they bring a lawsuit for a crew claim. This coverage is usually a separate endorsement to your yacht policy, and an additional premium is generally charged based on the total number of crew members. Always only hire crew if this vital coverage is purchased.
Towing/Labor: Here, the policy limit is the main focus. Some policies will have an occurrence limit subject to an annual aggregate limit. Is there a maximum limit if you are more than ‘x’ miles offshore? Is towing handled like a claim you’re reimbursed, or is the insurance company billed on the backend of the transaction?
Uninsured Boaters: Uninsured boater coverage is bodily injury coverage for a covered person if an uninsured boater strikes your covered vessel.
Yacht insurance is complex, but it’s essential for any watercraft owner. Yacht owners should validate that their yacht insurance policy meets all of their needs, as numerous coverages can be added or removed to tailor the policy to meet specific risk exposures. We can help you determine the best yacht coverage to meet your needs. Connect with us today, and we can provide a quote based on your particular needs.