Making sure your yacht is protected against the risks associated with boating is of extreme importance. Unfortunately, figuring out which coverages you need can be a bit confusing. As you continue in your search, here are some basic coverages and concepts that you should become familiar with. Working with Mariners insurance can make it even easier to find the coverage you need.
Liability Insurance: offers protection for guests and other individuals on your yacht.
Bodily Insurance: covers injuries to individuals not on your yacht during an accident.
Property Damage Insurance: covers damage to property caused by your yacht during an accident.
There are other coverages that are less popular but still offer critical coverage for yacht owners. Some of these include:
- Uninsured Boater
- Oil Pollution Liability
- Hull and Equipment Protection
- Personal Effects Coverage
- Rental Reimbursement
- Emergency Towing
- Accident Coverage Types
There are usually two types of yacht insurance policies for accident coverage. Actual cash value policies will pay to replace your yacht based on its value minus depreciation at the time of the accident. On the other hand, agreed upon value will pay to replace your yacht based on an amount that you and your carrier previously agreed upon.
Mariners insurance offers plenty of options to keep your yacht covered whether out at sea or docked. Their experienced agents can help you customize the perfect policy.