ANTHONY BATTLE reviews. What Is Yacht Insurance?
A sailing vessel is covered by indemnity liability insurance under a yacht insurance policy. It covers bodily injury, damage to other people’s property, and damage to the vessel’s personal property.
This insurance may also cover gas delivery, towing, and assistance in the event that your yacht becomes stranded.
Important Takeaways Yacht insurance covers a sailing vessel’s indemnity and liability.
There are two main parts to it: protection and indemnity (P&I) insurance and hull insurance.
Although there is no legally agreed-upon difference in length between a yacht and a pleasure boat, it is typically thought to be between 27 and 30 feet.
Understanding Yacht Insurance There are some businesses that offer coverage for classic and antique boats. An agreed-value policy or an actual cash value policy are your options. The first is less expensive, but it takes into account market value and depreciation, so your payout will be lower.
1 2 Some policies offer discounts based on how much you know about boating, safety features, and whether you have an electric or hybrid boat. Additionally, you may be able to save money on yacht insurance by signing up for additional policies from the same company, such as those for your car or home.
