The investment in yacht insurance is a big one. You’ve invested in a high-valued boat, and you may or may not be using it all of the time. You need a boat insurance plan that offers comprehensive protection to this investment much like a home insurance or vehicle policy can do for those assets. One of the key types of coverage to pick up for your boat is hull and equipment protection. It is one of the most important elements of your policy because of the extensiveness of the coverage it offers.
Hull and Equipment Coverage Breakdown
Take a look at what hull and equipment yacht insurance covers in most policies. Keep in mind that your policy may be different.
- Protection is provided for broad navigation limits in most cases. This generally extends from Maine to Mexico but can be tailored to your navigational needs.
- It may provide protect and recover protection. If your yacht is damaged, this component of the policy may help with the costs you take to reduce further damage.
- It may provide for an agreed value. This means that you and the insurer will determine the agreed value. If the yacht is a total loss, that is the amount the policy will cover.
- It may cover consequential damage for yachts that are non-wood. This rarely provides protection for normal wear and tear though. Deterioration that is expanded is not covered under these policies.
- Damage caused by collision, sinking, explosions, fires or other similar accidental and sudden losses generally are covered by the policy.
In addition to hull and equipment protection, most yacht owners need a policy that offers protection for windstorm damage. This is generally not a component of a standard policy (and that is often not fully understood by first-time buyers). In addition, you may wish to choose a policy with personal effects coverage, emergency towing service, emergency assistance coverage and reimbursement for rental after a covered incident.
Do You Have the Best Possible Policy?
Like all boat insurance, you should update and manage your yacht insurance on a regular basis. Having a policy in place offering comprehensive protection safeguards your big investment and gives you peace of mind knowing your boat is well protected from the most common risks.
Protect your vessel. Call Voyager Insurance Services at (800) 342-4444 for more information on Dallas yacht insurance.