What Kind of Insurance Does a Yacht Need?

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Owning a boat is fun and carries a certain amount of prestige. Owning a yacht carries a ton of prestige. The ultimate in pleasure boating, sailing around on a personal yacht is a good time for those who can afford it. Just as with any other type of transportation, things can go wrong on a boat. Yachts need to be covered by insurance.

Contractual Liability Coverage

Many marinas include a clause in their contracts called a waiver of subrogation. This states that if your yacht is damaged due to any kind of negligence on the part of the marina, they are not liable. This can cause serious problems with your watercraft liability for yachts. If the marina doesn’t pay, your insurance company won’t either. To avoid paying out of pocket, make sure you have contractual liability coverage which pays in these types of situations.

Consequential Damage Coverage

There are always things that can happen that are outside your control. Your yacht may sink, catch fire, lose its mast, or be damaged due to weather, an accident, or many other situations. Consequential damage coverage will pay for any of these kinds of damage.

Owning a yacht is a great source of pride and a lot of fun. Make sure you have sufficient insurance coverage to protect yourself against any of the things that can occur and cause damage to your pride and joy.