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Yacht Insurance

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Yacht Insurance Provided By Our Agency

Whether you spend your time sailing up and down the coast on your luxury yacht or enjoy docking your private pleasure yacht at marinas worldwide, our yacht insurance will protect your lifestyle year-round.

What is Yacht Insurance?

Yacht insurance is an insurance policy that provides indemnity liability coverage for a sailing vessel. It includes liability coverage for bodily injury or damage to the property of others and damage to personal property on the vessel.

What does Yacht Insurance cover?

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.

Cost of Yacht Insurance

Yacht insurance cost will vary based on many factors, including:
  • The state in which the boat is moored/stored
  • The age, size, and type of your yacht
  • The motor specifics of your yacht
  • Vessel purchase price
  • Duration of use (seasonal vs. year-round)
  • Corrosion probability (fresh vs. salt water)
  • Boating safety course completion
  • Driving history
  • Claim history
  • Navigational area
  • Experience owning comparable size vessels
  • Pleasure use vs. commercial/charter
  • Crew exposure
  • Insurance scoring
  • Coverage limits and deductible

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.

Already have Yacht Insurance? Switching is easy

It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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The Insurance Doctor

The Insurance Doctor Provides Auto, Home, Life, Personal, & Business Insurance to All of New Hampshire, Including Manchester, Concord, Bedford, Goffstown, Nashua, Merrimack, Rochester, and Portsmouth.
453 Second Street 
Manchester, New Hampshire 03102
Mon-Fri : 8:30am - 4:30pm
Sat-Sun : Closed
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(603) 647-5617
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