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Yacht Insurance - The Insider's Guide to Yacht Insurance - What You WISH You Had Known BEFORE You Bought It!A yacht is a complicated, major investment, and requires a lot of care. These vessels are much more involved than simply maintaining a little fishing boat on the lake. Because of this, it's important that your yacht insurance be more comprehensive for a yacht than just for that little fishing boat, as well. A yacht brings you all the comforts of home, but lets you wander wherever you like on the water. These wonderfully engineered crafts have a lot of love and money invested in them, and it's important to keep them protected. Make sure that you carry not only personal liability and property damage insurance, to protect others, but coverages that will insure the value of your yacht, as well. Fire and theft coverage are important, as well as coverage for fuel leak liability. Because salvagers are entitled to an amount equivalent to a percentage of the yacht's value, salvage insurance can keep you from having to pay additional costs, should your boat be lost. It's also important to make sure that you are purchasing agreed value insurance for your yacht, not actual value. Actual value insurance includes depreciation, and will pay only for the current sale value of your vessel and all items aboard, not their replacement cost. If you choose to purchase actual value insurance, and your yacht is lost, you could receive less money than you expect. When looking for yacht insurance, it's first important to determine the value for the entire yacht and all items aboard it. Since most boat insurance policies don't automatically cover the loss of personal items such as video equipment or computers, you may wish to purchase personal belonging coverage in addition to the other insurance you get. Include the cost of motors, navigational equipment, and furniture in your estimation of your yacht's value, and make sure that you will be covered up to that amount. While higher coverages may raise your premium slightly, remember that it's worth it to protect your investment. Another concern for yacht owners is weather damage. Hurricanes and other storms can do a lot of damage to a large craft, but many insurance policies exclude this damage or have a deductible for it. If you are concerned about whether or not you will be covered for hurricane damage, or store your boat in an area prone to storms, investigate your insurance policy closely for loopholes that will prevent you from being paid. You may also have to pay more for this kind of coverage. However, replacing your yacht it you lose it to a hurricane will run even more. Luxurious and beautiful, your yacht is a work of modern engineering. To protect your investment, be sure to get the right insurance coverage. This is one area where cutting corners will not do you much good. Be sure that your entire craft is covered in all eventualities, and enjoy yourself without worry.
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