Yachts are usually associated with luxury – such as those you see in large marinas and during the F1 coverage from Monaco, as well as being a common sight in many a James Bond film.
There are different sizes of yacht for different types of owners, from those who use them for holiday excursions to those who use them as their permanent floating homes.
Yachts also might not necessarily powered by an on-board motor, for there are some vessels which primarily use sails whilst also having an auxiliary engine in case of difficulties during sailing.
What Is Classified As A Yacht?
Yachts can vary in size from around 6 to 60 metres in length and are classified as a larger vessel, there are a number of different classes of yacht:
- Day cruiser – otherwise known as sailing dinghies, these small yachts are under 20ft in length and are designed for short periods of use, including daily regattas
- Weekender – larger vessels of around 31ft in length. Weekender yachts usually have basic cabins and galley facilities including plumbing to accommodate for longer period on the water.
- Cruising yacht – cruising yachts range from 23-46ft and are the most common yacht for private use. These yachts often have larger on-board living quarters as well as facilities to accommodate longer periods on the water.
- Sport fishing – these yachts are usually used on sport fishing excursions, and have both living space and also storage space for fishing equipment.
- Luxury yacht – the largest of the yachts at 82ft and over. These vessels are designed for longer spells at sea and usually have all the modern amenities – including television and satellite navigation – as well as computer-controlled assistance for when you are sailing.
- Racing yacht – large but lightweight yachts with living quarters for crews of up to 30, used for racing over long distances.
What Is Covered In A Yacht Insurance Policy?
Because of the size of the vessel, there is much to insure when it comes to yachts, and every part of one needs to be covered, so a yacht insurance policy will include such features as:
- Hull and machinery cover – helps to cover damage to your hull and engine resulting from incidents of accidental damage, including third party claims.
- Liability Insurance – helps to protect your vessel against third-party claims, including incidents that may occur during manoeuvres while entering and mooring in a marina.
- Employer’s Liability Insurance – applicable if you employ a crew, helps to protect against claims made by your staff if they are injured or fall ill during your employment. Cover such as crew medical cover can help protect you further by covering against any medical expenses should one of your crew fall ill at sea.
- Accidental loss and property damage – helps to cover personal effects aboard your vessel, including furniture, electrical equipment and personal items. Often brokers will want to know as many details as you can provide, so it’s best to make a list beforehand and be as accurate as you can.
- Legal expenses – helps with the cost of any legal advice you may have to seek, usually as a result of disputes with staff members and parts suppliers.
What Details Will A Broker Want To Know?
When searching for a yacht insurance policy, insurers will want to know the following information about your vessel:
- Vessel specifications – applies to the size, shape and speed of your yacht, including costs of replacement parts and engines.
- Cruising range – this will depend on location and distance you wish to travel, cruising along a coastline such as the South of France will not pose as many risks as ocean crossings, so your premium could reflect your sailing plans.
- Mooring type – where you base your boat will determine your premium price. Marinas offer more shelter than a harbour, and location can also play a part, particularly if you’re based in a location which is at risk of adverse weather conditions such as hurricanes. Ask your broker about specialist cover against such conditions.
- Boating experience – sailing experience can make a difference to your premium, more experience can lead to lower premiums.
Owning a yacht can be a rewarding, if expensive investment, so finding the right protection is an essential part of boat ownership. Being part of a yacht owners' association can help to bring you in touch with fellow yacht enthusiasts, and membership could also bring with it savings on your yacht insurance policy.
If you’re looking for a cheaper quote on your yacht insurance, fill in a few details here at Quotiva and we’ll search our UK broker network to find you the best deal.