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Quotiva can help you find and compare great yacht insurance quotes from expert boat brokers. All you need to is click on the red button and fill in our short quote form. Please read on for more information on yacht cover ...
Your yacht is an expensive and rewarding investment -- it's understandable that you would want to protect it with an insurance policy that offers the right level of cover for your needs. Whether you use your Yacht a few times a year around the south of France or cruise the Caribbean Sea for months at a time, we can find you brokers that can help you with your yacht insurance.
What classifies as a Yacht?
These days when people discuss yachts they are generally talking about luxury motor boats used for leisure purposes. They can vary from around 6 metres, to anywhere up to around 60 metres and can be typically in harbours and marinas across the world's oceans. Yachts do not have to be engine powered, they can also be powered by sail. However it is not uncommon for sailing yachts to have an auxiliary engine and occasionally catamarans are called yachts too.
What should I look for in a Yacht Insurance policy?
Here is what you'll most likely want to make sure is covered when purchasing your yacht insurance:
- Hull and Machinery cover
Damage to your hull or supporting machinery, such as an engine, could not only be dangerous, but lead to repairs of astronomical expense. Generally, hull and machinery cover will protect your yacht from any damage resulting from an insured-for event -- whether caused by a third party or yourself.
- Liability Insurance
If you're sailing your own yacht or have a dedicated captain there's a chance that your boat could cause damage to other boats and people during maneuvers, particularly within harbours and marinas. With this is in mind Public Liability Insurance can protect your from damage caused to third parties, be it merely material or actual bodily harm.
Do you employ a crew on your yacht? If you have staff working for you, then legally you will also want to purchase Employer's Liability Insurance. This will protect you from claims made from staff should they fall ill or experience an injury as a result of being in your employment. If you have a large crew aboard your yacht you may want to look into crew medical cover which could cover any medical expenses in case of emergency at sea.
- Accidental loss and damage of property
This can include cover for personal effects onboard the boat such as electrical items, pieces of furniture and other items, providing the broker is willing to cover it. Quite often brokers will offer cover for additional equipment within this category if it's not covered under the hull and machinery cover. This could be cover for tender vessels and outboards.
Should you need to acquire legal advice in the case of a claim, legal expenses cover will pay for the cost of legal experts -- this could be to dispute issues with parts suppliers or staff members should any disagreements arise.
What will an insurance broker want to know?
Before the cover begins on your yacht, it's likely that a marine broker will want to survey your boat should it be the first time you've taken cover with them. This may seem like a nuisance, but it can actually mean that the brokers feel safer offering additional cover to you once they see your boat is seaworthy. It's typical that a broker will interested in the following factors:
It's very likely that brokers will want to know the make and model of your yacht, as well as the size of your yacht -- a yacht's length can make a huge different when it comes to maintenance and repair costs. Of course, they'll also want to know about the vessel's engine(s) and thus its top speed and the cost of a replacement engine.
How you moor your yacht can make a difference to the risks that it will face. For example, a marina will offer a lot more protection for your boat than a unsheltered harbour and will likely lower the cost of your premium. It may also be worth asking your broker if they offer hurricane cover. If you keep your boat around the Caribbean islands, there is a chance that bad weather could cause unwanted damage -- it's well worth making sure you're covered for this.
Where abouts you will be using your yacht can make a huge difference to your premium. For example, those cruising around the south coast of France and no further will be exposed to less risks than those attempting trips across seas.
How much experience do you have on the seas - a little experience can make a lot of difference to your premium.
Of course, there are many other factors that a broker will want to know when insuring your boat, but the above will most likely take precedence ...head up to the top of the page if you're looking for yacht insurance quotes from expert brokers.