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Inside this Article
Yacht Insurance
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Anyone who can afford a
yacht knows that it is a major undertaking. Caring for a yacht
is hundred times harder than taking care of a ten-foot johnboat
used to tool around a lake searching for bluegills.
A yacht is nothing short of a house on water. With all
the comforts of home and then some, it is a marvel of engineering
and expense to boot.
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Affordability is not really an issue when it
comes to yacht ownership, but protecting one’s investment
is. When you have spent more on a boat than other people spend on
a home and car combined then you have every right to make sure
that the money you spent will not be in vain. Insurance is the only
option in this case and you should choose the policy wisely when dealing
with large sums of money like the cost of a yacht.
First off you will need to determine the coverage for the entire yacht.
This amount will represent the amount that you would need to get back
should the vessel become a total loss. There are several ways in which
any type of boat can be lost, the least of which being theft and the
worst being explosion. An explosion is a more real threat then you
realize when you consider the amount of fuel being carried below decks
of a large yacht. A misplaced collision with another boat can
cause an explosion that will most likely destroy the entire craft. This
type of coverage is the normal amount required by a financial agency
that has fronted the money for the yacht. This is to protect them
from loss.
Next you should figure the equipment on board the boat that should be
covered. This can consist of the motors, navigational equipment,
riggings, anchors, and radios. These items are essential to the yacht’s
operation and should be protected against loss or damage. This type of
coverage can also include any personal items on board that need to be
protected. This is similar to homeowners insurance in that
respect as those policies generally cover household contents to a
certain degree.
If the boat is stored in a region that is prone to violent weather
conditions like hurricanes, then a provision in an insurance policy
for this type of loss should also be considered. The loss from weather
related occurrences is tremendous and most standard insurance
policies do not offer coverage in this area. It may cost a
considerable amount more to be covered against weather related damage
but it will be worth it should the need arise.
Lastly you should consider damage to other crafts caused by your yacht.
Even the most experienced seaman can make a mistake or an error in
judgement and this can cause damage to boats in or around the area.
Protecting yourself with insurance coverage against such incidents can
mean the difference between terrible financial devastation and no more
the matter of filing some paperwork with your insurance company.
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