Standard homeowners’ policies offer extremely limited, if any, coverage for watercraft. Our specialized boat insurance is designed to provide comprehensive, tailored protection, ensuring your peace of mind on every voyage.
Comprehensive Coverage for Your Watercraft
Our luxury boat and yacht insurance policies are crafted to address the unique risks associated with watercraft ownership, offering robust protection:
- “All-Risk” Physical Damage Coverage: This broad coverage protects your vessel against nearly all direct physical losses or damages. This includes perils such as fire, theft, vandalism, collision, sinking, heavy weather, lightning, and even instances of “mysterious disappearance.” Unlike limited policies, “all-risk” provides extensive protection for your hull, machinery, and equipment.
- Agreed Value Hull Coverage: For luxury vessels, policies are typically written on an “agreed value” basis. This means we establish a fixed value for your boat at the outset of the policy. In the event of a total covered loss, you receive this predetermined amount, ensuring you are fully compensated for your investment without depreciation.
- Liability Coverage: Protects you against financial responsibility for bodily injury or property damage to third parties caused by your vessel. This can include injuries to passengers, other boaters, swimmers, or damage to other boats, docks, or marine structures.
- Personal Property/Personal Effects Coverage: Protects your personal belongings on board, such as clothing, electronics, fishing gear, and other valuables that are not permanently attached to the vessel.
- Towing and Assistance Coverage: Reimburses you for towing expenses if your boat breaks down on the water, as well as on-water assistance for minor mechanical issues, fuel delivery, or jump starts.
- Wreck Removal: Covers the cost of removing your sunken or disabled vessel if it becomes a hazard to navigation, which can be a significant and often overlooked expense.
Enhanced Protection and Specialized Options
Beyond core coverage, we offer a range of specialized options to provide even greater peace of mind for luxury watercraft owners:
- Uninsured/Underinsured Boater Coverage: Protects you if you are involved in an accident with another boater who has insufficient or no insurance to cover your damages or injuries.
- Fuel Spill Liability: Covers costs associated with accidental fuel spills, which can lead to significant environmental cleanup expenses and fines.
- Medical Payments Coverage: Provides coverage for medical expenses for you and your passengers resulting from an accident on your boat, regardless of fault.
- Hurricane Haul-Out Reimbursement: Reimburses you for expenses incurred when moving your vessel to a safer location or hauling it out of the water in preparation for an approaching hurricane.
- Consequential Damage: Covers damage to your vessel that results from a defect, mechanical breakdown, or wear and tear, which might typically be excluded under standard policies.
- Navigational Limits: Coverage can be tailored to your specific cruising area, whether it’s coastal waters, inland lakes, or extended international voyages, ensuring you’re protected wherever you sail.
- Charters and Crew Coverage: For yacht owners who charter their vessels or employ a professional crew, specialized endorsements can provide the necessary liability and workers’ compensation coverage.
Embark on your next adventure with confidence, knowing your luxury watercraft is fully protected. Contact us today to tailor a comprehensive boat insurance solution that meets your specific needs.
