How to Buy Luxury Yacht Insurance During Sea Trails
Sea trails are specified paths through oceans, gulfs and waterways that are popular with recreational boaters. If you own a luxury yacht that you sail yourself or lease out for chartered use, it is extremely important that you have a comprehensive insurance package in place before you set sail.
Otherwise, you risk becoming financially responsible for theft or damage and any injuries that your passengers suffer as the result of an accident.
4 Steps to Buy Luxury Yacht Insurance During Sea Trails
1. Inquire with multiple providers of yacht insurance about the cost of insurance against physical damage to the vessel
Providers of yacht insurance typically itemize highly specific terms and conditions of this type of coverage, and you want to be sure you’re protected in the event of a collision with submerged objects or another boat, whether you’re docked or at sea.
2. Choose a plan that also covers any personal property on the boat
Make sure that this provision covers your property as well as personal items that belong to the crew and passengers or guests.
3. Purchase liability insurance to ensure you’re covered in case you, your passengers or your crew members are injured while on board as the result of a seafaring mishap
As with liability insurance for automobiles, yacht liability insurance also covers damage you, your crew or your passengers cause to other boats.
4. Add an emergency assistance package to your insurance policy
These packages allow for fuel to be delivered to your yacht if you run out of gas while at sea and also provide for towing your yacht to the nearest harbor if you get stranded.
Inquire about restrictions when shopping for your yacht insurance policy. Some companies won’t provide coverage if you sail into known windstorm areas; others only offer plans with high deductibles, require you to carry large crews to validate coverage, won’t cover charter boats or won’t cover older yachts.
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