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Home » Is Yacht Insurance Different From Traditional Boat Insurance?
September 22, 2023
Casey Insurance Brokers

Is Yacht Insurance Different From Traditional Boat Insurance?

As the proud owner of a yacht, you and your guests may enjoy luxurious and exciting journeys throughout the world’s waterways. However, yachts also typically represent sizable financial investments, meaning that you must prioritize various risk management and loss control measures to avoid potentially catastrophic losses. Accidents and other incidents may occur even while your yacht is in calm waters, regardless of how weathered or responsible of a sailor you may be. Fortunately, a yacht insurance policy can provide critical financial security.

How Does Yacht Insurance Differ From Traditional Boat Insurance?

Yacht insurance may function similarly to traditional boat insurance in many ways; however, given the significant size and value of many yachts and their potential additional uses (e.g., as a temporary or permanent residence), your vessel may require augmented coverage.

Many insurance companies may offer specialized coverage when insuring watercraft of particular value or significance, such as yachts. These policies can typically be classified as one of the following:

  • Agreed value policies—This type of insurance for your yacht establishes a value agreed upon by both you and your insurance company. In the event of a total loss occurring at some point during the duration of your policy, you can receive this amount of financial assistance.
  • Actual cash value policies—This form of yacht insurance includes current market value and depreciation following a total loss. As such, these policies may incur lower premiums but may also not provide as much aid following a covered incident.

Insurance requirements for your yacht may vary depending on its size and where you plan to travel. For example, when traveling in international waters, you should be aware of any changing laws or additional requirements. The professionals at Casey Insurance Group can help you understand and acquire appropriate coverage.

What Does Yacht Insurance Cover?

In many ways, both yacht and boat insurance may resemble the type of auto policy you might get for your car. While the capabilities and limitations of your coverage may vary, yacht insurance should typically include a combination of the following protections:

  • Liability coverage may help pay for third-party losses for which you are responsible.
  • Hull coverage may financially secure the physical elements of your vessel (e.g., sails and engines).
  • Personal effects coverage may provide compensation if belongings being stored or transported on your yacht are lost or damaged.
  • Towing and recovery coverage may help with expenses related to transporting your disabled vessel, such as towing, labor costs and essential supplies (e.g., oil and gasoline).
  • Uninsured and underinsured watercraft coverage may help you recoup losses related to your yacht if another party is at fault but lacks adequate insurance.

Get the Right Coverage

At the Casey Insurance Group, our team has extensive and specialty experience helping mariners and seafarers secure their financial interests. We will work with you to analyze your circumstances, identify your insurance needs and assemble optimal policies. Visit our website or call 888-537-1412 to get a personalized quote or learn more.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.


Categories: Yacht Insurance

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