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Home » Factors to Consider When Choosing a Yacht Insurance Provider 
February 19, 2024
Casey Insurance Brokers

Factors to Consider When Choosing a Yacht Insurance Provider 

white and black yacht on body of water surrounded with tall and green trees

Yachts can provide luxurious and enjoyable opportunities to explore the world’s waterways. These vessels may double as long-term residences, offering you and your guests many of the comforts of home despite potentially sailing to the far corners of seas and oceans. However, while owning and enjoying a yacht may be exciting, you must also account for significant risks and exposures, as these vessels represent substantial financial investments and may face many perils and hazards.

What Is Yacht Insurance?

As its name suggests, yacht insurance is a type of coverage that can provide versatile and robust financial protection for you and your watercraft. These policies are generally seen as a specialized type of boat insurance, including many of the same features as one might retain for smaller vessels while accounting for the unique circumstances and high risk levels yachts and their owners may need to consider and address.

What Should Be Considered When Purchasing Yacht Insurance?

All yacht owners have unique circumstances leading to specific coverage needs. Fortunately, yacht insurance is often customizable and policies can be adjusted, enhanced or tailored to suit your situation. Still, appropriately assessing your needs, exploring available options and securing suitable coverage requires a comprehensive analysis of your circumstances. Consider the following factors:

  • Total loss coverage options—Thinking about the complete loss of your prized vessel may not be pleasant, but acquiring appropriate coverage for these catastrophic scenarios must be a priority. Policies generally include the following two options for addressing these situations:
  • Actual cash value coverage – can provide you with a payout up to the market value of your yacht at the time of its destruction, including depreciation.
  • Agreed amount value – may provide greater financial assistance, as you and your insurance company agree upon your vessel’s worth before coverage begins; this figure does not decrease over time.
  • Travel plans—Given the extensive travel opportunities that yachts afford you and your guests, you must account for changing circumstances depending on where you plan to sail. In many cases, your coverage could be void in certain waters, requiring you to make alternative arrangements to ensure you remain financially secure.
  • Bundling options—If you already have other types of insurance through a particular carrier, such as homeowners or auto coverage, you may enjoy lower rates by bundling your yacht insurance under the same provider. This can be an attractive savings opportunity as long as you are confident you are still getting adequate coverage.
  • Risk tolerance—Various components of yacht insurance, such as liability coverage and personal property coverage, can augment your policy by providing financial protection for third-party losses and belongings stored on your vessel, respectively. If you value these features, you should ensure that you work with an insurance company capable of providing ideal options.

Get the Right Coverage

The knowledgeable team at Casey Insurance Brokers has over 20 years of experience serving sailors, businesses and families. We will work with you to help you understand your yacht coverage options and ensure you secure appropriate insurance. Contact us today to 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. 


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