Author: Shannon Brown

Every year, thousands of yachting accidents happen in the United States. Out of this, 60 percent results in some kind of injury. Aside from accidents, yachts also get stolen. This is why it is very important to get yacht insurance. With all the dangers, it would be crazy not to get yacht insurance.

Here are a few useful tips when shopping for yacht insurance.

1. You should look for an insurance company that is responsive & always available. It is very critical that your company responds when you really need assistance. Help should always be close by when an accident happens, when you need claims or emergency service.

2. You should look for an insurance company with good customer service. It is advisable to choose a company with a large network of agencies, claim centers, and helpful employees that are ready to serve you whenever you need them. In such a case, you can be sure that you will be treated fairly and promptly.

3. Choose an insurance company that is financially stable. Ideally, one with a long history of service to yacht owners. Companies with a rich history are generally more stable than new ones. A good way to check the financial stability of an insurance company is to do some research. Check out the financial ratings of A.M. Best and Standard & Poor’s for insurance companies.

4. Get yacht insurance from a company with a good reputation and high standards.

5. Choose an insurance company with a wide variety of coverage options. This is very important because your needs as a yacht owner are very unique. The company’s menu of products should accommodate a circle of protection for your needs both today and tomorrow.

6. yacht insurances come in different prices ranging from the affordable to the ridiculously expensive. It is important to understand the policy and service promises behind the price of the yacht insurance It’s better to pay for an expensive but good quality yacht insurance than a cheap one with limited features. It is not advisable to accept low protection just to get a lower price. Make sure that you get the protection you and your yacht require.

7. Consider the type of yacht you own before getting yacht insurance. Do you own a motoryacht, a personal watercraft (PWC), a yacht without a motor (canoe, kayak or rowyacht)? Consider also circumstances in which you plan to use the yacht insurance.

8. Though yacht insurance is designed to protect your yacht, it is also advisable to take note of the other coverage options available. An important yacht insurance option is the medical payment coverage which can offer medical protection for you and your passengers. You can never be so sure of your and your passengers’ safety when your out at sea.

9. Another option to consider is water liability coverage. There may be instances when you will accidentally injure a person while on the water, a passenger, a swimmer or a water skier perhaps. This is where water liability coverage comes in handy. This type of coverage also protects you if you collide with and damage another yacht or if you hit a rock.

10. The most important option is the physical damage coverage. This coverage will come in very handy if you hit another yacht, a submerged object or a dock and damaged your yacht’s motor. The physical damage coverage usually has two components:

a. Emergency services protection. This type of coverage provides protection of up to $100. It covers towing and mechanical labor if ever your yacht breaks down while you’re in the water. Also available is an extra emergency services as an optional coverage for an additional premium.

b. Physical damage protection for valuable yacht equipment. This type of coverage protects your valuable yacht equipments such as yacht covers, docking fenders, portable gas tanks, life jackets, anchors and anchor lines, sonar equipment, water skis, cushions, and your yacht engine, compass and gear. Also available is an extra yacht protection at an added premium. There is also on the road protection for your yacht, trailer and equipment. This also covers protection if ever your yacht, motor or trailer is stolen.

Topics: About United Yacht Sales, Peter Schmidt, United Yacht Sales |

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