Owning a yacht requires a substantial investment, and that investment should be protected. Yachting also comes with certain liability risks that also ought to be protected against. Yacht insurance gives Massachusetts residents who own yachts access to the insurance protections they need for their boats.
Yacht insurance is a specialized form of personal insurance that’s designed to protect large boats. Because yachting comes with several potential risks, most yacht policies are written as package policies that come with multiple protections.
Most Massachusetts residents who own large boats, including both sailboats and powerboats of size, should insure them with a yacht policy. Owning these boats comes with inherent risks, and few people would want to face a major claim or loss without any insurance in place.
People who own smaller boats and jet skis generally also should have insurance, but they may find that a standard boat policy better suits their needs.
Anyone who’s unsure whether yacht or boat insurance is more appropriate for their watercraft can talk with an insurance agent who specializes in these coverages about the various options. A specialized agent will be familiar with the nuances between the two types of policies and be able to provide a recommendation on which one makes the most sense given a boat’s size and features.
Yacht and boat insurance both are intended to insure watercraft and the people using them, and there are often many similarities between the two policies. There are also usually some points where they differ, though.
Generally speaking, yacht options come with more coverage options than their standard boat insurance counterparts. For example, a yacht policy might offer an option to add on coverage for recovering a sunken watercraft, which is a coverage that many boat policies don’t include. Also, yacht policies frequently have more deductible options than boat policies do.
In most cases where the two types of policies differ, yacht policies tend to offer the more robust insurance coverage of the two. There is one common exception to this trend, however. Whereas boat policies frequently have no restrictions on towing, yacht policies sometimes limit towing to a certain distance. They might only cover towing for a few hundred miles, for instance. Boat policies normally don’t have such a restriction.
Many of the main coverages in yacht policies are similar to those found in both auto insurance and boat insurance policies. The distinctions that make these policies unique often lie in the coverages’ terms and conditions, as well as in some optional coverages that may be available.
Many yacht policies make the following coverages available:
An agent can go over any other optional coverages that a particular policy offers.
For help finding a yacht insurance policy that’s right for your boat, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents have helped many yacht owners in Massachusetts find policies that meet their needs, and we’d be happy to assist you.