Buying the right coverage for a new asset can be difficult no matter what you’re buying, but when it’s something as unique as a yacht, there’s even more mystery to navigate. Not only does the new investment require you to plan to manage risks you haven’t experienced firsthand yet, but it also has you shopping around to see if your current insurer can expand the policy to include the yacht or if you need specialized coverage. As you weigh the decision, it’s important to understand what a policy designed specifically for your yacht brings to the table that a more general asset protection policy might not.
Insurance Built Around Marine Investments
Yacht owners don’t just incur risk when operating the vessel, although the right coverage for incidents at sea is important. It also needs to cover the vessel against unique risks posed by different methods of storage, including damage, vandalism, and theft. The policy also needs to properly value the investment, including any discounts offered for specialized safety equipment or other protocols that lower risk. When you work with a provider who understands yacht insurance considerations and has experience with owners at every experience level, it’s also easier to get recommendations about additional coverage provisions you might not have thought of, like environmental risks. It’s worth having a conversation and getting a quote just to understand what a specialized insurer can bring to the table.