Yacht Insurance
No doubt you, like most other boat owners, feel your insurance coverage and the resulting premium is a necessary evil that you can do little to control. While there is some measure of truth in this belief, the fact is you can exercise some control over this cost.
  • Complete an authorized boating course.
  • Inspect or have your boat inspected by a qualified marine mechanic at least twice a year.
  • Repair or replace defective equipment promptly.
  • Have a well thought out, written plan to carry out in the event of a pending natural disaster.
  • Always store your boat in a secure area.
By following these suggestions
  • You will play your part in reducing losses.
  • Your marine insurance specialist can negotiate lower premiums based on lower loss ratios.
  • You avoid payment of insurance deductibles and depreciation allowances incurred by losses.
  • You guarantee your boat will be ready to go when you are.

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Yacht Insurance Basics
Next to a beautiful home, your yacht could probably be your second most valuable possession. What better way can you do to protect such expensive luxury than having a yacht insurance.
A yacht insurance does not only protect your investment from massive financial loss should tragedies and calamities happen. A yacht insurance also makes sure that your vessel, your passengers and anyone else that you may come contact with are protected in the event of an accident.
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Benefits of a Yacht Insurance
Are you still contemplating on the thought of really getting a yacht insurance? Don’t you still buy the idea that you need a yacht insurance for that luxurious possession? Then here are some things you can think about:
  • According to reports, yachts sink not only in the event of a calamity in the middle of the sea but also even while it is docked. Having yacht insurance can have you covered for this unlikely loss.
  • Your yacht could probably encounter collisions at sea and can cause great damage to the other vessels. This can lead to a legal case. If you have yacht insurance, you will have the peace of not having to carry the burden of these legal issues brought about by the unexpected accident.
  • These days, communities are so particular with environmental hazards such as oil spill. Fortunately, even these issues are covered by yacht insurance. If you have comprehensive yacht insurance, you will not have to personally answer to the issues that come with the incident.
  • There are some unwanted events that happen in your yacht—one of which is having someone onboard injured. As a yacht owner, you are responsible for that person. If you have yacht insurance, you will then not worry of paying for the medical or hospital bills. Your generous yacht insurance will gladly take care of it for you.
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Types of Yacht Insurance Coverage’s
A yacht insurance coverage is dependent on the policy of the insurance provider. A provider may have a better or less comprehensive yacht insurance policy. Here are some yacht insurance coverage that you may want to keep in mind when buying your own yacht insurance:
  • All Risk Coverage
    This type of yacht insurance coverage indemnifies you for any loss or "Peril of the Sea" that is not excluded.

  • Agreed Value
    Before signing up a yacht insurance policy, the value of your yacht is agreed upon. In the event of total loss, you are paid the agreed amount without deducting depreciation value of your yacht.

  • Protection and Indemnity
    Some yacht insurance coverage provides protection should you get sued for causing damage to properties, people or even the environment.

  • Medical Coverage
    A good yacht insurance pays for the medical expenses whenever someone gets hurt or injured while in your yacht, or near its premises.

  • Personal Property Coverage
    Other yacht insurance policies also protect your equipment or personal belongings that are in your yacht. Some yacht insurance provides coverage for the loss of fishing equipment, vessels, and clothing. However, yacht insurance does not cover valuables such as money, jewelry or important documents.

  • Towing
    Yacht insurance policies also include towing coverage. This means that commercial towing services shall be available should your yacht becomes disabled in the middle of the sea and requires assistance to go back to safe harbor.
Though yacht insurance policies cover many of your concerns as a yacht owner, there are also other exclusions in their policies. Some of which are:
  • Damages due to illegal, fraudulent or intentional acts by the insured
  • Damages caused by war, seizures or nuclear radiation.
  • Wear and tear
  • Osmosis damage
  • Design defects
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How to Choose Your Yacht Insurance Policy
With the vast number of yacht insurance providers out there, choosing a policy that best suit your needs can be a discouraging view. Here are some pointers you may consider in choosing your yacht insurance policy:
  • Financial Stability – always make sure that the yacht insurance company you are signing up with is financially stable. The financial stability of that yacht insurance provider speaks much on the security of your own yacht insurance. Try searching the internet for rated financially stable yacht insurance providers.
  • Customer Service – Should the time come that you need to get a claim from your yacht insurance, a good, fair and quick customer service pays a lot. Choose a yacht insurance provider with a large network of claim centers, emergency services, agencies and helpful representatives to serve you in times that you need them the most.
  • Good Reputation – Nothing beats a good reputation when it comes to yacht insurance providers. It is the yacht insurance provider’s reputation that will give you the idea how well you will be covered should your needs arise.
  • Available Coverage options – There are several coverage options that you can choose from. Make sure that your yacht insurance provider gives you a wide selection of options to choose from.
  • Reasonable Price – Look for the best yacht insurance protection at the most reasonable price possible. Try comparing and analyzing the price of different yacht insurance providers before you finally commit.
With the very complicated nature of yacht insurance and boat insurance policies, deciding on which policy to sign up with turns out to be a very troublesome business. Focusing on the few very important things enumerated above can help narrow down your choices of yacht insurance and boat insurance policy providers. Consider these important things first then go into the details when you have short-listed your choices. Doing this will not only help you save money, time and effort but will give you better security and peace of mind if you have wisely and carefully chosen your yacht insurance or boat insurance policy provider.
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Top 15 Questions to Ask Your Boat Insurance or Yacht Insurance Provider
Just to make sure that you have covered all the necessary details in buying your yacht insurance or boat insurance, below are the top 10 helpful questions you may ask the boat insurance and yacht insurance providers before you finally sign up with them:
1. What is the degree of coverage to the guests sailing in my boat?
Different boat insurance and yacht insurance policies have different degree of coverage for your passengers. There are those that differentiate passengers and crews. Opt for the boat insurance or yacht insurance policy that gives same coverage to the entire people on board your boat.
2. How much of the equipment in my boat/yacht is covered by this boat insurance or yacht insurance policy?
Know carefully what equipment and items in your boat are covered by the insurance policy. This will help you save a good amount of money, especially if you have a simple boat like a dinghy, or can help you from losing much of your investment if you have a luxury yacht.
3. Is there a “new for old” cover in your boat insurance or yacht insurance policy?
This means that your insurance provider will fully cover and pay the damaged piece of your yacht/boat while other may only pay the depreciated value or second hand value of the equipment.
4. Is there a damage limit in your yacht insurance or boat insurance policy?
Before you sign up with boat insurance or yacht insurance provider, make sure that their policy does not impose a damage limit to your yacht/boat. There are other insurance providers that set a ceiling for the amount of damage cost incurred by your yacht or boat. This means that you will have to pay for all the damages incurred that is above the ceiling the boat insurance or yacht insurance provider imposed.
5. What are the damages covered by the insurance policy?
Study the insurance policy closely and check if the means of transportation like your trailer is covered by the boat insurance or yacht insurance policy. Check also if your policy will cover damages caused by natural disasters like hurricanes, tsunamis and tropical storms.
6. Is the boat insurance or yacht insurance provider flexible enough to make a “custom made” policy?
Know how much your insurance provider is willing to extend just to meet your personal needs. Prepare your own insurance package and check out which yacht insurance or boat insurance provider can accommodate your requirements.
7. Is your yacht/boat covered should a disaster strike while it is anchored or in a dock?
There are boat insurance and yacht insurance providers that include in their policy coverage of the damages incurred while your boat/yacht is not sailing. This coverage is dependent on the location of the insurance provider. Some boat insurance and yacht insurance providers also offer seasonal limits for this type of coverage.
8. Does your boat insurance or yacht insurance policy offer legal protection?
Opt for an insurance policy that offers a thorough legal protection. This helps you get claims should boat collisions and accidents leave the people in it injured.
9. Does your insurance policy offer third-party liability?
Having a third-party liability means that your boat insurance or yacht insurance provider will cover the damages your boat/yacht may cause on other watercrafts. Good insurance providers offer this coverage.
10. What is the extent of coverage when you sail in foreign countries?
Different countries have different sailing regulations. If you plan to do a cruise, make sure that you are aware of the coverage of your boat insurance or yacht insurance policy before you sail in foreign countries.
11. What is difference between boat insurance and yacht insurance?
Boats are considered to be 26' and smaller. Yachts are 27' and larger. Yacht insurance coverage is more individualized because most large boats have the capability to travel further and have more unique exposures
12. What is the best boat insurance coverage for my boat?
It is best to have an "All Risk" policy. All risk boat insurance provides coverage for all types of losses except those excluded in your policy.
Exclusions may include
  • wear and tear
  • gradual deterioration
  • marring
  • denting
  • scratching
  • animal damage
  • manufacturer's defects
  • defects in design
  • and ice and freezing
13. How much should I insure my boat or yacht for?
You should insure your boat for the amount it would cost you to replace the boat. Usually you should insure it for the purchase price plus additional equipment (and tax).
14. What does English Laws and Practices mean?
If you have a claim or dispute with the insurance company it will be settled in the United Kingdom based on their Marine Insurance Act of 1906! The English system takes the guesswork out of equation; only one (1) in a 1,000 claims ever goes to court. There is no discovery and there are no punitive or exemplary damages in the English system; claimants are compensated based on the principles of the 1906 Marine Insurance Act as determined by the insurance company. In the English System, Legal fees add up even quicker than they do in the USA and most importantly, the loser pays everyone’s Court Costs and legal fees which is the reason so few claims ever go to court. This leaves you with a very small chance that you will ever collect; it is also the reason why polices written subject to English Laws and Practices have substantially lower premiums than polices written subject to US Laws and Jurisdiction.
Blue Water Insurance Inc. is subject to US Laws including “consumer protection legislation” and cannot afford nor do we desire to ever offer a policy that does not have a “USA jurisdiction clause” because you will in most all probability, not collect very much if you have a claim. Or if sued in US courts, spend vast sums of your own money defending your self with no chance of reimbursement.
15. Is it safe to insure with a foreign insurance company?
Sure it is…..as long as the company has an A.M. Best rating. Be sure you verify the company is rated, B+ or higher with at least 100 million in policyholders surplus. Many domestic US companies do not have sufficient capacity (policyholder’s surplus) or reinsurance to withstand the catastrophic losses – primarily named and numbered windstorm losses.
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Highlights & News
2017 Düsseldorf Boat Show
New: THE WAVE – the first Standing Deep Water Wave.
Excursion into the world of super yachts.
New: boot INTERIOR presents furnishings for the luxury segment.
Sailing sports in Halls 14 to 17 with over 360 exhibitors.
To the tune of 1,800 exhibitors from 60 countries in 17 exhibition halls.