Wednesday, October 24, 2012

Yacht Insurance Part I: Gulet 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.

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.

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.

Types of Yacht Insurance Coverage’s

Some important information you where too lazy to read over those tons of text.

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.

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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