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Did you know the most common mistake made when purchasing yacht insurance is the assumption that all policies are the same and price is the only difference? There are no “standard” yacht policies, and most owners discover the gaps in their policy when they have a loss. How does your policy compare? Hull Coverage: Agreed Value vs. Actual Cash Value. Agreed Value is the fair market value that is agreed upon by you, the insured, and the insurance company. In the event that you suffer a total loss, the policy pays the value stated on your policy with no deduction for depreciation. Actual Cash Value valuation will apply depreciation at the time of loss, often paying you much less than is shown on the policy. Protection & Indemnity (P&I) vs. Watercraft Liability: Protection and Indemnity liability provides liability coverage for you against injuries to your hired crew, wreck removal, negligence for an unseaworthy vessel, as well as bodily injury and property damage coverage. P& I is the broadest liability coverage available. Limits range from $100,000 to $1 million or more. Watercraft liability only provides coverage for bodily injury and property damage. All Risk vs. Specified Perils: All risk coverage provides coverage for any loss unless it is specifically excluded on the policy. Specified Perils Policy provides coverage for only specific losses listed on the policy. Navigation Limits: Did you know your insurance coverage can be void if you have a loss outside of the stated navigational limits on your policy. Do you have the navigational limits that you need? Deductible: Premiums will go up or down depending upon the amount of your deductible. Higher deductibles mean lower annual premiums. Lower deductibles may apply to electronics, personal property, and tenders. Lay-Up Periods: Premiums can also be reduced if your policy includes a lay-up period. Lay-up period is a time period when the boat will not be used. Longer lay-up periods will result in lower annual premiums. Other Coverages: In a yacht policy include medical payments, personal effects, uninsured boater, and towing. Credits can also be given for completion of boating safety courses and for having safety equipment onboard your vessel. Voyager Marine will be happy to discuss any questions you may have about your policy and make sure you are adequately covered. Voyager is licensed in all states except
AK, HI, ID, SD, WY
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