Luxury yacht insurance is a specialized form of insurance that covers high-value yachts and their equipment. This type of insurance typically includes coverage for damage to the yacht, as well as liability coverage for accidents or injuries that occur on board.
Some of the key features of luxury yacht insurance include:
* Agreed Value Coverage: This type of coverage ensures that the policyholder will receive the full agreed upon value of the yacht in the event of a total loss.
* Worldwide Coverage: Luxury yacht insurance typically covers the yacht wherever it sails, including international waters.
* Crew Coverage: Some policies include coverage for injuries or deaths of crew members.
* On-Water Towing and Assistance: Many policies include coverage for on-water towing and other forms of assistance, such as fuel delivery.
* Custom Equipment Coverage: Many luxury yachts are outfitted with custom equipment and amenities. This type of coverage can protect these items in the event of damage or loss.
It’s important to note that luxury yacht insurance policies can vary greatly, and policyholders should carefully review their coverage options to ensure they have the protection they need. Additionally, many insurance companies require yacht owners to have a certain level of experience and qualifications before they will provide coverage.
It’s also important to regularly review your policy and update it as necessary to ensure that you have the coverage you need. This could be done as your yacht changes, you add or remove any equipment or make any upgrades, change usage of the yacht, or if you change the location of your yacht.
It’s advisable to consult with a specialist yacht insurance lawyer who can help you understand the coverage options available and help you find a policy that meets your specific needs.