A yacht is generally defined as a boat with a vessel measuring over 10 metres in length. beyond this it can be hugely varied and encompose anything from a racing sailboat to a luxury superyacht. Because of this yacht insurance is hugely varied.
The super yachts are very luxurious and people plan their trips on the super yachts to enjoy their holidays and weekends. And it is considered to be very classy if one owns a yacht of his or her own. And along with the owning one, it becomes very necessary to take care of the yacht. Taking care of a yacht is very difficult as proper maintenance requires continuous checkups. Many people chose to offset the costs of maintaining a yacht and its crew by offering chartered voyages. While this can be fruitful you must declare this when taking out a yacht insurance policy as liability will need to cover the personal injury of your guests or clients.
Below are some of the conditions that will affect the premium of your yacht insurance policy
- If you are planning on racing this will raise the cost of your premium. Your yacht insruance policy may also not cover broken masts and town sails, and limit cover to the vessel its self.
- Superyachts often have luxury fittings. While most of this will be superstructure you may want to consider contents cover to insurer your valuables in the event of theft.
- If the sailor or the yacht person is a qualified in the field of sailing then discount is being offered in the premiums.
- Additional equipment on the yacht is considered in the policy according to the terms and conditions that are being agreed upon.
- In case of the UK resident owners, it may not be the case that they would not be travelling all year the round and therefore, whenever the yacht is not on water and that it is not being used, the storage is taken care of and even the transit of it comes under the insurance policies. In case of huge yachts, increasing certain meters of length depending upon the agency, it might not be considered under the policy.
- If you are planning on sailing your yachts outside of the UK you will have to declare this with your insurance company. This will likely increase your insurance premium more the further afield you plan on taking your yacht.
Apart from all these terms, there could be many more terms and conditions, depending upon the premium that one takes, the type of the yacht, the type of agency, the owner and much more. But it is recommended to register your yachts under the various policies such that it is safe. Even with the best sailors, you may never be 100% safe at sea.