What to Consider When Insuring Your Boat

Your dreamboat may be a sailing yacht, a family cruiser, or a large yacht with worldwide navigational capabilities. Regardless of its size or how you use it, you can more effectively protect your family and your investment with a thoughtful approach to insurance.

The variety of boats and yachts manufactured today can make choosing the right insurance seem challenging. The best first step is to consult an independent insurance advisor who understands maritime risk and has access to multiple insurance carriers—so you can get connected to the best-fitting solutions.

When it comes to choosing your insurance carrier, look for a few key options and services:

  • A range of deductible options and various levels of liability coverage so you can choose the level of risk you’re most comfortable with
  • Coverage that can be tailored to match your cruising itinerary
  • Detailed recommendations for safeguarding your yacht from severe weather  
  • In-house yacht experts who understand the complexities of yacht insurance and its unique liabilities and obligations
  • Assistance in requesting crew background checks
  • Referrals to safe harbor, dry dock, and repair consultations 
  • Safety awareness material ranging from first aid, towing best practices and post-accident guidance as well as fire prevention and general safety advice

Owners of large yachts have all the same safety concerns as other boat owners, as well as more complex risk management concerns. For these larger vessels, you’ll want an insurance carrier that can help with:

  • Thermography evaluation to detect leaks and abnormal conditions with electrical and mechanical equipment
  • Crew first-aid, CPR, and Automated External Defibrillator (AED) training
  • Onboard inspections of safety and security equipment
  • Onboard art and wine collection management 
  • Overseas security consulting to keep your family safe when traveling through higher-risk international waters, as well as guidance on specific ports of call
  • Boat lift, dockage, and security reviews

Whether you’re buying a new boat or rethinking the insurance on your current vessel, there’s much more to consider than the cost of your annual premium. Work with your independent insurance advisor to get a complete picture of each insurance carrier’s capabilities and choose the option that will make you feel most at ease on the water.