Yacht Insurance
What Does Yacht Insurance Mean?
Yacht insurance is a type of policy that covers the cost of accidental loss or damage to yachts, specifically for pleasure boat owners. These policies offer both comprehensive coverage and third-party liability protection. It sits within the broader category of boat insurance, but is written specifically for larger vessels with more complex risks than a typical fishing boat or runabout.
Insuranceopedia Explains Yacht Insurance
Typical yacht insurance policies cover the boat, machinery, theft, and damage. A unique feature of yacht insurance is its comprehensive coverage, which includes damages occurring at sea, while the yacht is moored, stored on land, or in transit. Owners who charter their yacht or use it for any business purpose generally need commercial marine insurance instead, since pleasure-craft policies usually exclude paying passengers and other commercial activity.
