Yacht insurance is the insurance policy that provides liability coverage on yachts or pleasure boats. This type of insurance provides liability for damage to property, damage to personal property and bodily injury. Yacht insurance may also include towing or assistance in case of an emergency. After you learn a little about yacht insurance, it’s always wise to look into yacht insurance quotes.
Boat VS Yacht Insurance
The first thing that most people want to know is the difference between boating insurance and yacht insurance. Well, first, boats are smaller. A yacht is 27 feet or larger, whereas a boat is classified as under 26 feet, normally. Since a larger boat travels further with more passengers, there is broader coverage for yachts compared to other boats.
Yacht Insurance in Two Parts
Yacht insurance contains two different components. First, there is hull insurance. Hull insurance covers direct damage. All parties must agree on a value of the vessel at the time the policy is written. This policy will also include replacement cost coverage on any partial loss.
When it comes to insurance, you need insurance that fits your specialized needs. When you own a yacht, there are a lot of special risk factors. This is why it’s crucial to get yacht insurance quotes for your pleasure boat.