Purchasing a yacht can be a big investment. While you may have the available capital for this type of purchase, you still need to think about how you will protect this vessel moving forward. Boats can depreciate in value at an alarming rate, so you need to go above and beyond to preserve your yacht however you can. One way to cover your bases is by taking out a comprehensive insurance plan. Look over these points to make sure you pick an appropriate policy for your needs.
Focus on These Factors
As stated by industry experts, there are a few crucial factors to pay attention to when selecting a yacht insurance policy. For one, you need to have general liability to cover the basics. Additionally, yacht owners will need to look at hull and equipment protection to make sure that any damage done to the hull can be deducted without worry. Coverage for personal effects and expensive items left on the yacht is also essential, as a storm or similar event can cause boats to sink or capsize. Other points you may wish to include in your coverage include:
- Reimbursement coverage for rentals
- Environmental pollution coverage in the event of oil leaks
- Compensation coverage for ship workers and crew
Take the Right Steps
Owning a yacht might be a dream come true, but you need to take the right precautionary measures to avoid a total nightmare. Look over your insurance options and select a policy that will help you feel confident in how your investment is being protected.