Insurance for Your Yacht or Sailboat

Despite how frequently you take your sailboat or yacht for a spin, there are multiple risks in water. For instance, you can encounter collisions, storm damage, fire, sinking, or onboard injury.

If a passenger aboard a recreational yacht falls and suffers an injury, the victim can sue for compensation. Remember, yacht owners, are under a legal obligation to install safety measures like life jackets, first aid kits, life rafts, and mops to eliminate spills.

Although yacht accidents are not as common as car accidents, boat insurance is a crucial backup plan against loss.

Read to learn more about yacht or sailboat insurance near Northridge California, and reach out to our insurance professionals about coverage options. 

What Does Yacht or Sailboat Insurance Cover

Before signing your boat insurance contract, assessing whether the policy protects you entirely is essential. Remember, all policies differ, making it crucial to pick a customized insurance policy.

That said, pay attention to the following aspects.

• Liability Coverage: Liability coverage protects you against loss suffered in case your boat damages another vehicle or property. If you’re at fault, the policy helps meet the resulting expenses.
• Medical Cover: It pays for the cost of treatment and liability in case of injury in a yacht accident. Examples of medical costs include drugs, procedures, X-rays, consultation fees, and post-hospitalization expenses like physiotherapy.
• Uninsured Watercraft Coverage: While in the sea, your yacht or boat can collide with an uninsured vessel. The accident can result in out-of-pocket repairs, medical expenses, or legal liability. It’s therefore prudent to request this add-on to minimize liability.
• Comprehensive Coverage: It protects you against liability that may arise when you’re not behind the wheel.

The Benefits of Insuring Your Yacht or Sailboat

Storm Damage

Windstorms and hurricanes can knock your yacht out or cause severe bodily damage. Boat insurance can meet repairs or replacement costs in case of extensive damage.

Protection Against Theft

Most yacht thefts occur in transit. Thieves look for poorly packed trailed yachts, slip in and drive away. If you’re traveling long distances, yacht insurance can protect you from such a loss.

Covers Burglary from the Boat

Sailboat and yacht insurance can protect you from losses arising from the theft of navigation systems, motors, safety equipment, or personal items. Although home insurance may cover a few items, a boat cover enhances the protection.

How to Get an Affordable Yacht or Sailboat Cover

Although yachts and sailboats are luxury assets, you don’t have to pay an exorbitant insurance premium. Instead, you can leverage the special provisions that reduce the payable amount.

Here’s a list of credits that translate to an affordable yacht cover.

1. Claims free credit
2. The ratio of watercraft length to hose power
3. Completing safety education courses
4. Installing coast-guard-approved fire extinguishers, ship-to-shore radio, or wireless auto-tether
5. Bulk-policy credit

Try Our Boat Insurance Services Today

A yacht is a source of pride and fun for many people. Unfortunately, an unforeseen accident can damage your prized asset or ruin your finances. Panorama Insurance Agency in Northridge, CA has tailor-made boat insurance that gives you peace of mind while sailing. Contact us now or call us at 818.514.1916 to get a quote.