Buying yacht insurance can be more complicated than buying other types of insurance, and our international yacht brokers have expertise in turning the fine print into words that make sense to your needs.
Insurance requirements can vary depending on where you register and operate your yacht, and depending on whether you use it privately or for charter.
At FYI, we ensure that you are completely covered for all the usage scenarios in your plan, whether you are buying a new yacht, a pre-owned yacht for sale, a large motor yacht, a midrange pleasure yacht, or a sportfish yacht.
Share with us a few details, and we will give you complete peace of mind through appropriate insurance.
- Yacht insurance covers you in the event of a loss or damage to your boat. It covers most watercraft with motors.
- The amount of compensation you receive for a claim depends on deductibles, limits and whether your insurance covers your asset’s actual cash value, replacement cost or agreed upon value.
- The cost of insurance varies and depends on such factors like the State you live in, the boating area covered, the type of boat or yacht, your experience as a skipper on similar size vessel and your coverages.
- Yacht insurance may be required by State laws, marinas if you want to dock your boat and other reasons.
- Most insurance professionals will recommend you carry at least a $1,000,000 in liability insurance.
- Depending on your policy, your insurance may cover passengers, damage from hurricanes, theft, engine or major component damage etc.
Call us at 305-330-1831 for more details and to help you get insurance quotes.