What happens if your boat/vessel is unexpectedly damaged or a passenger is injured during what was supposed to be a relaxing day on the water?
Boat insurance typically helps protect your boat (watercraft) from such types of risks. For instance, property coverage may help pay to repair your boat after it’s damaged in an accident, or help pay to replace it in the event that it’s stolen.
Boat/yacht insurance policies may include several types of coverages that may help protect you, the guests you invite on board and the property of others that may be damaged in your vessel.
If you cause an accident that damages another person’s boat, someone else’s property or injures someone who is not on your boat, your liability coverage may help pay for expenses you incur as a result.

Comprehensive Coverage
You will need to establish a dollar value of your yacht for physical damage purposes; this is known as Hull coverage. Also,this value is called an Agreed Value between you and the insurance carrier and will be written on your policy as an Agreed Value. If it’s a new vessel, the Agreed Value will be the sales contract price. If it is a used vessel/boat, usually a survey will help establish the current value.
When you have an Agreed Value listed on your insurance policy, you will have certainty of the settlement amount if you ever have to file a claim for a covered loss. Hull losses resulting from vandalism, fire, theft, collision, wind, sinking and other covered causes of loss will not exceed this value limit. Our policies make it possible to choose the coverage that you need with options in addition to Agreed Value.
Occasionally, some customers decide to decline one or more coverage options in order to save a little premium in the short run. In the event of a loss, they would most likely regret such a costly decision. A vast majority of our insured yacht owners choose to have their boats insured by a high quality comprehensive policy that will minimize their out-of-pocket expenses at the time of loss.

Mooring / Port Location and changes in coverage
One of the most frequently asked questions will be where your yacht’s home port is located during certain times of the year. Perhaps you keep your vessel moored at a marina or a dock. On the other hand, your yacht could spend a great deal of time on land also known as “on the hard”. Regardless of where your yacht is moored or kept, you need to provide as much accurate information as possible in order to make certain that your yacht will be adequately covered with the right type of insurance at a very competitive price.
In addition to where it’s kept or the location of its home port, where your yacht will be navigated or used over the next 12 months is also important. Most insurance policies typically have specifically defined areas of operation known as Navigational Limits or Navigation Areas. Whenever navigational areas change, you need to inform your agent.