Understanding The Intricacies Of Insurance

Caribbean Yacht Insurance Coverages That Protect More Than The Boat

Yacht insurance policies provide protection against damage to large boats—but that's not all that these policies offer. Many also come with other coverages that provide protections beyond boat damage. Here are some of the other coverages that your yacht insurance policy may offer.

Towing Coverage for Disabled Vessel

If your yacht is damaged or disabled while away from any marina, it may need a tow into shore. Towing a large yacht quickly becomes expensive because of the size of the boat, and being farther from shore will only increase the cost of a tow.

Towing coverage pays for the cost of a tow into the nearest marina. Whether coverage extends to tows that are required because of mechanical failure depends on the specifics of a policy. Most Caribbean yacht insurance policies offer towing coverage for any engine or steering problem that's caused by a storm or accident, however.

Personal Property Coverage for Belongings

Personal property coverage protects belongings, such as furniture, clothes, electronics, jewelry, and dishes. The coverage likely extends to a lot of the items on your yacht that aren't actually affixed to the boat. The protection offered includes protection against damage, theft, and non-theft loss.

Whether you need Caribbean yacht insurance that includes personal property coverage depends on the specifics of your homeowner's insurance. Homeowner's policies also offer this coverage, and some extend the coverage to anywhere that belongings are located. Others limit the coverage to only when belongings are at the insured residence.

If your homeowner's insurance extends personal property coverage everywhere, you don't need to get this coverage through a yacht insurance policy. If your homeowners policy's coverage, doesn't provide protection outside of the residence, however, make sure you find yacht insurance that does come with personal property coverage.

However you get it, personal property coverage is especially important to have when on a yacht. Some parts of a yacht are difficult to secure against thieves, so you'll want insurance for any belongings kept in these areas. Yachts also can be targeted by thieves who assume there are high-value items onboard.

Marine Environmental Damage Coverage for Fines

If your yacht leaks fluids into the water, the oil, fuel, or other fluids could cause harm to the immediate surrounding marine environment. You might be held liable for such damages and fined.

Caribbean yacht insurance policies that have marine environmental damage coverage will help pay fines associated with fluid spills and leaks.