Yacht insurance isn’t something to overlook. When buying or operating a yacht, it is sometimes essential for owners to have the right type of financial protections in place to minimize risks. However, each policy is very different. It is not possible to buy a basic type of boat insurance and assume it is good enough. You need to learn what it covers and what it does not cover. There are several key things to keep in mind here. One area that is often overlooked is marine environment damage coverage.
Marine environment damage insurance coverage can be very important for yacht owners who are often operating in areas where there is a significant risk of doing damage to the local environment. This type of coverage can help you in situations where your operation of a boat in these waters leads to damage to the underwater or other marine environment. This could be from the operation of the boat itself, from divers or from spills that occur. It does not protect against negligent behavior, such as purposefully or recklessly damaging the environment.
However, most marine environmental damage plans can offer a sizable amount of coverage that can help to cover the losses you sustain. This may include fines or penalties charged to you. Yacht insurance that offers this type of coverage often has limitations and coverage exclusions. These are listed on the policy itself.
In addition to this type of boat insurance, you may also wish to provide protection for other high risks. This includes Oil Pollution Act of 10 Coverage (called OPA). It may include search and rescue. Talk to your insurance provider to determine what your yacht insurance plan may protect you against. Consider adding policies for liability coverage, medical payments, longshore and harbor workers comp if you employ people on your boat, as well as towing and assistance coverage. A comprehensive policy like this can give you confidence every time you launch your boat into the water for the season. Do not assume your boat insurance offers this, though. Verify it and any specific exclusions. You may find this to be a very valuable tool should an accident occur and significant damage results.
Stay safe on the water. Call Voyager Insurance Services at (800) 342-4444 for more information on Dallas yacht insurance.