Owning and operating a business that centers around luxury vessels like yachts can come with some very specific insurance demands. Every category of vessel that operates on open water faces unique risks. In order for you to take out a plan that makes sense for your industry, it is important to consider the specifics of your yacht. For example, the specific size and age of the boat are factors that will influence your insurance and costs.
Specifics of the Coverage
Determining what type of commercial yacht insurance to select is tricky. Often, seeing the best results from your efforts comes down to working with a broker or agency that can provide insight on some of the more difficult decisions facing you. A standard plan should contain traditional policy points like navigation limits, hull protection, equipment protection, and more. If boats are rented by your business, you also want to take out rental reimbursement coverage. Policy options to focus on include:
- Coverage for personal effects and luxury items
- Expenses for windstorms and other weather issues
- Protection in the event of uninsured boat operator
Evaluate Your Risks
Though there are a number of specifics to focus on when it comes to selecting insurance for your business, the experience can be made a lot easier with research. Review your risks and determine what you need from your policy to find the most appropriate fit.