Our yacht insurance in California typically covers you, your yacht, and your passengers, depending on the selected policy and coverage.
Hull Coverage
This primary component of yacht insurance protects the owner from losses due to damage to the yacht.
Boating Equipment
Policies differ in how they classify equipment used for yacht operations. This equipment might be included in the hull limit or as a percentage of the hull value, varying by insurer.
Watercraft Liability
Also known as Protection & Indemnity, this coverage includes third-party bodily injury (BI) and property damage (PD) liability when an insured operator is at fault in an accident.
Bodily Injury (BI) Coverage: Pays for medical costs, lost wages, sickness, or death related to an accident, along with legal fees and compensation for pain and suffering. It also covers negligence-related injuries.
Property Damage (PD) Coverage: Covers damage to other boats, properties, and structures due to your negligence.
Crew Coverage
The Jones Act allows crew members injured due to negligence to seek damages. This essential coverage, typically an endorsement to your yacht policy, protects you as the vessel owner if a crew member files a claim.
Towing and Labor
The policy limit is crucial here. Some policies have occurrence limits subject to an annual aggregate limit. It's important to know if there's a maximum limit for offshore towing and whether claims are reimbursed or billed directly by the insurance company.
Uninsured Boaters
This coverage provides bodily injury protection for a covered person if an uninsured boater strikes your vessel.
Yacht insurance costs vary based on multiple factors, including:
