Yacht owners in Pinellas County will find that purchasing boat/watercraft insurance for a yacht doesn’t provide the level of protection that a yacht insurance policy offers. Having the right coverage can spell the difference between compensation after an unfortunate incident and the loss of tens or even hundreds of thousands of dollars.
Boat Insurance and Yacht Insurance: Exploring the Similarities and the Differences
Boat/watercraft insurance and yacht insurance offer the same basic types of coverage. Both provide liability, physical damage, and theft/vandalism coverage. Both allow for add-ons or policy riders, including personal property coverage, on-water towing, and uninsured/underinsured boater coverage (in case you get into an accident with an uninsured or underinsured boater) .
However, yacht insurance offers higher levels of coverage for personal property. For this reason, it’s more expensive than boat/eatercraft insurance. Personal property coverage is especially important if you store valuable personal possessions on your yacht. What’s more, yacht insurance covers complex situations involving accidents or mishaps that occur outside the United States.
However, bear in mind that yacht insurance doesn’t cover employees who work full or part time on your yacht. You’ll need to purchase yacht crew insurance in addition to your yacht insurance policy, although your insurer may be able to bundle these two policies to lower your premiums.
Call Percheron Insurance Group for More Information
Percheron Insurance Group is a family-owned insurance agency that offers multiple commercial and personal insurance policies to Pinellas County residents from all walks of life. Call us if you’re looking for a boat/watercraft or yacht insurance policy, and we’ll help you review your options and find coverage that meets your needs.
