Regardless of whether you are a frequent sailor or your yacht goes out to see just once a year, yacht insurance is highly recommendable for any yacht owner. The correct insurance coverage can protect against the cost of any repairs, damages or injuries to passengers or third parties.
Yachts, due to their high speed and high cost, are vulnerable to many risks. Whilst at sea, they are at risk of accidents which could incur damage not only to your own yacht but to other vehicles and objects out at sea. When docked, yachts are attractive to thieves and susceptible to theft. By insuring your yacht, you can protect yourself against these risks.
Whilst yacht insurance is not necessarily legally required, it is highly advisable, especially if you lease or finance your yacht or if you rent a dock or boat slip.
At Taylor Watkins, our policies are designed to suit the needs of the sailing community, offering comprehensive and flexible cover for both local and offshore sailing.
Our yacht policies are created on a bespoke basis meaning that we can base the policy dependent on your needs.
Your yacht policy will be issued on an agreed value basis, so in the event of a total loss claim you will be paid out what you insured the vessel for.
At Taylor Watkins, we offer up to £5 million Third Party Liability cover, up to 25% No Claims Bonus (with some insurers offering the option to protect this) and the option of excess waiver cover on certain policies, meaning you will not pay an excess in the event of a claim.
The key difference between boats and yachts is their size. Typically, boats are smaller whereas yachts are larger at at least 33 feet (10m) minimum in length. In general, yacht coverage tends to be broader and more specialised as yachts usually travel further.
When seeking a yacht policy, there are a few recommended essentials. A yacht coverage policy will always involve an agreement between the insurer and the client about the total valuation of the vessel and the value that will be paid in the event of a total loss.
It is also worth thinking about potential losses and depreciation. Whilst wear and tear is not typically covered by insurance policies, you can protect against damages. These include underwater damages that may be incurred by the yacht whilst out in the water.
If you are storing your yacht in a boat slip or marina, you will also need to consider protection against loss and theft.
When taking out yacht insurance with Taylor Watkins, here are some of the standard coverages you can expect to see:
At Taylor Watkins we want to get you covered as quickly as possible. Apply online today or give us a call and we will get back to you as soon as possible with a quote, usually the same day. We can get you covered within a matter of days.
If cruising within the UK or Europe, you are likely to be offered an instant quote online which can be purchased immediately.
All quotes are no obligation, free to apply and tailored to your requirements.