Thursday, February 2, 2012

Yacht Insurance - Explaining Your Choices When It Comes To Yacht Insurance

When you are considering yacht insurance the first thing that you have to consider is whether you want a plan that covers a single voyage, or a plan that is based on a particular period of time.

The difference between the two is as follows:

Single Voyage Yacht Insurance - This covers your yacht when you are undertaking a specific voyage that you have agreed previously with the insurance company. This can be a good plan to go for if you don't use your yacht very often, and most of the time it is in mooring. You should however remember that this is NOT a comprehensive policy, and that if your yacht suffers damage in dock (perhaps because it got hit by another boat, or some weather event like a hurricane hit it), then you would NOT be covered.

Time Based Yacht Insurance - This is preferable if you take a large number of trips with your yacht, and hence don't want to have to re-negotiate your boat insurance every time. This also has the advantage that whether your boat is in dock, or at sea you are still going to be covered, and hence it is not as worrying. The downside of this is that you are paying for the privilege.

With either of these two policy types it remains the case that your yacht insurance company will assess any damage based on whether the loss at hand is total or partial. In other words, whether or not it is possible for the yacht to be repaired, or whether it is a total write off.

In each case you should make sure that you get adequate cover for any losses you might suffer.

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