Top 10 questions to ask your boat or yacht insurance provider

Before you sign with a boat or yacht insurance provider, make sure you ask them the following 10 questions:

1. How much coverage is there for the guests on my boat?

The coverage provided by different boat insurance and yacht policies will differ in terms of your passengers. Some policies differentiate between passengers and crew. Choose a boat or yacht policy that covers all the people aboard your vessel. Read more now on yacht sales mallorca

2. What equipment is covered under my boat or yacht insurance policy and how much?

It is important to know what items and equipment are covered under your insurance policy. You can save money if your boat is a simple dinghy or protect the value of your yacht.

3. Does your policy cover “new for older”?

Your insurance provider may pay for the full value of your damaged yacht/boat equipment, while others will only pay for the depreciated or second-hand value.

4. Does your policy for yacht or boat insurance have a limit on the amount of damage that can be done?

Be sure to check the policy of any boat or yacht insurer before you sign on. Other insurance companies set a limit on the cost of damages to your boat or yacht. You will be responsible for any damages that exceed the limit set by the yacht or boat insurance provider.

5. What damages are covered by insurance?

Check the policy carefully to see if your trailer or other means of transport is covered under the policy. Also, check if the policy covers damages from natural disasters such as hurricanes, tropical storms and tsunamis.

6. Does the provider of boat or yacht insurance have enough flexibility to create a policy that is “custom-made”?

Prepare your own insurance package and check which yacht or boat insurer can accommodate your requirements. Check out the yacht or boat insurance providers that can meet your needs and prepare your own package.

7. Are you covered if a catastrophe occurs while your boat/yacht is docked or anchored?

Some boat and yacht insurers include coverage for damages that occur while the boat/yacht has not been sailing in their policies. The location of the insurer will determine the extent of this coverage. This type of coverage is also limited by some boat and yacht insurers.

8. Your boat or yacht insurance policy offers legal protection.

Choose an insurance plan that provides comprehensive legal protection. You can claim compensation if you are involved in a boat accident or collision.

9. Do you have third-party insurance?

Third-party liability coverage means that the boat or yacht insurer will pay for any damage your boat/yacht causes to other watercraft. This coverage is offered by most insurance companies.

10. How much coverage do you get when sailing in foreign countries

There are different sailing laws in each country. Before you embark on a cruise in a foreign country, be sure to check the coverage provided by your boat or yacht insurance.



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