If you are lucky enough to own a yacht, you will want to make sure that your investment is covered by an all risk yacht insurance policy. Some of these yachts today are bigger than residential homes. Most Insurance Companies do offer comprehensive coverage on a all risk yacht policy. Here are a few of them.
- A total loss of the yacht – stolen, extensive damage, fire.
- The hull and machinery – includes all electrical and fuel lines, the motor, inside furnishing.
- Personal & Third Party Liability, Medical Payments. – The coverage would pay for injuries to others on the boat and/or any injuries to others due to your negligence operating your yacht.
- There is liability coverage for a third party in case of their injuries or property damage to their boat. **** Always take the highest liability you can. Any type fixture or an anything that is actually attached to the yacht. This would be all lighting fixtures, beds, fridge, stove or microwaves and television.
- Personal Effects – including clothing, water boards, water skis, tubes, scuba diving and other water equipment. Additional Coverage beside what is included in a yacht policy may be available at an additional cost. You may be able to increase the limits if needed.
The Insurer who provides the coverage for these yachts, may require an out of water survey if the vessel is more than 7 years old. The age of the driver and their experience operating a similar vessel, will affect the Insurance rate. If you stand in the middle of your house and look around, there are yachts larger than your house. Can you imagine driving something so large. That is where boating schools and courses are highly recommended. There may be discounts available for completing and passing a boat course.
There are various boat schools that offer one on one training and others in a group setting. Similar to an airline course, you would have classroom training and 800 hours actually driving the boat on the water. The amount of hours varies however, if it is a 262ft boat, you can understand there may be more requirements.
The banks both local and international, have taken notice of the increase in the popularity of boating. They are now setting up financing similar to financing a car. Boating has become a social niche. There are boating clubhouses which include sailing, fishing, scuba diving and all the leisure you can handle. It is almost a little community at the marinas. You could live on some of these boats.
Insurers also are aware of the popularity of boating and have set up their claims department accordingly. Client files are accessible by all claims personnel to assist you in an emergency situation. There are claims adjusters all over the area ready to help you in case of an emergency.
For anyone looking for a job, it might be worth looking into one of the yacht courses. There are plenty of them that are held during the year. If the trend continues, they will be looking for more people to hire for maintenance on the yachts, at the marina, or think about looking into employment on the yachts themselves.
To have your yacht insurance tailor made, whether you charter your yacht or even live on your boat, whether you own a dhow or are looking to cover a speedboat, let your personal shopper find the right pleasure craft insurance for you. Visit the yacht section on insurancemarket.ae now!