Give your Yacht Insurance a Winter Checkup

December 04, 2018


The off-season is the perfect time to review your boat/yacht insurance policy and make sure you have the coverage and navigational limits you require to protect your investment. Before contacting us to make any policy changes, be prepared to answer the following questions:  

Has your vessel had a change of ownership or purpose?
Is the insured’s name still the same? Also, will your vessel continue to be used in the same manner, for example but not limited to, for pleasure use only or for charter?

How and where will you be securing your boat/yacht?
If you’re changing your mooring location during the off-season, we may require the full physical address of your new marina/berth. What measures will you be taking to winterize your boat/yacht?

Is your emergency contact information remaining the same?
If your boat/yacht is moored in an area that could be affected by inclement weather, can we reach you quickly to confirm the location and condition of your boat/yacht? Have you also provided contact information for a backup person in case you can’t be reached in the event of an emergency?

What are your travel plans? Any changes to the insured property, etc.?
Discuss your upcoming cruising itinerary with us for navigational ranges you’ll need, as well any changes, such as to tenders and outboards, mooring and/or marina locations.

Will you require broader navigational limits?
It’s imperative to review the Cruising Area stated on the declaration pages of your policy. Be sure to check that the navigational limits stated on your policy are what you will require to fulfill your cruising needs for the policy term. Don’t assume that if your cruising plans change, that you are still within your scope of cover or that the Cruising Area changes with you automatically. It is essential to note that if you cruise outside of the Cruising Area stated on the declaration pages of your policy, you may find yourself in breach of your contract, which could cause the denial of a claim, or worse, void coverage of your policy.

Are you planning to race or participate in any regattas, rendezvous, etc.?
Again, review the Cruising Area stated on the declaration pages of your insurance policy, even confirm us to be certain that your policy covers the navigational limits for the event(s). For example, but not limited to, if you’re planning to participate in the 2019 Transatlantic Race that begins in Newport, RI and ends in Cowes, United Kingdom, your coverage will need to include the navigational limits from the start and finish of the race, etc.

Ask About Ways to Save on Your Boat/Yacht Insurance Policy

When your policy is up for renewal, it’s possible to negotiate for better terms by:

• Discussing any improvements you’ve made to your boat/yacht that could impact its insured value. Consider the current Fair Market Value of your boat and insure within that range. This way you do not underinsure or over-insure your boat/yacht, which could cost you money.

• Avoiding catastrophic areas during the hurricane season.

• Asking if we offer discounted rates if you are a member of an organization or club, or for further training and education, etc.