A yacht is defined by the National Boat Owner’s Association as a vessel that is over 27 feet long. Anything below that length is considered a pleasure boat. Yachts by nature have more involvement when it comes to their insurance, as they tend to travel farther and are exposed to more risks than a pleasure boat.
At The Slocum Agency Inc., we want Warwick, RI to have everything they need when it comes to yacht insurance. Here is a starting point when you are looking for yacht insurance.
Yacht Insurance Values
When you get yacht insurance, you will choose between a policy that offers actual cash value in claims, or agreed values. An actual cash policy will be less expensive, and for a claim, you would get the depreciated value of your yacht.
Some discounts may be available that will lower your policy premiums if you want a policy with an agreed value. If you have education in boating, install or purchase security and safety measures, or have a hybrid boat, you may see a reduced premium. Having a deductible on your policy may also help reduce premiums, and that is usually 1 percent of the total value of your boat.
Yacht Insurance Coverages
There are two elements of our yacht insurance policy. They are hull insurance and protection and indemnity. Hull insurance covers damage that is direct to the hull of the vessel. This also provides a replacement cost on some losses or damages to some parts of the boat, such as sails, outboards, and batteries.
Protection and indemnity coverage often called P & I is broad liability coverage. Workers are also often covered under this. This coverage will protect you against financial losses in the event of a lawsuit in admiralty or maritime court.
Get a Quote for Yacht Insurance
Yacht insurance can be confusing because of the different kinds of liabilities involved. When you are purchasing yacht insurance, contact The Slocum Agency for a quote for your policy. We know what the residents of Warwick, RI need when it comes to maritime protection.