Getting Coverage for Your Floating Home |
Getting Coverage for Your Floating Home
In terms of how a yacht becomes an important part of your lifestyle and the cost of a yacht both in terms of purchase and maintenance, in many ways your yacht almost becomes like a floating home. Unlike a fishing boat or a boat used for commercial purposes, most of us buy a yacht to spend some significant time on and we equip that boat so it can be a home away from home for however long you habitat on that vessel.
When you look around your yacht, it's really an amazing design feat. It is at the same time a boat with all the pleasantries that make living there a joy and the resources to host guests and even hold parties. So while you certainly can afford both the purchase and maintenance of a yacht, getting insurance to make sure any damage can be covered is smart.
Unlike a home, a yacht is by nature in a more hazardous environment. Because your yacht is also a vehicle and it spends most of its time on the water, there are things that can happen to it that must be considered in your insurance policy. So make sure your policy covers every possible form of loss so you can get your yacht repaired or replaced if need be and to cover any harm that might be caused by an accident.
Obviously, you are going to include in the base policy the cost of the yacht and the basic equipment that came with it including the engine and other equipment necessary to operate the yacht as a sea going vessel. Your basic insurance policy is going to cover damage to the vehicle from weather or from on board accidents. But it should also be worded to cover the other ways that a yacht could be damaged or destroyed.
Explosions are a very real danger in the operation of a yacht. Unlike your home, that vehicle is always carrying a large quantity of explosive fuels just under the feet of you and your guests. If the yacht hits another vehicle or is hit by one or through equipment malfunction, that yacht can explode which can destroy that luxurious boat. So make sure your policy has coverage for this kind of loss and that there are no exclusions because of the cause of the explosion as that may not always be possible to know.
Next take into account any expensive items that may be on the yacht that are not part of the yacht itself. You may have any number of lifestyle amenities that would be expensive to replace such as the sound system, television or video equipment, furniture and supplies such as a fully stocked wet bar. While these items are not difficult to replace, they do represent a cost that should be covered by yacht insurance.
Weather related damage should be represented in the yacht insurance if you use the vehicle on a body of water that can bring a catastrophic storm such as a hurricane or even tornados. Now you might want to have your insurance agent help you calculate the statistical likelihood you would need such insurance. But you sure will be glad you had it in the event that a destructive force of nature took a toll on this investment you have made in your yacht.
Think through any situation that might result in damage or destruction to your yacht or that could result in financial loss. An accident with another boat could cause significant damage to the other vessel. If it turns out the accident was the result of an error on the part of your pilot, you could face a large financial liability. Similarly, if your yacht had a fire in dock or an explosion that caused damage to the dock or to other boats, you will be held responsible for that damage. So just as you are covering the damage to your yacht, make sure monies are in the insurance policy to cover collateral damage as well.
You are not inexperienced in knowing the costs of owning a fine luxury such as a yacht. You no doubt already have gotten insurance to cover theft and the basic threats to that vehicle. But it's worth your while to go back and review that policy to make sure that it is comprehensive in nature. You will be glad you did.
Word Count 742
|
A Holiday on the 7 Seas The problem with a lot of holiday trips is that resorts or theme parks ... read more
A Society of Yacht Lovers If you either have or find yourself developing a genuine fascination and love of not ... read more
A Wonderful Greek Yachting Vacation Yachting in Greece is as much the best of an exotic and luxurious vacation as ... read more
A Yacht Club That is Right for You While there is no law that says you have to join a ... read more
Chasing the Good Life Instead of Pirates A little piece of trivia about yachting that is fun to bring out ... read more
Getting Coverage for Your Floating Home In terms of how a yacht becomes an important part of your lifestyle and ... read more
Girls on a Yacht For some reason when we think of luxury yachting, the image of Mr. and Mrs. Howell ... read more
Give Yourself the World for Vacation The great thing about using the services of charter yacht companies to plan your ... read more
High Adventure on Your Yacht It is not uncommon for a yacht trip to be exciting. To take a cruise ... read more
Landing a Big Deal on a Yacht We normally think of a yacht as a personal extravagance. It is something ... read more
Laying the Plans for a Yachting Adventure You didn't get to the level of success you have without being able ... read more
Life at Sea Taking a yachting vacation means living on a seafaring boat for days or weeks. But because yachting ... read more
Making the Leap into Yachting For many people, if you truly love the ocean and can't get enough of it ... read more
Navigating the Marketplace for Yachts Anytime you make a major purchase, there is a process to go through to make ... read more
Romance on the High Seas In the movies and even in theater, one of the most exotic and romantic settings ... read more
Taking a Yacht on the Mediterranean One of the great joys of including yachting in your plans for holiday each ... read more
The Definition of a Yacht There may have been a time when you did not know what the term "yachting" ... read more
The Economy of Yachting Yachting is usually associated with wealth and luxury and with good reason. If you have a ... read more
The Ultimate in Enjoyment There are unique things about taking a motor yacht charter that is totally devoted to luxury ... read more
The Yacht and the Super Yacht In any area of life but particularly in something relating to entertainment and getting ... read more
Why Own When You Can Charter a Yacht? The time may be coming soon when you will want to take ... read more
Why Yachting is Better than Disneyland When the time comes around for a family vacation, there can be some argument ... read more
Yacht for Sale Selling your yacht is the kind of activity that falls somewhere between selling your home and selling ... read more
Yacht the Noun and the Verb A yacht is a thing right? If you put the question to the man ... read more
Yachting for Speed Yachting traditionally is thought of in terms of the fun that can be had on a luxury ... read more
|
|
|
Disclaimer:
The Publisher has strived to be as accurate and complete as possible in
the creation of this website, notwithstanding the fact that he does not
warrant or represent at any time that the contents within are accurate
due to the rapidly changing nature of the Internet.
This site
is a common sense guide to Getting Coverage for Your Floating Home. In practical advice websites,
like anything else in life, there are no guarantees of income made.
Readers are cautioned to reply on their own judgment about their
individual circumstances to act accordingly.
This site
is not intended for use as a source of legal, business, accounting or
financial advice. All readers are advised to seek services of competent
professionals in legal, business, accounting, and finance field.
Any
perceived slights of specific people or organizations are unintentional.
|