Insurance for yachts
Yacht insurance in Ontario is like boat insurance – but with yachts being bigger and often more expensive, it becomes even more important to insure yourself. Boat and yacht insurance isn’t mandatory in Ontario, so you can go out on the water without it. But, this has dangerous and potentially expensive implications for you and others if there should be an accident, theft, vandalism, and more. At the very least, you should be getting liability coverage to protect you legally, but there are many other types of yacht coverage and extras you can get for your personal watercraft.
What is Yacht Insurance?
If you’re looking into yacht insurance policies, then it’s good to keep in mind that they’re very similar to a regular boat insurance policy. Yacht insurance isn’t mandatory, but there are many different things you can add to a yacht insurance policy if you do decide to get one.
Below are some of the common claims made with yacht insurance to help you decide what additional coverage you might want to add to your yacht insurance policy:
Collision
When out on any personal watercraft, collision is always a possibility. There are two types of collisions – with another boat or with an underwater object such as rocks or debris. With a collision underwater, at least you only have your own yacht to worry about. If you collide with another boat, there are other people and vessels to consider. This is where having liability insurance as well is very important.
Sinking
Sinking is an unfortunate possibility for any boat owner. This can be caused by collisions, storms, or many other things. While many yachts are equipped with state-of-the-art safety features, anything is possible. If your boat sinks it’s often a total loss situation for both the vessel and the personal effects on board. A good yacht insurance policy will have you fully covered in this unfortunate situation.
Vandalism
Vandalism can be anything from marking your vessel with unwanted substances or causing physical damage. Either way, it can be costly and devastating. With the right insurance coverage, though, you’ll be covered should it happen.
Storm Damage
While it’s always best not to be out during a storm, sometimes it’s unavoidable. Weather isn’t always predictable and it may happen unexpectedly. The best thing to do is try to dock as quickly and safely as possible, but storm damage may still occur.
Storm damage is among the most common yacht insurance claims, showing you just how important a good insurance policy is. An insured yacht will always recover better from storm damage because you don’t have to worry about high out-of-pocket costs.
Injury
Just like anywhere else, injury is always possible on board a yacht or other personal watercraft. It becomes a liability issue if anyone other than yourself becomes injured. Whether it’s directly your fault or not, they may choose to pursue legal action. Whether it’s medical costs or legal fees, this is where only good liability coverage can truly help you.
Hit The Water With no Worries
If you’re ready to get the best yacht insurance for your boat, reach out today and let us get you a yacht insurance quote. We’ll connect you with the best policies that offer only the best and most comprehensive protection. With good yacht insurance, you’ll never worry about a thing again!
