Yachts are extremely expensive purchases so owning one of these luxurious vessels come with some obvious risks, but it is absolutely essential that every yacht owner obtains a yacht insurance policy. Considering how much money a yacht could set you back to start with, you want to ensure that you are financially protected in the event of anything unexpected occurring. It is always advised that you speak to specialist marine insurance provider when considering taking out a policy as you will need a policy specifically tailored to you and your yacht.

Just like other forms of marine and boat insurance, third party liability usually comes as standard on every insurance policy, but it is essential that your provider confirms this. Third party insurance is designed to protect you financially in the event that your vessel causes damage to someone elses property or injury to another person, whether it is one of your passengers or a fellow sailor. This is the most important part of your insurance as the cost of compensation for injury, or the cost of repair and replacement of a yacht could be tens of thousands of pounds.

As your yacht is such a major purchase, third party cover is obviously important but it is incredibly important that you also cover your vessel against any other risks. To provide you with complete peace of mind, every yacht owner should ensure that they obtain a full comprehensive yacht insurance policy. This will ensure that you are covered in the event of accidental damage, on the water or in transit, fire, and theft. Although your comprehensive insurance will cover the majority of eventualities, you should consider hull and personal accident cover too. As you should always obtain a specialist policy from an experienced provider, you should be able to tailor your yacht insurance to include racing, extended cruising and international cover. It is worth noting that it can be very difficult to find a provider who will provide yacht insurance cover for any vessel over 20 years old.