With the weather warming up, you are bound to see more boats on the water, making spring a good time to review your Yacht Insurance policy for accuracy.
The following 4 items are things to look out for:
- Save Money: A common insurance mistake is paying too much for navigation coverage not needed. For instance, if you’re planning to stay local to the Florida east coast, there’s no reason to purchase a policy covering the entire east coat of the U.S.
- Be Prepared: Make sure your hurricane plan is up-to-date and accurate. Document as much information as possible.
- Mooring Location: Will your boat be afloat or hauled? Note where your boat will be docked in case of a storm, such as the name of the marina, or if you are hauling it and putting it in a cradle on land.
- Local Contact: If you live more than a few hour drive of your boat, it’s wise to have someone local who can secure the boat in your absence. This person’s contact information should be updated.
- Lines and Fenders: Describe the plan for securing your boat with lines. It’s a good idea to have extra storm lines for protection from wind and waves, as well as fenders to help prevent damage to the hull.
- Securing Possessions: Loose items on the deck, such as fishing equipment, can cause damage to your boat and be a threat to other boats. If you’re storing your boat at a marina, check if they require other boaters to secure their vessels.
- Cover Your Co-Captain: Will anyone else who is not listed on the policy be operating your vessel? Some policies are named “operator only,” and others are “permissive use” policies. Check the operator conditions on your policy to ensure your operators are covered properly.
- Protect Your Crew: Have you added any paid crew members? It’s imperative that you get extra coverage for paid crew members. According to the Jones Act, which is the maritime version of workers compensation, crew members who get injured as a result of negligence are provided coverage for damages caused by injury.
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Contact yacht insurance specialist, Brian Rasmussen, for more money-saving tips.
Brian Rasmussen: 954.414.9650 or Brian@DenisonYachtInsurance.com.
