Private Client
Yacht & Watercraft Insurance.
Hull, P&I, crew coverage, and worldwide cruising-area endorsements for sport boats and motor yachts.
How a yacht policy is structured
A yacht policy has two main coverage parts: hull (physical damage to the vessel) and protection & indemnity (third-party liability to passengers, crew, other vessels, and shore-side property). On larger yachts, crew coverage, charter exposure, pollution, and salvage are written as separate sections with their own limits.
Hull valuation — agreed value vs actual cash value
Agreed value pays the scheduled hull amount in the event of a total loss, with no depreciation argument. Actual cash value deducts depreciation and is the wrong answer for any vessel with collector value, recent refit, or custom build. We push for agreed-value hull on every quote.
Crew coverage and the Jones Act
Any vessel with paid crew triggers Jones Act exposure — the federal statute that gives crew members the right to sue the vessel owner for negligence, with no cap on damages. Crew coverage on a yacht policy responds to Jones Act and maintenance-and-cure obligations and needs limits sized to the actual crew complement and route profile.
Coordinating with the personal umbrella
Most personal umbrellas extend to watercraft only when an underlying yacht policy is in place and meeting minimum required limits. Underlying P&I requirements vary by umbrella carrier — typically $500k or $1M minimum on the yacht policy, scaling with vessel length. We confirm the underlying schedule on every renewal.
Frequently asked questions
How is the hull value determined?
On smaller production boats, market value (NADA / BUC) is the baseline. On larger custom or semi-custom yachts, current replacement cost or a recent survey value drives the agreed-value hull amount. We update hull value at survey and at major refits.
Does the yacht policy cover charter?
Pleasure-only forms specifically exclude commercial use. Vessels chartered out — even occasionally — need a charter endorsement or a separate commercial marine policy. Misclassifying use is one of the most common ways yacht claims get denied.
What about hurricane preparation and named-storm coverage?
Most policies include a named-storm deductible (often 2–5% of hull value) and require the owner to take reasonable preparation steps. Some carriers reimburse storm-haul costs as a separate sublimit — a valuable extension for South Florida-based vessels.
How do tenders and toys get covered?
Tenders, jet skis, paddleboards, and other water toys are typically scheduled under the same yacht policy or written under a watercraft endorsement. Coverage applies away from the mother vessel only when explicitly extended.