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Is There A Different Between Insuring A Boat And A Yacht?

Many residents of South Carolina own either a boat or a yacht. If you are one of these residents and are looking to get insurance for your vessel, you might be wondering whether there is a difference between insuring a boat or a yacht. Just based on appearance, yachts are vessels over 27 feet in length, while boats measure 26 feet or less in length.

Here are the differences between boat and yacht insurance that the insurance experts at South Carolina Federal Insurance Solutions want you to know. 

Boat And Yacht Insurance: What You Need To Know

Navigational limit

Boat and yacht insurance have varying navigational limits. Typically, yacht insurance offers a significantly larger navigational limit than boat insurance. 

Overland transportation

Boat insurance typically provides coverage for unlimited overland transportation. On the other hand, yacht insurance usually only allows for several hundred miles of overland transportation.

Deductibles

Yacht insurance allows for up to a 3% deductible for hull damage coverage, and the deductibles on windstorm loss, marine electronics loss, and total loss can vary depending on the policy. In contrast, boat insurance only offers fixed deductibles, usually $250, $500, and $1000. 

Liability coverage

The liability coverage for yacht insurance is significantly broader than what is available with boat insurance. Yacht insurance is designed to offer broader liability coverage to deal with the increased risk of having a larger vessel, a larger crew, and the effects of maritime law. If the captain or a crew member of a yacht is injured on the job, they can sue their employer/ yacht owner under federal law. 

Warranties

Traditionally, yacht policies have warranties like navigational limit territories, seaworthiness, and navigational lay-up limits. Boat policies don’t require warranties, although some insurers opt to include them.

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Are you looking for boat or yacht insurance? Call one of our experienced insurance advisors at (833) 359-0725.

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