Your yacht is a dream you work hard for — and that’s worth protecting. That’s why American Family Insurance wants to ensure you have the right coverage to protect your yacht from the unexpected. Take a look at our coverages and see how you can stay savvy about safeguarding your adventures on the water.
Yacht Insurance Coverages
Apart from your standard coverage options you can choose from, like physical damage, bodily injury and property damage (liability), and medical expense coverage, we’ve highlighted some coverages you’ll want to consider to protect your boat and everything on it:
Personal effects coverage: When you head out on the water, you’re probably bringing some important accessories with you. We offer coverage up to $100,000 for your personal effects if they’re stolen, damaged or fall into the water.
Towing and recovery: If you’re stranded on the water you might need a tow to get back to shore. This Emergency Roadside and on-water service is included with the physical damage portion of your policy. It includes:
- Costs to change or repair a flat or damaged tire on the trailer.
- Mechanical labor or other service up to one hour at the place of the breakdown.
- Towing by an authorized business to the nearest garage, marina, service station, or other service point where necessary repairs can be made.
- Delivery of gas, oil or loaned battery (we do not pay for the cost of parts or materials, including gas and oil).
Repair cost: This coverage will help ensure your yacht will be repaired without depreciation. So, we’ll pay what it costs to return your boat to its pre-accident condition or better.
Agreed value: You’ll need to have this coverage if you want to know exactly what you’ll be paid in the event of a total loss. You’ll send proof of the current market value of your boat and if you face a total loss, we’ll pay that amount.
Uninsured or underinsured watercraft coverage: This coverage helps protect you and persons using your watercraft from costs due to bodily injury caused by a watercraft whose owner or operator is either uninsured or has insufficient bodily injury limits to cover the portion for which the owner or operator is liable.
Yacht Insurance Limitations
Though we offer coverage for all kinds of yachts, there are some limitations.
- 54’ length maximum
- MSRP must be less than $250K
- Yacht cannot be used as a primary residence
- Max horsepower is 500 for one engine and 1,000 for dual engine
Connect with your American Family Insurance agent and they’ll help you start building the best policy for your water adventures.