Whether your clients are shopping for ski boats, sailing yachts, family cruisers or megayachts with worldwide navigational capabilities, a multitude of choices must be made when purchasing that dream boat. Obtaining the appropriate insurance coverage is a crucial step in the process—but it does not have to be difficult to ensure that this high-value asset is fully protected.

What to look for in an insurance carrier
Adequate yacht insurance will feature comprehensive coverage and broad capabilities. Here are a few things your clients should look for when evaluating insurance carriers:

• Flexibility, with the ability to choose from a range of deductible options and various levels of liability coverage
• Coverage that can be tailored to match one’s cruising itinerary
• Familiarity with risks associated with yachts in hurricane-prone areas, recommendations for safeguarding yachts from storms, and a detailed explanation of the requirements for storm preparedness
• A support staff of in-house yacht experts—including claims and underwriting professionals—who understand the complexities of yacht insurance and its unique liabilities and obligations
• Additional resources to assist in preventing a loss and protecting on-board contents (including fine art)

Expect more from the insurance agent
Navigating through the many insurance considerations can be overwhelming. Knowledgeable, independent insurance agents and brokers can help you and your clients understand the marketplace, educate you on coverage options and help tailor coverage to specific needs.

A reputable agent also can explain what to expect from the insurer in the event of a loss, so that your clients can make an informed decision and choose the best value for their insurance dollar.

Sean Blue is the Yacht Director for the Private Client Group division of Chartis. Based in New York, he manages the firm’s U.S. portfolio of yacht insurance. Prior to joining Private Client Group, Mr. Blue spent many years as a licensed agent specializing in yacht and the other personal insurance needs of high net worth individuals. He is a lifelong boater as well.

Theft, chase scenes…and insurance? Most of us think of insurance as a mundane necessity. For the Private Client Group division of Chartis, it is anything but. Click here for a recap of a recent yacht insurance claim fit for the movies.

Coverage provided by a member company of Chartis Inc. The descriptions contained herein are summaries only. Please see actual policy for full terms, conditions and exclusions. All submissions are subject to underwriting guidelines. Coverage may not be available in all jurisdictions.