What is yacht insurance
Yacht insurance offers protection and compensation against physical damage, theft and other inevitable risks that your yacht may face when navigating international waters. Yacht insurance is adopted by vessel owners as a form of risk management to minimize their liabilities against risks. It is recommended to enlist the services of professional consultancy firm in order to find the most appropriate yacht insurance policy to meet your needs.
DeltaQuest provides an array of solutions in regards to yacht insurance. For more information, please visit our Marine Insurance service page.
Yacht insurance explained
Due to the unpredictable environment that yachts are kept in, it is vital to obtain insurance to cover your vessel against any potential damage or risk.
Yacht insurance usually covers vessels which are a minimum of 27 feet long. Each yacht will require a specific yacht insurance policy according to their intended activity. There are two main forms of yacht insurance which are hull coverage, and protection and indemnity coverage (P&I). Hull coverage insures the yacht against damage over a broad spectrum including machinery, natural disaster (earthquake, volcanic eruption) and fire damage.
Protection and Indemnity insures the yacht against risks including collisions, wrecks and pollution damages. In order to obtain insurance which meet your yacht purposes, it is advised to seek a professional consultancy firm as they can assess your insurance needs and to recommend the most appropriate insurance policy for you.
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