Yacht Insurance – Cabin Cruiser Insurance

Cruisers & Large Power Boats

Our Yacht Insurance program policy is designed for your large cruiser and power boat type pleasure watercraft of lengths from 27’ to 50’ and under $350,000 in value.  Our traditional agency markets may not be a market for exceptionally large or valuable watercraft but we have underwriters willing to consider Yacht Insurance for cabin cruisers and large power boats in excess of $350,000 on an individual basis.

Yacht Insurance for cabin cruisers are typically powered by inboard/outboard stern drive power plants or inboard power and drive systems where only the propeller shaft is outside the hull.  Boats of this size are rarely equipped with external motors mounted on a transom.  When twin engines and drive systems have been installed we are able to insured both gasoline and diesel fuel systems installations.  Engine compartment venting and blowing systems are required.  Some yacht and cabin cruiser boats have been outfitted for fishing with down-rigger systems for fishing.  One of the key elements of a Yacht as opposed to other medium sized watercraft are the sleeping and cooking capabilities.  While sleeping and cooking facilities are compact the designers have attempted to provide these as comfortable facilities.  Smaller watercraft have areas that can be used for sleeping but rarely provide sufficient cooking accommodations.  Yacht Insurance on older watercraft and cabin cruisers usually requires a marine survey especially when the Yacht exceeds 10 years old and over $50,000 in value.

Yacht Insurance coverage is provided on competitive terms and at the lowest possible price from among several carriers. Yacht Insurance is for medium to larger sized watercraft that have a cabin and cooking areas as a general rule.   These are also watercraft that have extensive navigation equipment that may include radar, Loran, GPS, auto-navigation and piloting, FLIR, and ship to shore radio equipment.  Yacht Insurance coverage is not typically obtained inside of the abilities of the homeowner policy.

There are a number of coverage endorsements that can be provided to specifically tailor coverage to your Yacht Insurance requirements.  Yacht Insurance policies are unique from one carrier to another so it is not necessarily easy to compare one Yacht Insurance policy to the policy of another carrier.  Rates for Yacht Insurance are determined based upon the location the watercraft is moored and the waters that are navigated but owners should exercise caution when operating their watercraft outside of USA territorial limits unless the policy has been properly endorsed.  There are many common features and endorsements and these are some of them:

Yacht Insurance – Policy Features

• Agreed Value Loss Settlement (Most Carriers when endorsed)
  • Actual Cash Value is the standard coverage
• Vanishing Deductible
• Waiver of Depreciation
• Hurricane Emergency Haul Out Expense
• Replacement Cost for Total Loss
• Wreckage Removal
• Fuel Spill Liability
• Small Boat Insurance Underwriting Considerations

Yacht Insurance – Available Discounts

• Multi-Unit (More than one boat insured)
• Multi-Policy (Certain Carriers)
• Lay-up period (when boat is stored)
• Advance Quote Discount
• Boater Association Discount
• Original Owner Discount (Some Companies)
• Paid in Full Discount
• Prior Insurance/Transfer Insurance Discount
• Protective Device Discount (Some equipment required
• Boating Safety Course
• Claims and Violation Free Discount
• Transfer Discounts
• Accident Forgiveness – Small Claim Forgiveness (Some Companies)
• Credit Based Discounts using Credit Score
• EFT Payment Method Discount
• Age of Insured Discount
• Affinity and Alliance Discount

Yacht Insurance Coverage Endorsements

• Water Sports or Skier endorsement (not common)
• Pet Injury Coverage (Some Carriers)
• Fishing Equipment Coverage
• Depreciation Deferral (When Option Chosen)
• Boater’s Personal Liability Insurance
• Uninsured Boaters Coverage
• Personal Effects Replacement Cost
• Boater Towing & Assistance
• Trailer Trip Interruption Coverage
• Coverage for Trailers
• Propulsion Breakdown Coverage (Some Companies)
• Extended Coastal Navigation up to 125 miles
• Mexico Physical Damage Coverage
• Bahamas Waters Coverage (22 deg 50′ North latitude)
• Boat Lift/Cradle/Hoist up to $2,000
• Trip Interruption
• Tournament Fee Reimbursement
• Uninsured – Underinsured Boater Liability

Agent Information for Yacht Insurance

Insurance Associates Agency Inc. is licensed in Ohio and Michigan for multiple lines of insurance.  The principle agent is Terry McCarthy.  Terry has spent much of his life within an hour or two of the Great Lakes in Michigan and Ohio.  Having been around boats all his life he is uniquely qualified to assist you in finding Yacht Insurance for your present or soon-to-be-acquired new watercraft.  Whether you find the allure of a peaceful weekend or early morning fishing on your small boat, time on a boat is a reward for working hard every day.  In the Midwest we are blessed with great natural resources for boating and recreation and Terry stands ready to assist you in you in finding Yacht Insurance and is able to answer your questions and insurance needs.  You can reach Terry Monday through Friday, from 9-5 most days for your questions by calling (513) 779-7920.  Other hours are available by appointment, and of course, Terry is available 24 hours a day for emergencies.  The office address is 8114 Paul Manors Dr., West Chester, OH  45069.  Toll free:  (800)823-9643.