Yacht Insurance
Masterpiece® Yacht Policy Highlights
Agreed Value Coverage
We pay the entire agreed amount, with no deductible, for a total loss. With our Masterpiece Yacht Select policy, eligible vessels can receive Replacement Cost coverage up to 120%.
Replacement Cost Loss Settlement
Repair or replacement of covered property is paid for without deduction for depreciation for most partial losses.
Medical Payments
Reasonable medical and related expenses are included for all those onboard, boarding or leaving the covered vessel. These benefits are provided on a per person basis, rather than per occurrence. Optional and customized limits are available.
Longshore and Harbor Workers’ Compensation Act (LHWCA)
When Liability coverage is purchased, coverage is automatically provided for those employed aboard the vessel who are within the jurisdiction of the LHWCA.
Coverage for Marinas as Additional Insured
Marinas, yacht clubs and similar facilities where clients keep their vessels are included as Additional Insureds.
Emergency Towing & Assistance
Our policy includes this coverage with optional higher limits available.
Precautionary Measures
We will pay up to the policy limit the reasonable costs incurred to haul, fuel or dock the insured watercraft endangered by a covered peril.
Oil Pollution Act of 1990 (OPA) Coverage
If Liability coverage is purchased, our policy provides coverage in addition to the Liability limit, up to the required OPA statutory limits, regardless of the Liability limit chosen. Additionally, if the OPA statutory limit is increased in the future, our policy will automatically increase the applicable OPA limit to match the new higher statutory limits.
Marine Environmental Damage Coverage
This feature provides protection up to $10,000 for fines and penalties as a result of marine environmental damage, as defined by the policy terms. Coverage is provided in addition to the insured's applicable Liability and OPA limits. With our Masterpiece Yacht Select policy offering, the limit of Marine Environmental Damage Coverage is increased to $25,000.
Liability Protection
Limits of coverage to suit your personal needs, including: legal defense costs, liability as required by the Oil Pollution Act of 1990, wreck removal, and Jones Act coverage for paid crew.
Uninsured/Underinsured Boater Coverage
Pays for bodily injury to persons aboard the insured watercraft who are injured by an uninsured owner or operator of another vessel.
Search & Rescue
Up to $10,000 for the expenses incurred by an insured in relation to a governmental unit such as the United States Coast Guard (USCG) who provide emergency aid and assistance are included for no additional charge. With our Masterpiece Yacht Select option, coverage is available up to $25,000.
Personal Property & Fishing Equipment Coverage
Protection is automatically included for the clothing, personal effects and fishing gear of the boat owner and their guests. Optional higher limits are available.
Trailer Coverage
We automatically include coverage up to $5,000 for your trailer used with your insured vessel. Higher limits are available.
Boat Show & Demonstration Coverage
We automatically provide this coverage, at no additional charge.
Bottom Inspection
We will cover the reasonable costs to inspect the bottom of an insured vessel after grounding, stranding, or striking a submerged object. There is no deductible for this coverage.
Temporary Substitute Watercraft
Up to $5,000 to charter a temporary substitute watercraft if the insured vessel is out of commission due to a covered loss and cannot be repaired within 72 hours. With our Masterpiece Yacht Select policy offering, the limit of Temporary Substitute Watercraft is increased to $10,000.
Masterpiece Yacht Preference
No depreciation applies on the following items
Machinery inside the hull, Personal Property, dingy/tender, and Personal Watercraft.
Medical Payments
The medical payments limit offered is on a per occurrence basis, and we will pay costs incurred up to three years from the date of occurrence.
Captain and Crew Coverage
Liability coverage is extended to the captain and crew members serving aboard the insured yacht.
Emergency Towing Service
We include coverage up to the amount of Property Damage with no deductible.
Marina as Additional Insured
The marina, yacht club, or similar facility where the insured yacht is docked, moored, or stored is included as an Additional Insured.
Mooring or Slip Rental Agreement Waiver
When waiver of subrogation is required through a written contract by a yacht club, marina, or similar facility used for the purpose of storage or slip rental, our Masterpiece Yacht Preference policy will permit an insured to waive their rights of subrogation.
Defense Costs
Defense costs are included in addition to the limit of liability and includes up to $50,000 loss of earnings.
Related Coverage
Insights and expertise
This information is descriptive only. All products may not be available in all jurisdictions. Coverage is subject to the language of the policies as issued.