When considering boat/watercraft insurance in Spokane, WA, new owners often wonder whether their vessel qualifies as a yacht. Several factors determine whether your watercraft is classified as a yacht. Western Insurance Associates can steer you toward the right policy.
When Does a Watercraft Become a Yacht?
The first factor is length. Carriers classify boats as yachts when they reach 26 to 37 feet long. Another factor is valuation. The threshold is approximately $300,000 to $500,000. Insuring your vessel becomes more complicated if it is classified as a yacht, as standard boat policies no longer apply.
Yacht insurance is highly specialized and designed to handle the complexities, maritime laws, and geographic risks of larger watercraft. The underwriting process for yacht insurance is more formal. Typically, a specialty carrier will require a formal marine survey by a qualified professional to determine the vessel’s seaworthiness. You will also need to provide a captain’s resume, detailing your maritime experience, licenses, and the size of vessels you have previously operated.
Components of a Dedicated Yacht Policy
To insure your yacht properly, you’ll need a policy from a specialized carrier. These policies can become quite intricate. However, here are some of the most common provisions:
- Usually written as an "agreed upon" value, determining the vessel’s value upfront in case of a total loss
- Navigational warranties that outline exactly where you will be able to sail your yacht
- Maritime law coverage that protects anyone you hire for work on your vessel
- Fuel spill and environmental protection
- Haul-out protection that pays the cost of moving your boat out of the water before an impending storm
Western Insurance Associates will help you design an appropriate boat/watercraft insurance policy. Our agents will work closely with you through our Spokane, WA, office to adequately protect vessels of any size.
