Protection for your floating oasis.
Insurance for Yacht Owners in Southeastern PA and New Jersey.
Get the most out of your time on the water by spending it in style. Your yacht makes a personal statement about your commitment to quality and investing in the finer things in life. Back up that commitment with coverage that protects your yacht, your guests, and your assets. Yacht insurance is customized to fit your specific needs.
Insurance Coverage for High Value Watercraft
Whether your yacht is an upgrade from a smaller boat, or you’re going big with your very first watercraft purchase, you will need a whole new type of insurance. Yacht insurance is different from a standard boat and watercraft insurance policy. Once you are into a larger vessel with more accessories and features, your insurance policy needs to reflect the specific risks associated with its higher value.
While size is one of the key differences that shifts a boat into the yacht category, it is not the only one. A yacht is typically a boat that is between 25 and 75 feet in length, although some boats are not considered yachts until they are at least 40 feet long. Under 40 feet, we must consider other aspects of the boat to determine if it is a yacht. These include luxuries like living space and appliances, mechanical features, and being chiefly used for pleasure rather than a specific purpose.
If you have a large boat, and its main purpose is for relaxing, cruising the waterways, and entertaining guests, then you most likely have a yacht. You have a serious piece of property, so you need a serious level of insurance to protect your floating investment. A comprehensive yacht insurance plan will ensure the right coverage for your specific needs.
Yacht Insurance for Owners in Pennsylvania and New Jersey
Just like many other insurance policies dealing with property, there are two main coverage areas in a yacht insurance policy. You need to cover the boat itself as an asset, and you need to protect yourself from the liabilities that come with ownership.
Hull insurance covers the property. If your yacht gets damaged in a boating accident or a natural disaster, or if it is vandalized, your policy will pay to replace or repair the damage. This part of the policy also covers personal property on the boat. Your deductible and specific policy details will determine the amount covered in a claim. Because all of the mechanical and body components of a yacht are far more expensive than smaller or more basic boats, the limits on yacht insurance are much higher than a standard boat policy.
Liability insurance is similar to any other liability policy you might already carry for your personal or business insurance. This coverage kicks in if there is a claim that your boat caused damage to property or injured a person. This might apply to a collision with another boat, a guest sustaining an injury on your yacht, or environmental damage to the water or land from debris or a chemical spill.
Valuable extras that are worth considering are towing expenses for breakdowns or hurricane evacuations, coverage for uninsured boaters after a collision, and coverage for your crew.
Yacht policies do not cover damage caused by a lack of maintenance or normal wear and tear over time. Maintain your yacht as recommended by your marina and manufacturer to keep it looking pristine and working efficiently for many years.
Worry-free Water Time with the Right Yacht Insurance
Pennsylvania and New Jersey do not have boat insurance requirements by law. Both states do require boat registration with certain agencies. This means that if there is an incident related to your yacht, the state officials will be able to identify its ownership and pursue the next corrective steps.
You have already made a significant investment in your yacht, and that is worth protecting. Whether it’s your weekend getaway, home away from home, favorite place to entertain friends and clients, or your personal passion project, make sure your luxury water vessel is covered. Anything can happen on the water, but that doesn’t mean you should lose everything when it does.
Located in Northeast Philadelphia, Freedom Insurance Group understands the call to the water that many individuals in our region live by. Whether you’re enjoying your yacht on a nearby lake, bay, river, or the Atlantic Ocean, we can help you protect it. As your neighbors, our agents are very familiar with the types of coverage that work best for where and how you enjoy your yacht. We will do the research to make sure you have comprehensive insurance policies to evaluate before you decide on the right plan and deductible.
We work with boat, watercraft, and yacht owners throughout the region, including Philadelphia, Bucks County, Montgomery County, Central New Jersey, and Southern New Jersey, to help them protect their personal and business investments. Please give us a call at 215-673-0300, or complete our online form, to tell us all about your floating oasis.
Freedom Insurance Group
215-673-0300
Office Hours
Monday–Friday 9:00 a.m.–6:00 p.m.
Saturday 9:00 a.m.–1:00 p.m.
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