What coverages are provided in the typical personal yacht insurance package?
Like the boat owners policies, the coverages included in personal yacht insurance policies vary substantially from one company to the next. However, most personal yacht insurance policies have at least two coverages: physical damage to the hull, and protection and indemnity (P&I) coverage The physical damage to the hull coverage provides protection against losses or damage to the boat itself, including the masts, spears, furniture and any other fixtures on the craft. The coverage can be written on an all risks or named perils basis. The P&I – protection and indemnity – coverage is similar to the personal liability coverage in the standard homeowners insurance policy. It provides liability protection against lawsuits due to the negligent operation or ownership of the yacht.
