As a major Yacht Insurance provider on the West Coast of Florida, Wallace Welch & Willingham understands yacht insurance and the unique needs of yacht owners. Our underwriters provide a high level of protection for vessels larger than 26 feet so that you may take comfort in knowing your investment is protected. Our experienced advisors assist yacht owners in determining the specific coverage necessary. We account for differing navigational territories, as well as other unique consumer yacht insurance needs.
Whether your requirements are relatively standard or extremely unique, W3 marine advisors will counsel you to secure correct coverage. We understand the nuances of boat insurance and work with top-rated carriers to secure it.
You wouldn't hire a captain without extensive yacht experience; your insurance advisor should likewise possess superior knowledge. Consider W3 advisors your 'captains of insurance.' Let's work together to ensure your vessel is secured from threats.
There's so much more to a luxury yacht than glamour and ease. As a yacht owner, there are additional coverage options you may want to consider, including (but not limited to):
By this we mean 'more than the norm.' This coverage pads the basics. What should happen if your yacht is involved in an accident – and that vessel is uninsured? What about fuel spills? Dingy considerations?
Think about the personal items you plan to keep on your yacht. Now imagine they've vanished. What are they worth in terms of sentimental and monetary value?
Does your yacht require extra assistance should a system breakdown or collision occur? It may be wise to opt for extra protection if so.
Your yacht is more than just a 'pretty face,' but if that façade is highly compromised, it would be wonderful for your insurance to cover a facelift that restores the vessel to its original glory.
Cut a gash through a coral reef? This could be covered under such coverage – and so could the fines/penalties levied.
These features may be found in your policy's terms and conditions if you have a covered hull claim. Check to see if this is the case.
Contact your W3 marine insurance advisor for more information.
Have questions about yacht insurance? Know thy coverage, yacht owner — and cruise comfortably as a result. Here are some of the queries we field regularly:
This statement says it all: if you're looking for a standard, one-size-fits-all yacht insurance policy, you won't find it. Differences in coverage abound. Your best plan of action is to partner with a marine insurance agent who can direct you to an A-rated or surplus lines carrier. This agent should also be able to advise you regarding specific add-on coverage options.
An ACV policy means a lower premium — but beware the dreaded depreciation. In the case of a total loss, an ACV payout is determined from your vessel's current state. With agreed value, the policy pays the entire amount of the hull value, minus any deductions that apply. Want to have a solid number in mind should disaster occur? — Choose an AV policy.
If you've had a survey done for your yacht, the insurance company is going to want proof of your compliance with the recommendations of that survey. If you do not supply this to them, they have no record that you've complied with the suggested repair – and may choose not to pay out if you suffer a loss.
Pack sunscreen. From an insurance standpoint, you'll likely be asked for a recent survey that includes rigging inspection. Coverage that includes ocean crossing should be bound as well.
Before you head out on the water, make sure you've opted for top-notch boat insurance that covers both your vessel and the people enjoying it. Finding the best coverage for your particular needs isn't difficult with W3 on your side. Here's what to expect as you embark upon the boat insurance process:
Hoping to save on that boat policy? These tips can help.
W3 marine insurance advisors make the process as easy as a maritime breeze.