Yacht Insurance

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.

Begin each voyage knowing your vessel is protected.

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.

Luxury Yachts – Special Requirements

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):

Coverage that extends further

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?

Extensive personal property

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?

Towing and assistance

Does your yacht require extra assistance should a system breakdown or collision occur? It may be wise to opt for extra protection if so.

Extensive physical damage

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.

Marine environmental damage

Cut a gash through a coral reef? This could be covered under such coverage – and so could the fines/penalties levied.

Search & rescue and substitute yacht

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.

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Find peace of mind out on the water.

Contact your W3 marine insurance advisor for more information.

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Yacht Insurance FAQ

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:

Does my policy cover everything?

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.

Which is best: an ACV (Actual Cash Value) policy or an AV (Agreed Value) policy?

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.

Why is my insurance company asking for a letter of compliance?

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.

I'd like to embark upon a trans-ocean crossing; what do I need to do?

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.

Boats at waterfront homes

Yacht Insurance FAQ

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:

  • One of our experienced marine advisors will compile your application information. Looking for specific coverage, including add-ons? Let us know.
  • Your application will be used to generate competitive quotes from W3's extensive insurance company lineup.
  • Options are presented to the boat owner, who then decides which product fits their needs. Binding of coverage usually occurs with a credit cards, and docusign. W3 focuses on ease of completion when it comes to paperwork.
Close up of some rope on a dock

Save Money on Yacht Insurance

Hoping to save on that boat policy? These tips can help.

  • Purchase the right type of insurance – There are as nearly as many 'flavors' of boating vessels as there are ice cream. If you own a powerboat, don't insure it as a dinghy. However, there may be elements of a more expensive policy that you simply do not need. An expert insurance advisor can make sure such a mistake does not happen.
  • Put safety #1 – That wireless auto tether that kills the engine if a passenger goes overboard may set you back initially, but an insurance underwriter can choose to give you a discount because of it. Have safety features? Make sure your insurance company knows.
  • Become a student of the water – It's time to pack that backpack and head to class. Boating safety courses can qualify you for a policy price break. Ask your agent which ones offer the biggest return both educationally and fiscally. A little extra knowledge is always a great asset payout or no.
  • Push that lay-up period out – Not planning to use the boat for a while? Insurers may cut your premium. Look at your calendar and be honest with yourself. You may receive a price break off your policy's hull portion. (If you do have a lay-up period, make sure you know when it is. Damages incurred during that time will not be covered).

Begin the boat insurance process today.

W3 marine insurance advisors make the process as easy as a maritime breeze.

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