For any luxury yacht owner, their little marine water conveyance is a treasure. It’s almost like any other high-value asset, such as a vehicle, home, or bank investment.
Regardless of whether you have employed the yacht for personal or professional uses, there are a lot of complex factors to consider. This expands from machinery coverage to crew medical coverage, workers’ compensation, and much more!
Ensuring the yacht and its inhabitants are safe from all complicated risks means getting Caribbean yacht insurance. Wondering why it’s so essential? Here’s why!
- Navigation limits
Yachts offer you immense freedom to travel as you like and when you want. You can explore parts of the world tucked far away from you and delve into unknown experiences. As you traverse through various waters, your yacht will fall under different jurisdictions and regulations, which may change over time.
So, before you undertake traveling sprees, you must ascertain proper coverage. Will you expand only to Caribbean waters or go beyond into the Mediterranean?
If you change plans and head to Mexico, that will leave you without coverage. In such a case, you would need to obtain insurance to take the authorized travelers around, and it would require the fulfillment of additional considerations.
So, always outline your plans so you can seek coverage that would include the navigational limits desired by you and comply with international traveling requirements.
Whether you are a novice or a seasoned sailor, it’s essential to understand all the possible risks attached to yacht traveling. It will help you set up proper precautionary measures.
Accidents are unpredictable, so you need to plan for them beforehand. For these emergency purposes, insurance coverage offers emergency assistance, evacuation for medical reasons, search and rescue, etc.
While the risk of kidnapping and piracy is relatively low, it’s not negligible when sailing across open seas. With proper insurance, you can safeguard yourself from such unfortunate events.
- Pollution coverage
Most people forget about pollution coverage in front of other essential factors like indemnity, property coverage, and basic liability. But pollution coverage is a non-negotiable factor, too.
Laws dictate that you are legally bound not to discharge any hazardous substance, fuel or oil into the Gulf and Caribbean navigable waters. Even if unintentionally, your boat causes a spill, you will be held liable for the cleaning as well as hefty damage fines under several laws like:
- Clean water act- $1,100 per barrel of oil spill
- Endangered species act – $25,000 fine
- Migratory bird treaty act – $15,000 fine
- Criminal violations – up to the expert assessment
Any basic yacht insurance will cover pollution coverage, but any decontamination services or penalties are hardly included. You can check for specialized carriers that offer additional benefits like clean-up assistance, damage assessment, litigation defense, negotiation and covering penalties and fines.
- Windstorm coverage
Sure, you can check the weather reports all you want, but sometimes, things may go out of control and beyond your expectations. With excellent Caribbean yacht insurance, you can get coverage to protect your yacht from possible exposure to weather-related terrible events.
This will ideally cover all the costs from storm damage caused by lightning, floods, hail, windstorms, etc.
After all, if you are heading out on open seas, you might as well protect yourself from the act of god!
A yacht is a dream for most people. If it has become a reality for you, you might as well protect it with bubble wrap.
Getting Caribbean yacht insurance is step one in that direction. It will protect you and your yacht against all the possible untoward happenings, ensuring your safety during a medical crisis, environmental disasters and pollution mishaps.
So, make sure to get one asap!