Protect Your Investment With Yacht Marine Insurance
The Great Recession had a devastating effect on the luxury goods industry in America. Sales of these non-essential items fell far and fast and took time to recover. After about five years of lackluster returns, the boating market is bouncing back on the strength of larger, more expensive recreational boats. Only a small fraction of them are extravagant floating palaces, but most meet the standard definition of a yacht, which is any vessel that is over 26 feet in length.
Believe it or not, the average yacht owner is not a dot.com millionaire or a member of the royal family. Most own big boats that are between 26 and 60 feet in length. The cost of these vessels ranges from $100,000 to several million, depending on the amenities and decor. Most owners use them for recreation and entertaining. After all, they are the ultimate plaything.
As the boating capital of North America, Florida once again led the nation in boat sales last year. That is not surprising. But what is astonishing is just how quickly the tide has turned in the boating market. Sales of recreational vessels skyrocketed by more than one-third in 2011, and last year's sales topped that! This in spite of the fact that Florida's economy has been sluggish, at best!
Why are they buying? Because luxury defies rational explanation! People buy these items because they want them, not because they need them. Some rarely even use them. However, they are sensible enough to protect their investments with yacht marine insurance, which can be purchased for both commercial and recreational vessels.
What to look for?
Just because you own a yacht doesn't necessarily mean you're made of money. Average folks who worry about their bills can own small yachts. The only difference is that they often shop around both before and after the sale. Overpaying for yacht marine insurance is a luxury successful working people simply cannot afford, which is why most do their research. It might take time, but they often end up finding a cheaper, more comprehensive policy than they otherwise would have.
For example, most discover that homeowner's insurance is simply not sufficient, even though many boat owners use it. After all, the average homeowner's policy provides barebones, minimal coverage for recreational vessels, although they may not cover commercial boats at all. Not to mention the fact that policies may not include specialized coverages, such as Total Loss Replacement, Agreed Value, Personal Effects, or Fuel Spill Coverage. These are all coverage issues that can and often are extremely important to yacht owners, since their vessels typically contain more personal effects, fuel, and total value than the average boat. It is for this reason that most owners choose yacht marine insurance instead.
Specialized coverage offers many obvious advantages, including high liability limits, a wider selection of deductibles, medical payments coverage, and much, much more. We should also mention that yacht marine insurance claims are generally much easier to file and are settled more expeditiously than when you insure your vessel under your homeowner's policy. Best of all, you will have unlimited use with absolutely no restrictions on time or location, which is a must for vessels that require commercial marine insurance.
Believe it or not, the average yacht owner is not a dot.com millionaire or a member of the royal family. Most own big boats that are between 26 and 60 feet in length. The cost of these vessels ranges from $100,000 to several million, depending on the amenities and decor. Most owners use them for recreation and entertaining. After all, they are the ultimate plaything.
As the boating capital of North America, Florida once again led the nation in boat sales last year. That is not surprising. But what is astonishing is just how quickly the tide has turned in the boating market. Sales of recreational vessels skyrocketed by more than one-third in 2011, and last year's sales topped that! This in spite of the fact that Florida's economy has been sluggish, at best!
Why are they buying? Because luxury defies rational explanation! People buy these items because they want them, not because they need them. Some rarely even use them. However, they are sensible enough to protect their investments with yacht marine insurance, which can be purchased for both commercial and recreational vessels.
What to look for?
Just because you own a yacht doesn't necessarily mean you're made of money. Average folks who worry about their bills can own small yachts. The only difference is that they often shop around both before and after the sale. Overpaying for yacht marine insurance is a luxury successful working people simply cannot afford, which is why most do their research. It might take time, but they often end up finding a cheaper, more comprehensive policy than they otherwise would have.
For example, most discover that homeowner's insurance is simply not sufficient, even though many boat owners use it. After all, the average homeowner's policy provides barebones, minimal coverage for recreational vessels, although they may not cover commercial boats at all. Not to mention the fact that policies may not include specialized coverages, such as Total Loss Replacement, Agreed Value, Personal Effects, or Fuel Spill Coverage. These are all coverage issues that can and often are extremely important to yacht owners, since their vessels typically contain more personal effects, fuel, and total value than the average boat. It is for this reason that most owners choose yacht marine insurance instead.
Specialized coverage offers many obvious advantages, including high liability limits, a wider selection of deductibles, medical payments coverage, and much, much more. We should also mention that yacht marine insurance claims are generally much easier to file and are settled more expeditiously than when you insure your vessel under your homeowner's policy. Best of all, you will have unlimited use with absolutely no restrictions on time or location, which is a must for vessels that require commercial marine insurance.
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