We all know the saying, “An ounce of prevention is worth a pound of cure.” To minimize risk and protect your yacht, understand the most common claims and how to prevent them.
Collisions with other vessels are common yacht insurance claims and can happen because of blind spots, speed or lack of attention. Avoid collision damage by regularly monitoring your GPS and knowing the boating rules.
- Collision
Collisions are the number one claim that we help yacht owners with. Whether it’s with another yacht, a smaller craft, or even a person on a jet ski, these accidents can result in property damage and liability concerns. Most collisions happen because the operator isn’t paying attention, is speeding, or has blind spots. To prevent this, make sure the person operating your yacht is properly trained, takes a boating safety course designed for larger vessels, and understands the rules of the road.
Colliding with submerged objects also occurs frequently, and can be extremely expensive. The best way to prevent this is to regularly inspect your surroundings for items that have fallen from the sky or have been pushed by the tide. It’s also worth double-checking the surf height, tidal range, and wind speed before you set sail. If you’re sailing through waters that aren’t as well known, it’s a good idea to consult with others about the area or take a GPS unit with you.
Fire damage is another common yacht insurance claim, and can be devastating to your vessel and all of the contents within it. Faulty wiring, overheated fuel, and decorative candles left unattended can all lead to fires. To avoid these, regularly inspect your boat for items that need to be replaced and keep a fire extinguisher onboard.
Theft is another common claim, and it can be particularly distressing if the stolen items are expensive or irreplaceable. To minimize the risk of theft, install a tracking device on your yacht and make sure all valuables are secured when you’re not aboard. It’s also important to take regular, deep cleanings of the interior and exterior of your yacht to make it less attractive to thieves. In addition, having the proper yacht policy in place is essential – a true marine policy will include full replacement cost coverage on partial losses. To learn more about this, talk to a best yacht insurance uk professional today.
- Theft
Whether it’s the smallest dinghy or the largest luxury yacht, theft is one of the most common yacht claims. It’s important to keep your eyes open for suspicious activity, especially when cruising in unfamiliar areas, and make sure to properly secure your boat when not in use. A simple step like replacing your cabin latch lock with a deadbolt can significantly reduce the risk of theft. Store pricey items off the boat and away from easy view to further decrease your theft risk, and avoid storing ownership papers or licenses onboard (though these are required to legally operate your yacht).
Another frequent cause of yacht insurance claims is collisions with other boats. This can be caused by a lack of attention, speeding or simply blind spots. Typically, a yacht will collide with a powerboat or jet ski rather than another larger vessel, but it’s important to ensure that anyone operating your yacht is attentive and understands boating safety.
Damage from weather is the second most common reason for yacht insurance claims. High winds and severe storms, including hurricanes, can cause serious and expensive damage to a yacht when it’s moored or out on the water. Make sure your yacht is secured well and can’t shift and rock with the waves when anchored or docked, and consider investing in a suspension system to reduce your risk of damage.
Vandalism and petty theft are also common yacht claims, usually when the vessel is moored and not in use. Storing your yacht in a warehouse with robust security systems and full-time staff can greatly decrease this risk, as can keeping your vessel covered when it’s not in use. Lastly, consider installing a boat alarm or other security measures to discourage unauthorized access. You can also reduce your risks of vandalism and petty theft by storing your valuables on board when you’re not using them, and ensuring that your boat is always under lock and key when it’s moored or in storage.
- Submerged Objects
As a yacht owner, you should be aware of the most common yacht insurance claims and how to prevent them. Minimizing your risk and having the proper insurance coverage can help you protect your investments, assets, and bank account when yachting.
Theft: Luxury vessels are often targets for thieves and petty vandals, especially while they’re docked at boat ramps. Regularly inspecting your vessel and securing all valuables will mitigate this risk. A good security system and mooring your yacht where there’s full-time security can also help deter this type of crime.
Collisions: A collision with a submerged object, such as a rock or a log, is a common cause of damage to yachts. Hitting these objects can result in major damage to struts and other underwater equipment. This type of incident is typically caused by a lack of attention or excessive speed. You can reduce your risk of hitting submerged objects by consulting with other captains and boat owners who have familiarity with the area before sailing in waters that you are not familiar with. Using a GPS unit and monitoring the tidal stream for potential hazards can also be beneficial.
Sinking: While this isn’t the most common type of yacht insurance claim, it can be one of the priciest. Not only would you have to pay for your yacht to be towed and dredged, but you’d also have to pay to replace all of your belongings that were in the water at the time.
While these are just some of the most common yacht insurance claims, there are many others that can occur. These include a fire or explosion (typically caused by wiring problems or fuel issues) and malicious damage or sabotage, which can be hard to prove. In addition, if you’re considering taking your yacht out of the country, make sure that you have third party liability insurance to cover any potential damage to people or property. With these tips in mind, you can minimize your risk of filing a yacht insurance claim and enjoying all that yachting has to offer!
- Weather Damage
In the yacht insurance world, we often deal with damage claims from storms, high winds, and even hurricanes. These events are all beyond the control of a vessel owner and can be devastating. Strong winds can cause a boat to crash into docks or wharfs, and even hit other boats. The best way to prevent these types of accidents is for a captain to be familiar with the area they are sailing in and to check the weather forecast frequently – especially during the summer when more storms occur.
Another common claim we see is for collisions with submerged objects. This could include coral, rocks or rock beds, buoys, or even floating debris such as branches. This happens because the captain is not familiar with the surrounding water and/or because of bad lighting or murky conditions. The best way to prevent this is for the captain to check with local boat owners and captains who are familiar with the area before going out, and to do a run-through of the zone in a smaller boat beforehand.
Hitting other boats is also an issue – especially when it comes to power vessels. This can lead to sinkings or significant leakage – both of which are costly to repair. This is a good reason to only travel in crowded waters with well-established rules of the road and take boating safety classes to learn how to be safe.
Theft and malicious damage are not as easy to prevent but it is possible to make your yacht more secure with the use of high-grade padlocks on all lockers and doors, limiting the resale value of items stored onboard, and tagging any valuables that you do keep onboard. You can also ask for a complimentary review of your yacht insurance policy to ensure you have the appropriate coverage in place.
Fire and explosions are another common claim that can be prevented by regularly inspecting your boat for chafing wires, corrosion on AC shore-power inlets, the number of working fire extinguishers, and the expiry dates on these items.
