Yacht Insurance Questions You Should be Asking


Lately, we have had a lot of questions about boat insurance when you own a yacht through our Yacht Ownership Program. As a potential owner and investor in our Yacht Ownership Program, we understand that you want to make sure you know exactly what you are buying into. You want to ensure that you and your vessel are protected, should anything happen. In this post, I will address some of the most commonly asked questions about our marine insurance.

Who is responsible for insuring my yacht?

As an owner with the Sunsail Yacht Ownership Program, your vessel is covered under our insurance company policy at no cost to you. This means that for the entire time that you are in our yacht ownership program you will not make a single insurance payment. 

Who is listed as the loss payee?

If your yacht was purchased with cash, then you will be listed as the loss payee. However, if you choose to finance your boat, the bank will be listed as the loss payee. 

In the event of a catastrophe, am I covered and what is my deductible?

Under our insurance policy, you are covered even in the unlikely repeat of an event such as the “storm that will remain nameless” that occurred in one of our favorite cruising destinations in September of 2017.  As an owner you will pay no deductible if an insurance claim is submitted on your vessel. 

What happens if my yacht sinks, gets damaged, or is lost?

If your yacht is damaged, we will repair it most times without having to submit an insurance claim.  We will make the repairs working directly with the manufacturers of the damaged equipment to repair using OEM (Original Equipment Manufacturer) equipment or factory recommended products.  If your yacht was damaged, but not a total loss then you would still be under contract with our company and your ownership privileges would not change.  This means that you would still receive your owner payments and have access to use sister ships while your yacht is being repaired. 

Should the insurance company determine your yacht a total loss, your contract with our ownership program would be complete. You would then begin authorizing the total loss of the yacht and the loss payee would be paid the insurance settlement.  As was the case with this last event, many owners decided to invest in another yacht with us and continue enjoying the benefits of ownership with Sunsail Yacht Ownership after their payout was received. 

 

I understand that you may have more questions that you would like answered, and therefore please feel free to contact me, should you require any further explanation on the answers above, or if the statements above have sparked any further questions.  We appreciate your consideration for joining our family of yacht owners!

 

The Moorings Yacht Ownership

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