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The Basics of Luxury Yacht Insurance

By May 24, 2021November 7th, 2023Premier Insurance

Yacht Insurance for Wealthy Individuals

A yacht owner knows that the perfect yacht is a big investment. At Sterling Coverage, we understand your passion for boating and want to make sure your yacht insurance protects your investment for years to come.

Yacht insurance for wealthy individuals does not have to be complicated, but it does have to be comprehensive. Our insurance advisors at Sterling Coverage understand the nuances of your vessel and carefully design an insurance program as irreplaceable as your boat. Below are five yacht insurance must-haves.

  1. Agreed value coverage
  2. Replacement cost on partial losses
  3. Broad liability protection and uninsured boaters coverage
  4. Higher limits for personal belongings
  5. Emergency towing and assistance


1) Agreed Value Coverage

Agreed value coverage is the foundation of yacht insurance. We work with premier yacht insurers at Sterling Coverage that pay the total agreed value of your vessel following a total loss. In the event of a total loss, you would receive the value that was agreed upon when the policy was written – even if the yacht has depreciated over time.

2) Replacement Cost on Partial Losses

If a covered event, such as a storm or collision, damages your vessel, premier yacht insurance companies will replace or repair the damage without deduction for depreciation. This coverage enhancement is generally available for newer boats, but an advisor at Sterling Coverage can help review your insurance coverage to be sure you have the broadest yacht coverage available to you.

3) Broad Liability Protection and Uninsured Boaters Coverage

High limits of liability coverage are vital to protecting you from lawsuits after unexpected accidents. In the nautical world, uninsured boaters’ coverage is especially important. You may already know that it is important to protect yourself from lawsuits in the event that you are liable for an accident or injury on your vessel. However, it is equally important to protect yourself from the risk that other owners may not be carrying adequate limits or worse – no insurance at all.

Contact us today for a complimentary risk review.

4) Higher Limits for Personal Belongings

Many mainstream insurers limit coverage for personal belongings to a few thousand dollars. While your homeowner’s insurance may provide some coverage while you are on your boat, you may carry a high deductible. We partner with premier yacht insurers that provide high coverage limits to cover your personal property while boating.

5) Emergency Towing and Assistance

Yacht insurance with a mainstream insurance carrier provides very limited towing coverage. If your vessel becomes disabled, Sterling Coverage partners with yacht insurance carriers that provide high limits for emergency towing on the water. Additionally, if you moor your vessel on the coast, hurricane haul-out expenses are also exclusive features our premier insurers provide.

Do not let off-brand insurance coverage sacrifice your luxury yacht and lifestyle. At Sterling Coverage, we will customize a luxury yacht insurance policy for you that keeps your investment afloat. If you would like us to review your yacht insurance to ensure you are fully protected, contact us today for a complimentary risk review. Sterling Coverage allows you to spend less time worrying about your insurance and more time on the water.

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