Yacht insurance

Chubb says yacht insurance premiums start at more than $1,000 a year, though your quote may be higher.

Your deductible is what you cover out of pocket on a claim before the insurer steps in. With boats, that figure is frequently a share of the insured value instead of a set dollar sum. For example, Chubb says a 2% deductible on a $200,000 yacht means you'd pay the first $4,000 of a claim yourself.

Insurers sort vessels into boats and yachts by length. Travelers counts vessels shorter than 27 feet as boats, and anything 27 feet and up as yachts. Other insurers set that boundary elsewhere.

A few decisions can bring your costs down:

• Winter lay-up: Lay-up means the stretch of the year when the yacht sits in storage and stays off the water. Markel discounts premiums for the winter months while the vessel is idle.
• Windstorm coverage: Markel notes that if your yacht is kept away from hurricane-prone areas, you may be able to drop windstorm coverage and pay less.

Insurers use different length cutoffs for yacht coverage, so check whether your vessel qualifies for each policy.

Company	Minimum length for its yacht coverage
Markel	Longer than 26 feet
Travelers	At least 27 feet
Chubb Masterpiece Yacht	Pleasure yachts measuring 36 feet and up

Look for a policy with extras that fit how and where you sail. Here are features from Chubb's Masterpiece Yacht policy to compare with other quotes:

• Replacement cost: Chubb's Select option offers eligible yachts replacement cost coverage up to 120%.
• Substitute boat: If a covered loss can't be repaired within 72 hours, Chubb pays up to $5,000 to charter a substitute boat.
• Emergency aid: As much as $10,000 toward bills for urgent assistance from official bodies like the Coast Guard.
• Liability choices: Protection under the Oil Pollution Act, coverage for removing a wreck, and Jones Act protection, which applies to paid crew.

Markel helps pay for safeguarding a yacht ahead of a named storm's landfall.

Before an insurer commits to a firm price, it may want a few details from you.

1. Find out your yacht's length and worth. Length affects which insurers will cover it, and value can set the size of your deductible.
2. Ask if a marine survey is needed. That survey is a trained professional's inspection of the vessel. Insurers may require one ahead of covering a boat that is used, older, larger, or worth more.
3. Ask about a storm plan. Ask whether the insurer needs a storm plan, including where you would haul out and store the yacht.
4. Keep track of the months the yacht sits idle. Certain insurers cut the price for months spent in winter storage.