Skip to content

Yacht Insurance

The general rule of thumb is the larger the boat, the more the maintenance and potential costs. If you’re in the position to own and enjoy a beautiful, spacious yacht and freely explore local waterways, keeping these costs under control is crucial. Not having sufficient yacht insurance can put you at risk of expenses related to vandalism, theft, storm or collision damage, and expensive mechanical repairs or emergency towing.

Our team at Portside Marine Insurance is here to help ease those concerns with comprehensive yacht insurance policies custom-tailored to suit your specific coverage needs. From recovery costs to liability protection, we leave nothing to chance with your investment or those on board at the time of an incident.

Why You Need Yacht Insurance

Yachts come in a variety of sizes, but they’re almost always incredibly complex vessels with higher maintenance needs. From bathroom plumbing to electricity, high-powered engines to state-of-the-art navigation technology, they aren’t vessels for the faint of heart or light on funds. 

However, having the right insurance can alleviate much of the financial stress in the event of a mechanical breakdown, an accident that causes injury or even death, and more. Our yacht insurance policies are highly convenient and low on cost, and we give you the choice to select the policy elements that work best for you.

What is Covered?

New Parts on Repairs

Yacht engines, electrical systems, navigational components, and other parts don’t come cheap, and the last thing any captain would want is to be forced to replace a part with something refurbished or inefficient due to the cost. That’s where we come in; we’re proud to offer coverage for new parts with our yacht insurance, and, best of all, there are no betterment fees.

Agreed Value Coverage

Yachts are premium vessels and, therefore, they come at a premium cost. We want to ensure you get the very most out of your investment without the risk of depreciation, which is why we protect against it for 15 years with agreed value coverage. That way, in the event of a mishap, breakdown, theft or accident, you won’t receive less than what your vessel is worth if it is deemed a total loss.

Personal Effects and Emergency Towing

Not only is the vessel itself and any liability factored into our coverage, but we also look after your personal effects onboard with our Portside Plus option. In the context of a yacht, this typically includes more expensive items, including televisions, audio systems, premium furnishings, and more. Not only that, but if an emergency tow is required, you won’t need to foot the expensive bill for recovery, and we’ll even reimburse for hotel stays and temporary vehicles if needed.

What Affects My Yacht Insurance Rate?

Installed Safety Features

Yachts are more complex, larger vessels with many onboard rooms and amenities. Therefore, there’s a need for sufficient onboard precautionary measures. Security systems, fire extinguishers and sprinklers, life-saving equipment including lifeboats and first aid kits, GPS and depth detection equipment, radar, and more can all contribute towards lower costs of insurance for yachts.

Driving Record and Personal Details

Everything from your age and sex to your boating experience factors into insurance premiums not only for yachts, but for other vessels as well. If you’ve been a careful captain with no serious problems in the past – and if you have plenty of experience in navigating larger vessels – you may be able to secure even better pricing. By comparison, if you’ve come into a large inheritance and purchased a yacht as someone young with limited experience, for instance, then your premiums will be understandably higher.

How You Plan on Using Your Yacht

If you take your yacht out just for the summer months and stick to Lake Ontario only, we can set something up that is even more cost-effective without sacrificing any of the essentials – including coverage for issues when in storage. Or, if you’re keen on travelling across the country – or even to others – with a large yacht, we can provide more comprehensive coverage that protects you, your passengers, and all crew members along with your investment.

Reach Out to Us for Your Free Yacht Insurance Quote Today!