DEFINITION of 'Yacht Insurance '
An insurance policy that provides indemnity liability coverage on pleasure boats. Yacht insurance includes liability for bodily injury or damage to the property of others and damage to personal property on the boat. Depending on the insurance provider, this insurance could also include gas delivery, towing and assistance if your boat gets stranded.
BREAKING DOWN 'Yacht Insurance '
Some companies specialize in providing coverage for antique and classic boats. Policy holders can choose between an actual cash value or agreed value policy. Some policies include discounts based on a policy holders' boating education, boat safety features or whether they have a hybrid or electric boat. Some companies also offer a package deal where they decrease the rate on a yacht insurance policy if the holder purchases additional policies for their homes or automobiles.