Hignojos Insurance Agency provides your sailing vessel with a yacht insurance policy. These policies cover liability protection for harm to the vessel’s personal property as well as bodily injury, gas delivery, towing, or property damage to others.
Some businesses focus on offering insurance for vintage and classic boats. A policy with an agreed or actual monetary value is an option depending on the insurer. The monetary value policy for your yachts is less expensive; it reduces your pay-out by accounting for depreciation and market value.
Some plans offer discounts according to your boat’s safety features, safety training, and whether it is electric or hybrid. Some businesses also provide a package deal in which the cost of yacht insurance is reduced if you buy other policies, such as those for your home or automobile.
An insurance policy for a yacht has two main elements: hull insurance and protection and indemnity (P&I).
Hull insurance is a predetermined hull coverage, an all-risk, direct damage coverage. When the policy is written that sum is agreed upon, and in the event of a total loss, it will be paid out in full.
P&I covers a wide range of liabilities uniquely tailored to maritime exposures.
Hignojos Insurance Agency experts will help you find out how to ensure your sailing vessel and what policy or insurer works best for you.
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