- 1776 N Pine Island Rd, Suite 324 Plantation FL, 33322
- quotes@caseyinsurancecompanies.com
- +1 (888) 537-1412
Hull coverage protects the yacht’s physical structure—including the hull, deck, superstructure, machinery, engines, and onboard equipment—against damage from collisions, storms, fire, theft, or other covered perils. For luxury vessels, policies can be customized to include tenders, stabilizers, and advanced navigation systems to ensure full protection of all high-value components.
Insurers typically use an Agreed Value policy, where you and the insurer agree on the yacht’s total value upfront. In the event of a total loss, you receive that full amount with no depreciation applied. This ensures predictable claim payouts and is preferred for luxury yachts with substantial customization or refit investments.
An Agreed Value policy pays the full insured amount in case of a total loss, while an Actual Cash Value policy deducts for depreciation at the time of loss. High-value yachts almost always carry Agreed Value coverage, since it guarantees full protection for your investment and avoids disputes about the vessel’s market value after depreciation.
Standard hull coverage does not include damage caused by gradual deterioration such as corrosion, electrolysis, osmosis, or normal wear and tear. However, some high-value yacht policies offer endorsements that extend limited coverage for latent defects or mechanical breakdowns resulting from those issues, depending on the insurer and vessel survey condition.
At Casey Insurance, we specialize in Hull Coverage for luxury and high-value yachts, offering owners a detailed understanding of how this essential protection safeguards their vessel’s structure and onboard systems. Hull coverage provides compensation for physical loss or damage to the hull, machinery, and permanently attached equipment, whether your yacht is operating, undergoing refit, or in dry storage. Policies are typically written on a time basis, protecting the yacht over a defined policy term, and can be customized with worldwide navigation limits and flexible deductible options. High-value yacht policies generally operate on an all-risk basis, ensuring the broadest protection against unforeseen damage or operational hazards.
Hull coverage typically protects against collision, grounding, fire, theft, and severe weather, with many policies also extending to salvage costs, recovery expenses, and “sue and labor” provisions—which reimburse the owner for reasonable measures taken to prevent further damage. High-value yacht insurance commonly includes specialized clauses such as the Running Down Clause, covering liability for damage caused to another vessel, and the Inchmaree Clause, which protects against latent defects, crew negligence, or mechanical failure. Given the sophistication and value of luxury yachts, underwriters also consider advanced systems, refits, and tenders to ensure every onboard component receives the right valuation.
High-value yacht policies rely on independent marine surveys and detailed appraisals to establish an accurate agreed value, eliminating depreciation disputes in the event of a total loss. This ensures the owner receives the full insured amount, reflecting the vessel’s true market and replacement cost.
Unlike standard hull policies, high-value yacht coverage can include worldwide navigation zones, refit coverage, and crew liability extensions. These options are customized for vessels that travel internationally or operate under commercial charter, ensuring continuous protection wherever the yacht sails.
laims involving high-value yachts are managed by specialized marine adjusters who understand the complex systems, materials, and finishes found on modern superyachts. This expertise results in faster, more accurate settlements and direct access to approved shipyards and repair facilities worldwide.
High-value yacht insurance programs involve hands-on underwriting and ongoing policy management, ensuring each vessel’s unique specifications, upgrades, and operational profile remain properly protected. This approach provides greater flexibility during renewals, faster policy adjustments, and continued assurance that coverage reflects the vessel’s true condition and usage.
High-value yacht policies rely on independent marine surveys and detailed appraisals to establish an accurate agreed value, eliminating depreciation disputes in the event of a total loss. This ensures the owner receives the full insured amount, reflecting the vessel’s true market and replacement cost.
Unlike standard hull policies, high-value yacht coverage can include worldwide navigation zones, refit coverage, and crew liability extensions. These options are customized for vessels that travel internationally or operate under commercial charter, ensuring continuous protection wherever the yacht sails.
Claims involving high-value yachts are often managed by specialized marine adjusters who understand the complex systems, materials, and finishes found on modern superyachts. This expertise results in more accurate settlements and direct access to approved shipyards and repair facilities worldwide.
High-value yacht insurance programs are managed by experienced underwriters, not automated systems, allowing for greater flexibility and personalized decision-making. Each policy is carefully reviewed to account for the yacht’s build, usage, and maintenance history, ensuring coverage terms remain accurate and reflective of the vessel’s true value over time.
At Casey Insurance, we specialize in Hull Coverage for luxury and high-value yachts, offering owners a detailed understanding of how this essential protection safeguards their vessel’s structure and onboard systems. Hull coverage provides compensation for physical loss or damage to the hull, machinery, and permanently attached equipment, whether your yacht is operating, undergoing refit, or in dry storage. Policies are typically written on a time basis, protecting the yacht over a defined policy term, and can be customized with worldwide navigation limits and flexible deductible options. High-value yacht policies generally operate on an all-risk basis, ensuring the broadest protection against unforeseen damage or operational hazards.
Hull coverage typically protects against collision, grounding, fire, theft, and severe weather, with many policies also extending to salvage costs, recovery expenses, and “sue and labor” provisions—which reimburse the owner for reasonable measures taken to prevent further damage. High-value yacht insurance commonly includes specialized clauses such as the Running Down Clause, covering liability for damage caused to another vessel, and the Inchmaree Clause, which protects against latent defects, crew negligence, or mechanical failure. Given the sophistication and value of luxury yachts, underwriters also consider advanced systems, refits, and tenders to ensure every onboard component receives the right valuation.
High-value yacht policies rely on independent marine surveys and detailed appraisals to establish an accurate agreed value, eliminating depreciation disputes in the event of a total loss. This ensures the owner receives the full insured amount, reflecting the vessel’s true market and replacement cost.
Unlike standard hull policies, high-value yacht coverage can include worldwide navigation zones, refit coverage, and crew liability extensions. These options are customized for vessels that travel internationally or operate under commercial charter, ensuring continuous protection wherever the yacht sails.
Unlike standard hull policies, high-value yacht coverage can include worldwide navigation zones, refit coverage, and crew liability extensions. These options are customized for vessels that travel internationally or operate under commercial charter, ensuring continuous protection wherever the yacht sails.
Claims involving high-value yachts are often managed by specialized marine adjusters who understand the complex systems, materials, and finishes found on modern superyachts. This expertise results in more accurate settlements and direct access to approved shipyards and repair facilities worldwide.
High-value yacht insurance programs are managed by experienced underwriters, not automated systems, allowing for greater flexibility and personalized decision-making. Each policy is carefully reviewed to account for the yacht’s build, usage, and maintenance history, ensuring coverage terms remain accurate and reflective of the vessel’s true value over time.
