While some homeowners policies provide limited coverage for small watercraft, or your homeowners insurance company may provide separate policies for larger watercraft, yachts are in a call all by themselves and should probably be insured by a marine specialist on a separate policy. We offer yacht insurance for New York and New Jersey yacht owners.

Here’s a few things the specialists at LG Insurance Agency will discuss with you about insuring your yacht:

1.) Value – Yachts should be insured for the value arrived at by a certified marine surveyor. Purchase price is usually only a good place to start. There’s no benefit to over-insuring your yacht. If your yacht was purchased furnished, the value of the yacht and the contents need to be separate.

2.) Valuation – Some insurance policies are “actual cash value” while others offer the more preferred “agreed value”. Actual cash value only pays what the insurance company decides your yacht is worth at the time of the loss. An agreed value policy sets the value in the policy. Often times a cheaper quote will be an “actual cash value” arrangement.

3.) Territory – Insurance policies vary as to the territory your boat is covered in. We’ll work with you to make sure all your journeys are covered.

4.) Deductible – Yachts typically have deductibles that are a percentage, rather than a fixed dollar amount. We’ll make sure you understand what your deductibles are and help you choose a deductible that makes sense for your situation.

5.) Salvage and Raising – Depending on the location, the US Coast Guard and other authorities may require a wrecked yacht to be raised. This can be a significant cost and we’ll make sure you have adequate coverage in case the worst happens.

6.) Safety – We work with insurance companies who specialize in marine risks and understand yacht safety and have many resources available.

Yacht Insurance New York and New Jersey

We specialize in insuring high-value coastal homes and yachts in New Jersey and New York (and the entire Atlantic Coast). Call us today for a free consultation or review of your policy and needs.  (877) 288-7169

 

About LG Insurance

Founded in 2009 by Aaron Levine, LG Insurance is one of the Jersey Shore's fastest growing insurance agencies. Located in Long Branch Jersey, LG Insurance proudly serves many other local towns throughout Monmouth County including Asbury Park, Eatontown, Little Silver, Middletown, Ocean Township, Red Bank, Rumson, Shrewsbury and all of NJ. We also insure homes and busiensses on Long Island and in the Greater New York City area.

Specializing in personal and business properties in coastal areas, LG Insurance offers a full product line of personal and commercial insurance packages and products as well as a full line of life insurance and supplemental insurance coverages. 

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