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Yacht Insurance Solutions

AIG Private Client Group’s yacht team is extremely well versed on providing sound yacht insurance solutions to meet your lifestyle. In addition to insuring you against obvious risks such as sinking, fire and theft, our superior yacht insurance provides a number of other critical coverages, including personal liability for bodily injury or property damage, coverage for newly purchased yachts/boats, personal property such as tenders and art, coverage for your crew and for towing. Our yacht insurance also protects you against environmental fines that can occur after accidental fuel spills or other unfortunate marine environmental damage, which may be excluded or limited by some insurance providers. „
 

Following are just a few of the many advantages of our yacht insurance coverages:„

"All Risk" Coverage:

Our yacht policy provides protection against property damage or loss regardless of cause (specific exclusions may apply in some instances). Typical examples of damage or loss of property that a yacht/boat owner may incur that would be covered by AIG Private Client Group’s yacht insurance solutions include: (1) theft and vandalism, (2) weather-related damage or loss that occurs on the water from lightning, rain, hail, wind and wave, and (3) damage or loss to property that occurs because of fire. Also covered is damage and loss to property resulting from collisions with other water vessels, floating or submerged objects and docks. Our yacht insurance coverage doesn’t end with the water. You’re protected on dry land also—for example, if loss or damage occurs while the boat is dry-docked or being transported by trailer. „


Worldwide Navigational Capabilities:

We have the capacity to insure pre-defined or worldwide navigational limits based on your specific cruising plans.


Newly Acquired Vessels:

Newly purchased tenders and yachts/boats are automatically covered for 30 days after the date of purchase. „


Marine Environmental Damage Protection:

We reimburse expenses related to pollution and/or marine environmental damage caused by a covered occurrence, up to the P&I coverage limit on your policy.


High Limits:

Coverage can be tailored for all types of watercraft, from small boats to super yachts.


Protection and Indemnity (P&I):

We will pay damages that you or any other insured person are legally liable to pay related to bodily injury or property damage (up to the P&I limit on your policy). In addition, defense costs are covered above and beyond your P&I limit.


Flexible Deductible Options:

We can adjust deductibles to suit your risk appetite, as assuming more up-front risk may result in premium savings.


Crew Coverage:

Your crew, as a Named Insured on the policy, is covered, including P&I coverage for crew claims under the Federal Jones Act or similar laws of other nations.


Property Coverage:

Our comprehensive coverage not only protects your yacht/boat in the event of a loss, but also covers items such as tenders, fine art, personal property and furnishings at separate, lower deductibles.


Please note: While the term “yacht” typically generates the thought of a large, luxury boat, we insure boats of all sizes from a 23’ water-ski boat to yachts over 600’. We have an appetite for both monoline* yachts and yachts that are part of full accounts.

Yacht Insurance Solutions Overview

*Some restrictions may apply.

Last updated Wednesday, February 17th, 2016

Copyright © 2020 American International Group, Inc. All rights reserved.

AIG Private Client Group is a division of the member companies of American International Group, Inc. (AIG). Policies are underwritten by member companies of AIG, including AIG PROPERTY CASUALTY COMPANY. This is a summary only. It does not include all terms and conditions and exclusions of the policies described. All references to claim settlement information are based on the loss being covered by the policy and are subject to change without prior notice. Please refer to the actual policies for complete details of coverage and exclusions. Coverage and supplemental services may not be available in all jurisdictions and are subject to underwriting review and approval. Services provided by third parties are not guaranteed by AIG Private Client Group and may be discontinued at any time.

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