Yacht insurance policies vary in nature, but there are common sections in a vessel insurance policy.
These sections are Hull Insurance, Protection & Indemnity Insurance, and Medical Payments. We will explain them in details below. All policies are different and are subject to definitions, terms, conditions, exclusions, and limits contained in the actual written policy and endorsements to that policy.
SYIG is an independent insurance agency and we have therefore access to a wide variety of yacht
insurance policies through various yacht insurance underwriters, such as Lloyd’s of London, Ace, Chubb to mention a few.
Hull Insurance (H&M)
The Hull Insurance section of the vessel insurance policy includes coverage for the hull of the vessel, the
machinery & equipment onboard and the personal effects of the passengers and crew.
Protection & Indemnity (P&I)
Protection and Indemnity is the most comprehensive form of marine liability.
P&I provides liability coverage for the insured for bodily injury and property damage to third parties,
liability to hired crew, defense cost coverage and wreck removal when required by law.
The medical payments section covers bodily injury caused by accidents, sickness or disease, and includes
the required care, loss of services and death resulting there from. Coverage for the captain and crew is available when “signed on to the yacht ashore and afloat” .