Marine Insurance: Reading the Policy Your Broker Hopes You Won't

A yacht insurance policy is not a commodity. Two quotes at the same premium can differ by seven figures in real coverage — the difference lives in the warranties, navigation limits, and exclusions.

Confirm the navigation warranty covers your intended cruising ground year-round, including any planned transatlantic or trans-Med repositioning. Check the lay-up warranty dates align with your actual berth calendar, and that named-storm provisions in the Caribbean are workable, not aspirational.

Insist on agreed-value hull cover, not market value — depreciation disputes at claim time are a recurring source of grief. For chartered yachts, verify passenger liability limits meet flag-state minima and that crew are covered under a compliant MLC-aligned P&I extension.