Boats: A boat is generally defined as a vessel under 26 feet in length. This can include speed boats, fishing boats (for recreational purposes) and classic or antique boats. Standard boat insurance policies can include physical damage coverage, liability coverage, personal property coverage and towing and assistance coverage. Many of the policies are yearly policies so there is no need to be concerned about your boat when it is moored or in a dry dock for the winter months. Boat insurance policies often include limits on navigational areas or be an agreed value policy which means you and the insurance carrier will agree upon a set value of worth for the boat before a policy is drafted. This may help recoup costs in the event the boat is lost or damaged beyond repair. A basic boat insurance may not include extra coverage for uninsured/underinsured boater coverage or coverage for fuel spills, but a yacht insurance policy may include those items. So, when insuring a boat, be sure to ask your agent about these coverages because most times, they can be added.

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Yachts: A yacht is defined as a vessel over 26 feet in length and used for mostly personal or recreation purposes. Yacht insurance tends to be more inclusive than your standard boat insurance policy. Those extras that you may pay more for in boat policy, like fuel spill coverage, towing and additional personal property coverage, may be generally included in your yacht insurance policy. There are also custom coverage options that may be available just for yacht insurance. Custom coverages may include additional hurricane protection if you are sailing or docking in an area during hurricane season. It may also include an option to extend or create a custom navigation area as most standard boat insurance policies only offer coverage the extends 75 miles past the U.S., Canadian or Mexican coastline. If your yacht includes a dinghy, there is a coverage option for that as well, though it may be limited to anything under 16 feet in length.