How the yacht insurance underwriter assesses the risk
The yacht insurance underwriter will assess the risk your yacht represents by considering:
- The value of your yacht depending on its condition and desirability. In the event of a claim, the insurer will not pay more than the value of the yacht
- Where you intend to sail it - some waters present higher yacht insurance risks such as war risks. Some countries require more yacht insurance cover for third parties etc.
- Your experience as a skipper and your previous yacht insurance claims
- The use you intend to make of the yacht - for example, do you need yacht insurance for racing or chartering
The yacht insurer will want information about all these aspects to help with understanding the risk, so you need to answer all the questions on the yacht insurance proposal form before the insurer can give you a quote or provide yacht insurance.
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