MYIMYI

Yacht Insurance Glossary

Key terms and definitions explained in plain English

Claims

Total Loss

When repair costs exceed the yacht's insured value or the vessel is completely destroyed

Coverage Types

Hull and Machinery

Physical damage coverage for your yacht's structure and equipment

Protection and Indemnity (P&I)

Liability coverage for injury to others and property damage

Policy Structure

Actual Cash Value (ACV)

Policy that pays depreciated market value at time of loss

Agreed Value

Policy valuation method where you and insurer agree on your yacht's value upfront

Depreciation

Reduction in value over time due to age, wear, and use

Policy Terms

Lay-Up Warranty

Requirement to haul out or secure vessel during specific periods

Marine Survey

Professional inspection of a yacht's condition, systems, and seaworthiness

Named Storm Deductible

Higher deductible that applies during named hurricanes and tropical storms

Navigation Limits

Geographic boundaries where your policy provides coverage

Learning Guides

Yacht Insurance Overview

Complete guide to coverage types and costs

Agreed Value vs ACV

Compare policy valuation methods

Deductible Calculator

Calculate hurricane deductible exposure