Boat Insurance for Caribbean Yachts

The annual damage to yachts moored in the US Gulf States and the Caribbean caused during the annual hurricane season, can run into billions. Make sure that your Boat insurance cover is up to date, with particular regard to the small print and exclusions for hurricane damage .

One of the major providers of cover for yachts throughout Caribbean region and marine underwriters at Lloyds of London, Yachtline Insurance, are warning that many yacht owners are finding that they are not covered having not complied with the minimum requirements for their policy or taken out or declared the additional hurricane windstorm cover.

Yachtline advise that no matter who your boat insurance company is, you should review the requirements for hurricane yacht and boat insurance which are stipulated in your policy wording and documents. Make sure you read the small print carefully.

Caribbean Yacht Insurance covers all damage from hurricanes to boats in the affected area defined as north of 9 degrees North and south of 35 degrees North, west of 55 degrees West and east of 100 degrees West. For Insurance cover purposes this area is defined as the region west from the Venezuela coast and Trinidad in the South to Cape Hatteras in the north.

The Hurricane season runs from June 1st to November 30th and all laying up conditions and procedures must be observed during this period for the yacht insurance to remain valid.

Monohull boats kept out of the water, should be protected in a purpose built cradle made of prefabricated steel. Heavy duty webbing should be applied to the cradle to anchor it down at at least four anchor points. All catamarans should be securely laid up ashore and anchored as above.

Mast removal and storage on racks attracts cheaper yacht insurance premiums and should be observed if declared. However masts removed and properly attached to the hull is usually sufficient.

All sails should be preferably stored safely, and all loose articles properly lashed down. If the boat cannot be removed from the water then stern mooring and guardianage should be arranged with the marina owners.

If boat owners take the simple precautions as laid out in their policy then the number of claims and losses disallowed will reduce. Follow the instructions given when making a yacht hurricane area policy declaration.

More information regarding Boat insurance for hurricanes can be found at Yachtline's website.