Mega Yacht Insurance

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Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Mega Yacht Insurance

Yachts are high in value and larger than average pleasure boats. Mega yachts up the ante even more. According to the Yacht Council, the general rule of thumb is that a mega yacht tends to be over 100 feet in length, has multiple levels and superb construction, often including ornate or luxury interior features. 

Mega yachts, luxury yachts, super yachts, or “floating villas” as they are sometimes called, need their own insurance policies beyond what a regular boat policy would cover.

Mega yacht insurance can protect your investment in your vessel. Independent agents work with several different insurance companies and will be able to provide you with quotes for specialty coverage like mega yacht insurance. 

Contact an independent insurance agent to get started today.


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Recent Yacht Facts 

  • Cabin motorboats, which include yachts, accounted for 14% of all boating accidents
  • Operator inattention was cited as the No. 1 cause for accidents involving cabin motorboats
  • Only about 20% of all boaters who drowned were on vessels larger than 21 feet

What Is Mega Yacht Insurance and What Does It Cover?

Mega yacht insurance is a specialized type of boat insurance that covers very large yachts, generally longer than 100 feet. These are usually privately owned yachts with a professional crew. 

Some have motors while others are sailing vessels, like the America’s Cup ships. While many of these boats are for personal use, they are also commonly used for commercial charters or tours.

Like yacht insurance or most other boat insurance, mega yacht coverage can provide several types of protection, including:

  • Liability coverage: This policy is for coverage if you are at fault for another person’s injuries or property damage.
  • Comprehensive coverage: This is for storm or other “non-collision” damage to the yacht.
  • Collision coverage: This is to pay for loss or damage due to an accident.

There are other types of coverage and options for increasing the amount of coverage as well. For example, some of the additional coverage you could consider might be:

  • Extra liability insurance: If you have significant assets to protect, it’s a good idea to increase your liability coverage for unforeseen incidents that could require legal defense or a significant judgment against you. You may also want to buy an umbrella policy that can provide liability protection at much higher limits, such as $5 million.
  • Personal property protection: You can add this coverage for valuables you bring on board, protecting you from loss, damage, or theft. You can also get medical coverage in case passengers are injured while on your yacht.
  • Towing: Breakdown and towing assistance help in case you are stranded on the water and/or need on-land towing.

There are other specific coverage types available in certain states. Your agent can go over those with you to determine the best fit for your situation.

Why Buy Mega Yacht Instead of Standard Yacht Insurance?

Mega yachts, also called super yachts and luxury yachts, tend to be handled differently by insurance companies because they are so large and because they usually have professionally trained crews. These vessels also typically have several cabins for overnight trips. 

Being so large, they are often hard to navigate, and their overall value can make them very expensive to repair or replace. Mega yacht insurance tends to take the professional crew into consideration, while regular yacht insurance generally presumes the owner is the primary operator and might not be professionally trained.

What If My Mega Yacht Is Only for Commercial Use?

Super yachts or mega yachts can be great for chartered tours or serving as party ships. Whether this is one of a fleet of yachts or your charter business is a one-ship entity, getting insurance for the yacht is important. 

Your state may require at least some minimal liability protection for passengers if you are using a yacht for commercial use. Be sure to describe your intended use to your agent so your agent can go over the coverage options that might be necessary for commercial use versus personal use.

Are There Special Circumstances to Consider?

Mega yachts are very large vessels, and because of that they tend to be hard to navigate and don’t have very high speeds on the water. These large vessels are also nearly impossible to haul by ground on a trailer. They tend to be at risk for weather damage from tropical storms or very high waves. 

Mega yacht insurance policies tend to have limitations on taking a yacht on a trailer very far or across state lines, largely because of safety concerns and the fact that each state has different regulations regarding land transport for yachts. What works in your home state might not be adequate in another.


Save on Boat Insurance

Our independent agents shop around to find you the best coverage.

How Much Does Mega Yacht Insurance Cost?

Mega yachts are very large and very expensive, so it makes sense that this type of insurance can be costly. Rates vary by state and by insurance company, so it’s important to shop around. 

An independent agent can help assess your situation so that you don’t have to buy too much or too little coverage for your mega yacht. The factors that will go into your premium will include whether the yacht is for personal or commercial use, how often you will use your yacht, whether you cross state boundaries, and the value of the vessel.

A local independent insurance agent in our network can help you get the coverage you need. These agents offer personalized service, an in-depth assessment of your situation, and coverage that is tailored to your needs. 

Your agent will be able to help you with all of your insurance needs, and will be there to help you if you need to file a claim. Find a local member agent to get started comparing policies and quotes today.

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