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Owning a yacht is more than a substantial investment for many people. It’s a symbol of social status, unforgettable sea adventures, and an upper-class lifestyle. Yacht ownership also comes with significant responsibilities, like obtaining yacht insurance. 

Searching for the best yacht insurance companies and coverage options takes a lot of time and research, but at Encore Insurance Group, we make it easy to get the watercraft protections you need. As a top locally owned independent insurance agency with connections to leading insurance providers, our team serves all of Michigan. 

At Encore Insurance Group, we will help you find the yacht insurance policy that best suits your needs. Call today!

Does Michigan Require Yacht Insurance?

Michigan yacht owners have no legal obligation to carry insurance. However, the state requires registration of every boat. If you use a loan to buy the vessel, the lender may require you to carry hull insurance to protect against physical damage to the yacht and its equipment. 

Regardless of whether or not yacht insurance is a legal requirement, it’s always a good idea to have adequate coverage. Unfortunately, there is no way to know what the future will hold. Accidents, injuries, and damages can occur whether the boat is anchored, traveling the sea, or somewhere in between. 

Having yacht insurance protects you financially from unforeseen situations, such as: 

  •       Collisions
  •       Damage to the watercraft and equipment
  •       Personal injuries
  •       Natural disasters
  •       Theft
  •       Vandalism 

As experts in Michigan insurance law, our team at Encore Insurance Group understands the risks of yachting without insurance. That is why our local team works with our clients to procure policies that provide the proper coverage at affordable rates.

Types of Coverage and Liability Insurance for Yachts in Michigan

Not all insurance policies are created equal. Your insurance needs will depend upon the type of yacht you own, where you sail, how you use the vessel, and the frequency with which you use it. 

Other coverage options you might consider for your yacht insurance include: 

  •     All-Risk Protection: Covers almost all damages from weather, submersion, fire, and theft
  •     Agreed Value Protection: Provides compensation for damages at the amount the insurer and policyholder agree to during insurance negotiation
  •     Replacement Cost Coverage: Provides new boat replacement if losses occur within the first three years of purchase
  •     Medical Payments: Covers medical expenses for bodily injuries
  •     Roadside Assistance: Provides assistance for towing and covers damage from transporting the yacht from land to sea

Customized Yacht Insurance

Whether you have a cruiser or a mega yacht, you deserve to protect your investment. Our agents from Encore Insurance Group can help you tailor your insurance policy to include comprehensive and general liability options. However, we can also assist with adding specialized coverages that a standard policy may not cover. 

At Encore Insurance Group, you can get coverage for anything from wreck removal to pollution spills. We’ll be happy to discuss your needs and determine the best additions to include in your policy.

Reasons to Use an Independent Agent to Compare Quotes From Top Yacht Insurance Companies

It takes a lot of work to find the right insurance for your yacht. That’s why Encore Insurance Group specializes in providing exceptional services to every Michigan client. You will always speak to a live, local agent with experience in Michigan insurance law. 

With Encore Insurance, you can rest assured that we will find the best insurance solutions at fair prices.

Receive Your Quote Today From Encore Insurance Group

Don’t risk damage to your yacht without securing quality insurance for the vessel through our team at Encore Insurance Group. As an independent insurance agency serving all of Michigan, we have access to some of the best insurance providers in the industry. Call 248-466-0200 and begin comparing quotes today.