Luxury Yacht Insurance can be a minefield, with so many companies battling it out for your custom. However, this can also prove beneficial to your quest – fierce competition means that you have the power when it comes to discussing the features and price.
First and foremost, your yacht insurance provider should have excellent customer service and support. It is likely that at some point you will want to make a claim – so this is an area that should not be overlooked. Look for reviews on all of the yacht insurance companies in your shortlist, and be sure to read through everyones opinions in an impartial way. Make the effort to ring the company and ask how many disputes they have successfully handled, and those they have failed (or success %).
Read through the yacht insurance policy thoroughly and compare at least three policies. Remember, you are the one paying the money so it pays to weight out the benefits and drawbacks to each of them. Beware of policies that seem to offer much more than the competition, but at a significantly lower price.
Lastly, request the accounts (annual report) of the companies competing for your yacht insurance signature. It’s essential that you know the company has sufficient solvency value to protect yourself.
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