Worldwide Yacht Insurance
World Yacht Insurance is a yacht-insurance introducer for London Marine Insurance Services Ltd, a Lloyd's-accredited broker, arranging hull & liability cover up to $5M for sail and motor yachts worldwide, including the Caribbean. Cover is written on an agreed-value basis, with quotes in about 48 hours.
Agreed-value hull and liability yacht insurance for sail and motor yachts cruising anywhere, from Florida to the Caribbean, the Mediterranean and beyond.
- Lloyd's market
- Underwriting capacity
- FCA 308599
- London Marine Insurance Services Ltd
- Up to $5M
- Agreed value in-house
- ~48 hours
- Typical time to quote
What worldwide yacht insurance covers
A worldwide yacht insurance policy covers hull and machinery on an agreed-value basis, third-party liability, protection and indemnity for crew, salvage and wreck removal, medical payments, personal effects, emergency towing and pollution liability. Wear and tear and cruising outside the agreed limits are not covered.
Covered as standard
- Hull and machinery on an agreed-value basis
- Third-party liability up to the policy limit
- Protection and indemnity, including paid crew where the Jones Act applies
- Salvage and wreck removal
- Medical payments
- Personal effects on board
- Emergency towing and assistance
- Pollution and fuel-spill liability
Not covered
- Normal wear and tear and gradual deterioration
- Unseaworthiness and poor maintenance
- Cruising outside the agreed navigational limits
- Named-windstorm damage without a signed hurricane plan
- Trimarans, ferro-cement hulls and cigarette boats
Loss-of-charter-hire cover is available as an endorsement for owners who charter their yacht.
How much does yacht insurance cost?
Yacht insurance typically costs 1% to 1.5% of the yacht's agreed value per year, based on London Marine Insurance Services indications. A $500,000 yacht runs roughly $5,000 to $7,500 a year. Cruising area, age, survey results and claims history all move the figure.
| Agreed value | At 1% | At 1.5% |
|---|---|---|
| $100,000 | $1,000 | $1,500 |
| $250,000 | $2,500 | $3,750 |
| $500,000 | $5,000 | $7,500 |
| $1,000,000 | $10,000 | $15,000 |
| $2,500,000 | $25,000 | $37,500 |
| $5,000,000 | $50,000 | $75,000 |
What moves your premium
- Cruising area, including time inside the Caribbean hurricane box
- Vessel age and marine-survey results
- Claims history
- Whether the yacht carries paid crew
Common questions, answered directly
- A $200,000 yacht: roughly $2,000 to $3,000 a year.
- A $500,000 yacht: roughly $5,000 to $7,500 a year.
- $1,000,000 of liability sits inside the protection and indemnity section and is priced by underwriters, not sold on its own.
These figures are indicative only and not financial advice. Your final premium is set by the underwriters at London Marine Insurance Services after a full review.
Worldwide navigational limits and the Caribbean hurricane box
Worldwide, or ocean, navigation cover extends to virtually any navigable waters, including the Caribbean, the Mediterranean and Mexico. The one hard seasonal condition is the Atlantic hurricane box: named-windstorm cover needs a signed hurricane plan and a 10% deductible from June 1 to November 30.
Cruising-ground pages
The Caribbean hurricane box, at a glance
- The Atlantic hurricane season runs June 1 to November 30, per NOAA.
- Named-windstorm cover needs a signed hurricane plan.
- A 10% named-windstorm deductible applies during the season.
- Croatia carries doubled deductibles.
- Cuba, Haiti and Venezuela are restricted or excluded.
Season dates: NOAA National Hurricane Center. nhc.noaa.gov
Agreed value vs actual cash value
Agreed value pays a fixed sum you set with the underwriter at the start, with no deduction for depreciation on a total loss. Actual cash value pays market value at the time of loss instead. World Yacht Insurance policies are written on an agreed-value basis up to $5M in-house.
| Agreed value | Actual cash value | |
|---|---|---|
| Total-loss payout | Fixed sum agreed up front | Market value at time of loss |
| Depreciation | None applied | Deducted every year |
| Premium | Slightly higher | Lower |
| Best for | Cruising and bluewater yachts | Older, low-value craft |
Who we cover, and the yachts we cannot
World Yacht Insurance arranges cover for sail and motor yachts, catamarans, liveaboards, bareboat and skippered charterers, bluewater cruisers and superyachts above $5M through the Lloyd's market. A few hull types and uses fall outside the appetite, and we state them plainly.
Yachts and uses we cover
What we cannot cover
- Trimarans
- Ferro-cement hulls
- Cigarette boats
- Charter use without a charter endorsement
- Older or larger yachts without a marine survey
Owners who charter their yacht can add loss-of-charter-hire cover, which pays €600 per day for up to 67 days when an insured loss stops the yacht earning.
Specialist yacht cover, backed by the Lloyd's market
Lloyd's-market pedigree
Cover is arranged through London Marine Insurance Services, a Lloyd's-accredited broker, so your yacht sits behind Lloyd's of London capacity.
Worldwide, including the Caribbean
Ocean navigation cover follows you across borders, unlike US carriers that stop at the coastline.
Agreed value up to $5M
In-house authority settles agreed value up to $5M, with larger risks placed in the Lloyd's market.
Honest, published terms
Deductibles, the premium band and every exclusion are stated up front, straight from the policy wording.
Quotes in about 48 hours
A short pre-qualifying form goes to the LMIS producer desk, which returns quotes within about 48 hours.
How to get a worldwide yacht insurance quote
Getting a worldwide yacht insurance quote takes four steps. You share the vessel and cruising area, we pre-qualify and pass it on, and London Marine Insurance Services returns Lloyd's-market quotes within about 48 hours.
World Yacht Insurance is an introducer for London Marine Insurance Services Ltd, a Lloyd's-accredited broker authorised by the Financial Conduct Authority under firm reference 308599. FCA register (firm 308599).
- 1
Tell us about the yacht
Share the vessel type, year, length, agreed value and where you plan to cruise.
- 2
We pre-qualify your details
World Yacht Insurance checks eligibility and passes your details to the London Marine Insurance Services producer desk.
- 3
LMIS quotes from the Lloyd's market
The producer desk returns terms, usually within about 48 hours.
- 4
You review cover and bind
Check the agreed value, deductibles and navigational limits, then confirm to put cover in place.
Yacht insurance questions, answered
How much does it cost to insure a yacht?+
Yacht insurance typically costs 1% to 1.5% of the yacht's agreed value per year, based on London Marine Insurance Services indications. A $500,000 yacht runs roughly $5,000 to $7,500 a year. Your cruising area, the vessel's age and survey, claims history and crew all move the figure. This is indicative only and not financial advice; final premiums are set by underwriters.
What is not covered under a yacht policy?+
Standard exclusions include normal wear and tear, gradual deterioration, unseaworthiness, and cruising outside the agreed navigational limits. Named-windstorm damage is not covered unless a signed hurricane plan is in place, and it then carries a 10% deductible. We cannot insure trimarans, ferro-cement hulls or cigarette boats.
Does yacht insurance cover worldwide and Caribbean cruising?+
Yes. Worldwide ocean navigation cover extends to virtually any navigable waters, including the Caribbean. During the Atlantic hurricane season, June 1 to November 30, named-windstorm cover requires a signed hurricane plan and carries a 10% deductible.
What is agreed value and why does it matter?+
Agreed value means the insurer pays a fixed, pre-agreed sum on a total loss with no deduction for depreciation, unlike actual cash value which depreciates over time. Policies arranged through London Marine Insurance Services are written on an agreed-value basis up to $5M in-house, with larger risks placed in the Lloyd's market.
How much is $1,000,000 of liability cover for a yacht?+
Third-party liability is bundled into the protection and indemnity section of a yacht policy rather than priced as a standalone product. The cost depends on vessel size, cruising area and crew, and is set by underwriters. Complete the pre-qualifying quote form and London Marine Insurance Services returns quotes within about 48 hours.
Ready for a worldwide yacht insurance quote?
Send us the yacht and cruising area. London Marine Insurance Services returns Lloyd's-market terms within about 48 hours.