The Yacht Insurance Saga: How We Almost Missed the Boat

October 15, 2023 –

When you think about buying a yacht, you imagine the open sea, breathtaking sunsets, and a life filled with adventure. What you don’t picture is the fine print of yacht insurance throwing a wrench into your dreams. But oh, it did. What should have been a straightforward process turned into a whirlwind of hurdles, stress, and ultimately, relief. Here’s how it all went down.

The Wake-Up Call

Our yacht buyer broker Scott had been fantastic throughout the buying process, offering sage advice and keeping us grounded. But when he brought up yacht insurance, we were caught off guard. “Make sure you can qualify before finalizing the purchase,” he warned. It sounded simple enough—until it wasn’t.

As it turned out, qualifying for yacht insurance isn’t just about owning a boat; it’s about proving you know how to handle one. Wade, who’s no stranger to the helm, was blindsided by one crucial detail: insurers will only cover you for boats up to a certain size unless you’ve proven experience with larger vessels.

Our new boat was 10 feet longer than anything Wade had ever captained and 16 feet longer than anything we had ever owned. That difference was almost enough to sink the deal before we even started.

A Captain’s Credentials

Cue the scramble. Wade, a USCG OUPV (6 Pack) Captain had to dig through his captain’s log to provide documentation of his experience—thank goodness we’d taken the time to keep it detailed and up to date. But even then, it wasn’t enough. The only thing that saved us was our time bareboat chartering Power Cats in the British Virgin Islands. Those glorious 42+ foot beauties? They saved the day.

The insurance company finally agreed that Wade’s experience was sufficient to qualify for coverage. Still, it wasn’t just about his skills—it was also about timing.

The Race Against Hurricane Season

As if qualifying for insurance wasn’t enough, we were still in hurricane season. The boat was in Hilton Head, which was not an area a new policy could be underwritten during Hurricane Season but working with the insurer we were granted a coverage rider if we agreed to delay the closing until the last 15 days of hurricane season, assuming no active storms and get the boat above the insurance line of Morehead City, NC within 1 week of closing. The logistics were dizzying. Coordinating the move, securing a policy, and arranging transient slip rentals along the way.

Smooth Sailing Ahead

In the end, we made it. The insurance came through, the boat was safely relocated to the Chesapeake Bay, and we could finally relax. Looking back, the process was a nightmare, but it was also a crash course in resilience, preparedness, and the importance of having the right team in your corner.

Now, as we stand on the deck of our new boat, watching the sun dip below the horizon, we can laugh about the chaos that brought us here. Because in the end, the bumps in the road (or waves in the water) only make the journey that much more unforgettable.

Here’s to weathering the storms—literal and metaphorical—and coming out on the other side, ready for the next adventure. 🛥✨