10 Common Yacht Accident Risks and Claims

Buying a yacht is a great way to enjoy a relaxing time at sea, but it also comes with many potential risks. From malicious damage and theft to accidents such as collisions and sinkings, each of these can lead to heavy losses. In this article, we will discuss in detail the yacht in the use of the process of common accidents may encounter, for boat owners to bring practical coping strategies and preventive guidelines.

1. Malicious damage to the yacht

When owning a yacht, it's not just the damage that the weather can bring to your yacht that you have to consider; malicious damage is also a common occurrence in yacht insurance claims. For example, someone whose sailboat's internal valves have been maliciously vandalized, causing water to enter the boat, has no choice but to file an insurance claim. Most malicious incidents occur while the owner is away from the yacht, which is why it's important to protect your property by purchasing specialized yacht insurance to minimize losses in the event of such malicious incidents.

2. Yacht theft

Yacht theft accounts for a high percentage of all yacht insurance claims. Motorboats are often a prime target for thieves, and August is a high time of year for yacht theft. Fortunately, there are many ways to help you guard your yacht from the risk of theft. For example, installing anti-theft devices such as the Digital Encoded Security System (DESS), marking the hull of your yacht and taking photos for future identification are all effective measures to prevent your yacht from being stolen.

3. Theft of items from yachts

There are many kinds of items stolen from yachts, among which outboard engines and generators are the most common. Moreover, most of these thefts are concentrated in the warmer weather period from April to September each year. In order to avoid theft on your yacht, you should take effective measures to protect the items on your yacht. Specifically, you can start by compiling a detailed and real-time updated list of your yacht's belongings so that you know exactly what items are on board. At the same time, in all kinds of items a good personal identity mark, for example, your zip code will be marked on it, so that even if the items are stolen, it is also more helpful to retrieve.

4. Lost Yacht

While cruising on a yacht can greatly enhance the boating experience, the loss of a yacht can be very costly. A boat owner once lost a $42,000 motorboat in a storm and had to file an insurance claim. In order to avoid this situation, boat owners can browse some related websites and forums to learn how to fix the yacht firmly.

5. Yacht collision with underwater objects

Yacht collision with underwater objects is also a common yacht insurance claim, this kind of accident is very troublesome for boat owners. This is due to the owner's inexperience, being in unfamiliar waters, cloudy water, or floating debris on the water surface. To reduce the risk of your yacht colliding with an underwater object, you can install a GPS device so that you can be aware of your location at all times. If you plan to travel to unfamiliar waters, you can consult other boat owners who are familiar with the local conditions. In addition, watch out for floating objects in front of your yacht and changes in tidal currents around you in order to determine whether there are any unknown objects underwater.

6. Yacht collision with other vessels

Collisions between yachts and other vessels are the number one cause of yacht insurance claims. Typically, collisions tend to occur when crew members make mistakes, such as improper maneuvering, or when the yacht is driven too fast to react to another yacht coming in the oncoming direction. Of the various types of vessels, motorboats are the type that most often collide with other vessels. These types of collisions are often costly and can result in up to thousands of dollars in damages.

7. Fire

With all the advanced fire alarm and detection systems on the market today, fires on yachts are becoming less and less common. However, when they do occur, they can still lead to the scrapping of the yacht and significant damage. Fires can be caused by electrical faults, explosions and so on. To avoid fires on yachts, owners should equip their yacht with fire extinguishers and make sure that they are within their validity period, as well as checking that there are no oil leaks from the engine and that the electrical connections are in good order.

8. Yacht damaged by storms

Don't think that yachts only suffer storm damage from hurricanes, in fact, even just a strong gust of wind can cause damage to the equipment on the yacht, which can lead to costly claims. For this reason, it's important to check out key information such as wind speed, direction, wave heights and tides before you go out on the water each time. If you know where to get this information, follow the weather forecasts and shipping forecasts.

9. Yacht sinking

Yacht sinking is usually one of the costliest yachting accidents, with some related claims amounting to tens of thousands of dollars. The damage caused by a sinking yacht can range from minor damage to the engine control system to the total loss of the entire yacht. Even so, many owners feel that their yacht will sink in the worst-case scenario, but in reality, bad weather, excessive hull corrosion, and loose moorings can cause a yacht to sink.

10. Stranding

A yacht that runs around can not only cause serious damage to the hull structure but can also expose you to huge financial losses. Similar to sinking a yacht, insurance claims for groundings can run into tens of thousands of dollars and may even put your yacht out of commission. Yacht groundings can be caused by accidentally hitting a reef while sailing at night. If your yacht has been damaged by a grounding, do not continue sailing on it until it has been thoroughly inspected to make sure there is no water in the bilge.