Elite Yacht Program® Terms and Coverages

Significantly Increased Coverage

ACE provides among the highest levels of insurance coverage available to protect you and your onboard guests, as well as your vessel and other assets.  The policy coverages included in the Elite Yacht Program are commensurate with the considerable value you’ve invested in your yacht, therefore we’ve included increased protection for many major coverages.  Please page down to view detailed coverage descriptions, or download our Elite Yacht Program Promotional Sheet.

Unsurpassed Coverage

Our program provides protection to high net worth clients through valuable features such as Hull Deductible Waiver and Deductible-Free Coverages, and our Legal Defense Protection is provided in addition to the Liability Limit. 

Exceptional yachts require specialized insurance protections and the Elite Yacht Program includes many valuable benefits and features including:

Unique ACE Feature - Hull Deductible Waiver

The most unique feature of the ACE Elite Yacht program is our Hull Deductible Waiver.  What this means is that when a covered claim exceeds the Hull Deductible amount, no deductible will be applied.  For example - if the Hull Deductible amount is $100,000 and a covered claim is $200,000 then no deductible would apply.  Additionally, we will not apply a deductible if your yacht is deemed a total loss or for losses to navigation or communication equipment, tenders and personal watercraft.

Legal Defense Protection

Any payments you may receive for the cost of your legal defense, related to ownership or use of the insured vessel, will be in addition to your liability limit.  This is especially noteworthy as most other policies simply combine any defense costs into a single liability limit, whereas our policy in effect provides an additional level of protection. 

Worldwide Navigational Limits

ACE will work with you in customizing your Navigational Limits based upon the capabilities of you, your vessel and crew, and your desire to see the world from your favorite vantage point – your yacht.

Rental Reimbursement

In the unfortunate event your vessel is out of commission due to serious damage, sustained in a covered loss, you may be eligible to receive up to $150,000 per policy period, for the charter of a similar vessel. 

Non-Owned Vessel Coverage

The Elite Yacht Program protects you while operating other vessels, whether a surrogate yacht or any other you’re permitted to operate.

Occasional Charter Coverage

Our policy has Occasional Charter Coverage built in automatically, meaning you are not required to obtain an endorsement every time the vessel is used for an occasional charter.
 

Loss of Charter Income

If your vessel is rendered unusable due to a covered loss, you may be eligible for the reimbursement of the lost charter income up to $100,000 per policy period under your Elite policy. 

Excess Pollution Liability Coverage

If your vessel is over 300 gross tons, this coverage is excess over the Water Quality Insurance Syndicate coverage.

Marine Environmental Damage

Damage to coral reefs and other marine environmental damage is covered, along with up to $50,000 in governmental fines and penalties.

Marina as Additional Insured

For added convenience, the yacht club, marina or similar facility where the insured yacht is kept is added as an additional insured automatically.

Mooring or Slip Rental Agreement Waiver

When waiver of subrogation is required through a written contract by a yacht club, marina or similar facility used for the purpose of storage or slip rental, the ACE Elite Yacht Program will allow an insured to waive their rights to subrogation.
 

Physical Loss or Damage

Provides coverage for accidental, direct physical loss or damage from an external cause, as well as Protection Against Loss, with few exclusions.  Coverage applies to the yacht itself and includes sails, machinery and other equipment normally required for the operation and maintenance of the yacht.  Hull coverage is “agreed value” on total losses and replacement cost (with no depreciation) on most partial losses, and may be subject to a deductible.  (See “Hull Deductible Waiver” above.)

No depreciation applies on the following items (new for old loss settlement):

• Machinery inside the vessel
• Personal Watercraft
• Personal Property
• Crew Personal Property

The items that are subject to depreciation (including canvas coverings, sails, outboard motors and outdrives, trailers) are not depreciated unless they are five years or older.  Since most of these items are generally replaced every three to five years on a quality mega-yacht they may not be subject to depreciation.
 

Liability

Covers the insured’s liability for property damage, bodily injury or death or another person resulting from the ownership or use of the insured yacht.  Also covered are legal defense costs, the cost of wreck removal when required by law, and the owner’s liability to any paid crew, including Jones Act coverage.  Pollution and contamination coverage is also provided up to the Liability limit or the Oil Pollution Act statutory limit (currently $854,000), whichever is greater.  We also offer, subject to a separate sub-limit, liability coverage for Personal Watercraft and Tenders.

Medical Payments

This coverage pays for reasonable medical expenses, for you and your guests, that result from injuries sustained by the yacht owner, guest or family members while on, boarding or leaving the covered yacht.  The coverage limit applies on a “per person” basis.

Uninsured Boaters

Uninsured Boater benefits cover damages resulting from bodily injuries received aboard an insured yacht that its owner is legally entitled to recover from an uninsured owner or operator of another vessel.  A coverage amount equal to the Liability limit is included subject to a maximum limit of $2,000,000.

Captain and Crew Coverage

The Elite Yacht Program extends liability coverage to the captain and crew members serving the insured yacht.  Also, in many cases, declared temporary crew members are automatically covered when they join those employed onboard the insured yacht.

Federal Longshoremen’s and Harbor Workers’ Compensation

The Elite Yacht Program also provides coverage (when Liability coverage is purchased) for any liability the insured yacht’s owner incurs under the jurisdiction of the Federal Longshoremen’s and Harbor Workers’ Compensation Act, during the term of the policy.

Fine Arts Coverage

Up to $100,000 in Fine Arts aboard the vessel is covered under your Elite policy. 

Personal Property Coverage

Personal property belonging to the yacht owner and his/her family and guests, is covered up to a limit customized for each circumstance, with no per-item limit. 

Towing and Assistance

Reimbursement for emergency commercial towing service, up to $100,000, with no deductible.

Trailer Coverage

We will pay expenses incurred for commercial towing and assistance if a covered trailer used exclusively for transporting dinghies, tenders or personal watercraft is disabled. 

These bonus advantages make our plan even more impressive:

·    Physical Damage for motorcycles, mopeds or motorbikes while aboard your yacht.

·    ACE provides “Blue Cards” for Mediterranean cruising – required as proof of insurance in Italy, Spain and Greece – free of charge.

* The information, material and descriptions contained herein are intended to be a summary in nature and only provide a general overview of the types of coverage and concerns boaters should consider when selecting insurance for their boat or yacht.  Any description(s) of insurance coverage herein shall not amend, modify, replace alter or otherwise change the terms, conditions, limits, provisions, exclusions or endorsements contained in any policy issued by us.  Please consult your policy for precise terms, limits, exclusions or endorsements contained in any policy issues by us.  Please consult your policy for precise terms, limits, exclusions and conditions.  The description(s) and material(s) contained herein shall not provide a basis for a legal relationship between us and any potential or existing customer and gives no cause to anyone for claims, demands, assertions or other rights towards us, either on a contractual or non-contractual basis.  All rights reserved.

The availability of the Elite Yacht Program may vary by state.

What would you like to do next?

·    Go back to Yacht Insurance Services.

For Customers:

·    Locate an ACE Recreational Marine Insurance Agent.

For Agents & Brokers:

·    Download and print an Elite Yacht Application.

·    Contact a Field Office – office directory.