A yacht purchase is a very substantial investment, and is just as important to insure as a home would be. In addition to protecting it after the purchase in made, there are a number of decisions to make and factors you should look for before you buy.
For example, you should ask yourself what size boat would be best for you. Do you want a boat you can pull on a trailer? How often to you plan on using your boat? How much do you want to pay, what is your price range? Would you like a brand new yacht, or are you okay with a used one? Once you’ve determined these factors, the next step is to find the boat.
Be sure to inspect the yacht you are purchasing, whether you are buying it new or used. You’ll want to take it for a test drive on the water as well as having an out-of-water inspection. The different components you will want to examine are; the batteries, the bilge, the deck (including the hardware), electrical systems, the engine, the floors an siding, the fuel tanks, the hull, the upholstery, and the propeller, shaft, riggings, sails, steering, throttle, and any other operational controls.
If you are purchasing a used yacht, you will want to know as much about its history as possible, such as how many hours it’s been on the water, if it’s been kept in storage, how far it has traveled, and if there are any maintenance records.
When having your boat examined, it could be a very good idea to hire a professional to assist with the inspections; to be sure you don’t miss anything. Take time to educate yourself by speaking with professionals and consulting in boat buying guides.
The Yacht specialists at Sinclair will protect your investment by providing you with an individualized risk assessment and tools to help reduce or even eliminate risks that threaten your fair-weather asset. To learn more, at your leisure please call us at 203.265.0996