Sea-faring vessels are similar to land vehicles. They both require the owner of the vessel (or the owner’s fiduciary representative) to:
- Acquire the title to the vessel.
- Register the vessel properly.
- Insure the vessel in accordance with the relevant law.
Certain types of vessels do not require this mandatory paperwork. They include kayaks, canoes, small sailboats or lifeboats. Check with local ordinances to confirm the requirements for vessel variations, or, allow Gunther Yacht to take care of this for you.
Another option would be to register the vessel with the federal government of the country where the yacht is home docked. This is important for anyone who plans to traverse the seas in another state or another country. Fortunately, in some cases, obtaining the federal documentation absolves you of the need to register the vessel locally.
Insurance companies are quite strict in their definition of a yacht. Any vessel that is larger than 26 feet in length is determined to be a Yacht. As such, if the vessel exceeds that standard insurance measurement of 26 feet, then the vessel’s owner would be eligible for a specific insurance line for yacht owners.
Similar to standard insurance policies, your yacht insurance will be written with a deductible that must be paid by the insured in the event of an accident or damages. Insurance deductibles may differ and are dependent on the types of coverage needed for property and loss.
Yacht insurance typically reimburses the insured for any loss to the actual physical property. Reimbursement amounts can be contingent upon:
An agreed amount
Actual cash value (ACV) of the vessel; Actual cash value is calculated by the cost of replacing the property minus outstanding depreciation costs
Yacht insurance is available to an insured when:
The vessel has been placed in storage
The vessel is in transit
The vessel is handled by a crew, among other reasons
The reality is yacht insurance policies are offered with more variations than the average insurance policy offered to car owners. Yacht insurance offers a number of discounts that differ from standard auto insurance policies.
Discounts are typically offered for new vessels and for those that keep aboard:
Ship-to-Shore Radio abilities
Out of Service times
Fire Extinguishers that have been determined by the Coast Guard to be acceptable
The completion of safety courses
Diesel Powered vessels
Additionally, a discount on a yacht insurance policy is offered when the same insurance company writes multiple policies for the yacht owner.
In the recent past, it was much more difficult to find a lender willing to offer boat loans to consumers. In today’s marketplace however, it has become a much easier task to find financing for a yacht purchase.
Many yacht-lending specialists, like Gunther Yacht, are members of the National Marine Lenders Association.
Throughout our one and one-half decades of experience, Gunther Yacht has learned that those in search of a yacht often prefer it when the yacht dealer offers financing for their vessel of choice. It simplifies the yacht buying process because the entire purchase can be done with just one professional. It therefore, for the soon-to-be yacht owner, alleviates their need to remain plugged into an annoying paperwork process. Let the yacht-loving employees at Gunther Yacht help you.
The professionals employed by Gunther Yacht have a variety of backgrounds that can help even the most exacting yacht lover when refining their choice in a yacht. They can also help the yacht buyer to receive the most value for their investment.
Gunther Yacht offers its great resources to our clientele. Our specialists can give insight that ranges from pragmatic advice to nuances of a yacht’s technological systems. Gunther Yacht’s financial specialists are trained to tailor a financing package in line with your budget. Additionally, buying and financing a yacht from the same company creates several advantages. They are as follow:
The access to manufacturer incentives and dealer finance programs
Service divisions that are open all year long
Extended warranty programs tailored to suit your needs
Most dealers create exceptional packages that have been carefully designed to meet your financing objectives without a hassle at all. Other financing options include:
90 days same as cash
Low or zero interest as an introductory rate for the financing
Incentive pricing focused on specific models