Refit yacht insurance

A refit is not a repair, it is an investment. New engine, new rig, new wiring, a reworked deck: on a twenty-metre yacht that quickly adds up to six-figure sums, and the market rewards it. The calculated market value does not; it only knows the year of build.

So every major refit belongs in the policy, with invoices. Yard invoices, material receipts and photographs become an agreed value that fixes the condition after the work. Skip it and you keep paying premium on the old value and receive the old value in a total loss. The opposite is just as expensive: an inflated agreed value without proof is examined in a claim and cut.

During the work itself a separate question applies: who is liable while the boat sits in the yard? For the period ashore and in the yard the yard’s cover normally responds, but not for everything and not at every limit. Settle before you start what your policy does in this phase, especially when the hull is opened or the rig is out.

What proof do I need?

Yard invoices, material receipts and photographs of the condition. From these the agreed value is built, with a valuation survey added at larger sums.

Is my boat covered during the refit?

Partly through the yard, partly through your policy. Tell us in advance and we check the gap instead of finding it in a claim.

Can I simply raise the agreed value?

Only with proof. An unsupported increase costs premium and is examined in a claim anyway.

Classics Establishing the value The agreed value

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