We are pleased to announce that a new yacht policy form has been eleased for any new business and renewal business issued on or after Monday, August 10, 2015.* The new form will be attached to all new business and an announcement and a copy of the new form will accompany renewals for the next term.
The old form, labeled IMUYT 100 (10 09), has been replaced with Form IMUYT 100 (02 15).
Some highlights of the revision include:
- The definition of Family Members has been expanded to include persons related by civil union.
- Protection and Recovery Expenses have been expanded to include expenses incurred while protecting the covered yacht from an impending storm once a tropical storm watch is issued for the area where the covered yacht is located.
- Non owned Yacht has been expanded to include occasional rental of a similar vessel to that which is insured.
- A depreciation schedule has been added for partial losses.
- Windstorm Deductible is now applicable to Named Storms.
- The total loss of a scheduled trailer will be settled on agreed value.
- Illegal activity has been removed from the illegal purpose exclusion.
Click here to access a copy of the new policy>>
* Not applicable in all states.