Your Yacht Insurance Policy is one of the most important items aboard. Many owners have never read their policy or its exclusions, which dictate the coverage you may not have, in the event of a loss. All boaters should read their policy to determine whether it is an all-risk policy, which covers virtually any peril, or a named-peril policy which covers specific losses. You should determine if your policy is for a stated value in the event of loss, or actual cash value, where the loss is paid at a depreciated value. Such factors may mean a difference of $1,000(s) of dollars, in the event of a loss. The exclusions, which your policy contains, may prevent recovery from manufacturer’s defects, normal wear and tear, and mechanical breakdown. Read your policy before a loss, as afterwards, it may be too late.