A fire started onboard a sleek new yacht. The local fire and rescue team cut a hole in the side and filled it with water until it sank. Although the action was necessary, the owner was told that due to potential fuel leaks he would be fined $30,000 a day until the yacht was raised from the water.
His insurance company retained an attorney who specialized in local environmental protection and a team to secure the area around the yacht. Divers performed an underwater survey and determined that the fuel tanks were still intact. Based on these findings, the coast guard approved a salvage plan that was executed within 48 hours. The hefty fines were waived, and the policyholder was reimbursed for the full hull value within 14 days of the incident.
Does your boat/yacht insurance provide the same or sufficient levels of protection for you?