Whether you have purchased a brand new or pre-owned vessel from a yacht rebuild services company in Dubai, UAE, you are now a boat owner. There are some points, however, that you have to keep in mind before you slip into the role of a boat owner.
Insure your boat
First, you must insure your yacht against liability risks and physical damage. Your boat insurance policy in this instance is very similar to your auto insurance plan. However, several common insurance plans provide provisions just for boats. For instance, if your yacht were to experience difficulty in a marina, a specific fuel-spill liability policy would shield you from clean-up claims or third-party losses brought on by the unintentional spillage of oil or fuel.
Your boat insurance would cover the cost of repairing or replacing the trailer if you were involved in an accident while towing your boat to or from the yacht repair. Your auto policy would cover the liability if your trailer were to accidentally injure someone or cause property damage. Verify the plans to make sure you have sufficient coverage.