If you own a yacht and have been pining to take it on an extended voyage, you will want to report your plans to your insurance company, otherwise you may not be covered if you have an incident.
When you purchased your yacht, or last renewed your policy, you were most likely required to declare your navigation area — essentially the boundaries of the waters you intend to sail. If you go beyond this navigation area, any damage your vessel sustains may not be covered by your insurer.
Insurance coverage can get more complicated and costly if you are planning a major voyage, like crossing an ocean to Asia or Europe or sailing to South America. In those cases, you may find that your current carrier won’t cover your vessel beyond a certain distance from the shores of the United States.
If you are planning a longer voyage, it’s important that you plan ahead. Insurance and Planning a Major Voyage in Your Yacht