Insurance is a means of protecting against worst-case scenarios. It is a provision for covering all bases and accounting for every possible eventuality. It is an arrangement that imparts peace of mind when acquiring items of value: House. Car. Laptop. Yacht.

Yacht? Of course. With yacht prices running into the millions, it’s no surprise that owners are eager to insure their pride and joy. It’s not just yachts that warrant a bespoke policy either – dinghy and motorboat insurance is just as popular. Whether your boat is a 12ft inflatable worth a few hundred pounds or an 80ft yacht that cost 100 times as much, insurance is a must.

But who can you turn to for yacht insurance and what are the options available?

While some insurers provide boat insurance as part of their overall service offering, other specialise solely in boat insurance. One such company is Admiral Maritime. Their Admiral Yacht Insurance brand has been offering boat insurance for over 20 years, with a focus on large sailing and motor yachts. They offer cover against damage, theft and acts of god as well as accounting for personal property and liability to third parties.

Noble Marine Insurance is another specialist provider. They will provide a quote for any UK-based yacht that’s less than 20 years old. Elsewhere, Bishop Skinner Marine Insurance offer dinghy insurance and yacht insurance. They offer cover against accidental damage, including fire and theft as well as third part indemnity to the tune of £3 million. Their yacht insurance policy also promises a 25% no claims bonus.

Online brokers Insure-A-Boat.co.uk offer a comprehensive range of policies, including jet ski, dinghy, yacht and super yacht insurance. They cover yachts up to 25 years old and offer cover against a range of scenarios including underwater hull damage and outboard motors dropping overboard.

Should you have more specific requirements – you need to insure your paid crew for example – Pantaenius Yacht Insurance has the solution. Their maritime policies can be tailored to suit your needs and incorporate an extensive range of options.

If you’re thinking about insuring your yacht, dinghy or motor boat, shop around to discover the best deal. Most firms will provide an instant online quotation. Simply fill in a few details and you’ll be given a quote for insuring your boat. It’s not all about price of course; you’ll also want to read the fine print to determine the level of cover you’re being offered. For example, if you’re rarely going to stray more than a few miles from British shores, odds are you’re not going to require cover against war, terrorist and civil commotion risks. Obtain an appropriate – but not excessive – level of cover and try to plump for a policy that offers a no claims discount, as this has the potential to save you money further down the line.

With Emerald Pacific Yachts selling the Horizon Skylounge for over $6 million, it’s easy to see why yacht insurance is a must. A 90ft yacht may be a luxury but insuring it is a necessity.