Imagine this: a serene day on your yacht suddenly disrupted by an accidental collision at the marina, a private jet grounded due to an unexpected mechanical failure, or an exotic car involved in a minor mishap requiring specialized repairs. For high-net-worth individuals, these assets symbolize much more than luxury—they’re milestones of success, passions brought to life, and significant investments. However, these very assets also carry unique risks that standard insurance simply cannot address.

Without tailored protection, you risk exposing your financial security to unexpected events. Here’s why comprehensive insurance from the right carrier for yachts, jets, and exotic cars is essential—and how it ensures peace of mind.

 

 

Protecting Luxury Investments

Did you know that the average cost of a private jet is between $3 million and $90 million? Or that some exotic cars, like the Bugatti Chiron, exceed $3 million in value? Such assets demand specialized insurance policies that account for their high replacement value, rarity, and unique risks.

• Yachts: Whether you’re cruising through the Caribbean or hosting a party on the deck, your yacht faces exposure to theft, weather damage, or liability risks from onboard incidents. Comprehensive yacht insurance can include:
  • Coverage for maritime accidents
  • Pollution liability, in case of fuel leaks or environmental damage
  • Crew liability for hired staff
• Private Jets: The stakes are higher in the skies. Aviation insurance provides:
  • Hull protection against damage
  • Passenger and crew liability
  • Coverage for runway incidents or mechanical failures
• Exotic Cars: From Ferraris to Lamborghinis, exotic cars require policies with:
  • Agreed-value coverage to ensure full compensation for the vehicle’s appraised value
  • Specialized repair coverage for manufacturer-certified repairs
  • Protection during transportation to events or exhibitions

Tailored policies for these assets ensure that they’re covered against risks as extraordinary as the assets themselves.

 

 

Beyond the Ordinary

Owning luxury recreational assets often means greater public visibility and exposure to liability. Consider this: a guest trips on your yacht’s deck or a passenger is injured during a private jet flight. The financial consequences can be staggering without the right insurance.

• High Liability Limits: Umbrella policies ensure you’re protected from lawsuits that exceed the liability limits of your standard policies.
• Guest Passenger Liability: Specific coverage for injuries or damages caused to guests while enjoying your recreational assets.
• Worldwide Coverage: Whether your assets are in use domestically or abroad, global liability protection ensures you’re never exposed.

Given the rising costs of lawsuits, where personal injury claims can run into millions of dollars, liability protection is indispensable for HNWIs.

 

Addressing Maintenance and Repair Challenges

Maintaining a yacht, jet, or exotic car isn’t just a matter of convenience—it’s a necessity to preserve value and functionality. The costs, however, can be significant. For example, an annual inspection for a private jet can exceed $50,000, while repairing a cracked hull on a yacht could cost hundreds of thousands of dollars.

Insurance solutions tailored to these assets can include:

• Specialized Repair Coverage: Policies that cover repairs performed by authorized specialists or manufacturers, ensuring premium-quality work.
• Preventative Maintenance Add-Ons: Reimbursement for routine inspections, tune-ups, and maintenance.
• Travel and Transport Coverage: Coverage for transporting a yacht to a repair dock or an exotic car to a manufacturer’s service center.

With these protections in place, you can focus on enjoying your assets without worrying about unexpected maintenance expenses.

 

Protect What Matters with Tooher-Ferraris Insurance Group

Your lifestyle deserves the best protection available. At Tooher-Ferraris Insurance Group, we specialize in crafting customized insurance solutions for high-net-worth individuals. From yachts navigating the open seas to jets soaring at 40,000 feet and exotic cars turning heads on the road, our team ensures your assets are safeguarded from every angle.

Contact us today to explore insurance solutions tailored to your unique needs and protect the lifestyle you’ve worked so hard to build.