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While recreational boats are commonly written as part of a homeowners package, the luxury yacht and mega-yacht insurance market involves a host of specialized coverages. Crew repatriation, haul-out provisions to cover the expense of removing a vessel from the path of a storm, salvage and wreck removal, and crew coverage for compliance with the Jones Act are some of the key coverages sought by owners of larger vessels. Brokers should expect to also negotiate underwriting agreements to include agreed value, reduction in or disappearing deductibles, and expanded navigational limits.

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