Most of us will never have to worry about insuring a mega orsuperyacht, those sea-going crafts ranging in price from $50million to well over $100 million with hulls measuring anywherefrom 80 to several hundred feet long. But for those fortunateenough to own such a vessel, the insurance risks are very real andvery unique.

According to Damon Hostetter, senior vice president at ACERecreational Marine (part of ACE Private Risk Services), thedifference between a yacht and a "super" or "mega" yacht centersaround the size and value of the vessel. Luxury yachts are usuallylonger than 78 feet and have a hull value over $5 million. A megaor super yacht generally runs a minimum of 148 feet (about half afootball field and that can be considered “small” as mega yachtsgo) and are valued at $50 million and higher. For example theOctopus, which was built for multi-billionaire Paul Allen,is 414 feet long (almost one-and-a-half football fields) and cost$200 million to build.

Mega and superyachts are like luxury mansions on the water andmany of the same risks found in large homes apply to them, albeitwith some significant differences. Among the amenities frequentlyfound on mega yachts are private theaters, sauna and steam rooms,beauty salons, helipads, mini submarines, gyms or exercise rooms,multiple deck levels above and below the water line, conferencerooms, a medical area of some type, and cabins for guests andstaff.