Yes, I work in commercial insurance and we wrote the insurance for an entire portfolio of a family owned private equity. The father at the head of it owned multiple yachts and ran a side business renting them out when he didn’t use them. It essentially just made them cheaper to own.
They mostly rent them. Yachts are so expensive to run that they’re not worth it for a mere millionaire.
Many yacht owners rent them out while they’re not using them as well.
Wait you can rent them?
Hmm I kinda wanna cosplay as a rich person for a day lol
Yes, I work in commercial insurance and we wrote the insurance for an entire portfolio of a family owned private equity. The father at the head of it owned multiple yachts and ran a side business renting them out when he didn’t use them. It essentially just made them cheaper to own.