One good argument for comprehensive coverage outside USA waters is the "uninsured boater" consequences. If some local fishing boat or other vessel causing damage to your vessel has no insurance - and you can bet your anchor, none of them do - you are out of luck unless your insurance will cover your boat's damage.
I've noticed that many posters to this forum keep comparing auto insurance to yacht insurance. Maybe that's inevitable, since they both cover "vehicles" and personal property, but you should know that the laws, regulations
and policy language are different. Auto insurance is filed
with the the state, most marine
insurance polices are not. When an insurance policy is filed
, it is subject to very strict rules administered by the state insurance commission regarding rates, credit scoring, and policy language. Since Marine
Insurance policies are not filed, the underwriters have more flexibility in making underwriting decisions.
Uninsured Boaters (UB) coverage is not the same as Uninsured Motorists (auto) coverage. UB coverage covers the people on your boat for personal injury if you are hit by an uninsured boater. It does NOT cover your hull
. Your hull
coverage always covers your hull if you are hit by an uninsured boater.