Typical policy exclusions include:
Damage caused by wear and tear.
Wilful misconduct.
Loss of value due to age of vessel.
Losses caused by corrosion osmosis.
Mast, spars and sails whilst racing unless the policy has been extended.
Damage to machinery following breakdown.
Theft unless the right security devices or locks are fitted.
The policy excess relating to damage caused by you and also on any third party claims.