Of course insurances differ as to the amount of premium to be paid according to the age of the yacht, her size, and the amount of the policy. Thus for a 100_l._ policy on an old worn-out 5-tonner, to cover summer sailing risks, as much as 5 per cent. has been paid, while for a 150_l._ policy for an old but well-kept-up yacht of a similar tonnage, 50_s._ has been the premium covering the five summer months. In conclusion, it may be as well to mention that on no account is it a wise plan for the yacht-owner to insure his vessel for a less amount than her full value, including gear, furniture, such valuables as he keeps on board, stores, &c. There are times when, a yacht having suffered partial disablement, the underwriters may propose a composition, owing to there having been no fixed expense incurred in carrying out the repairs. Should a certain sum be agreed upon, and the owner happen to have only insured for a portion of the yacht's true value, whatever ratio that portion bears to the actual value, as laid down by him to the agents, will be deducted from the sum given as compensation. For instance, a friend of the writer insured his small yacht for 200_l._, her true value as given in by him at the time to Lloyd's agent being 250_l._ During the season, owing to a heavy gale of wind, she dragged her anchor, and, no one being on board, was picked up out at sea by a fishing-boat and towed back a derelict. The owner agreed to accept 25_l._ in compensation for the expenses incurred; but he was astonished when the amount handed over to him only proved to be 20_l._ On going into the matter, he was told that he had undertaken a fifth part of the risk on the yacht himself, in that he had insured for 200_l._, the yacht's real worth being 250_l._, and therefore he would have to bear a fifth part of the expense; and since he had agreed that 25_l._ was sufficient compensation, so the underwriters could only be liable to the amount of 20_l._ The case was brought into court and judgment given in favour of the underwriters. The yachting clauses described above are inserted on the usual Marine policy form, and the yacht insurer cannot do better than have the clauses as given in this chapter inserted in any policy form he may accept.