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John G. Alden Insurance Agency
Boston, Massachusetts
Marine Insurance Specialist
Yacht Insurance Tips
- Select an INDEPENDENT INSURANCE AGENT:
An independent insurance agent represents many companies and is not confined
to any one carrier. Therefore, an independent agent understands the
insurance market and can recommend a policy that provides you the best value
in terms of coverage and price.
- The advantage of a MARINE INSURANCE SPECIALIST:
A Marine Insurance Specialist is committed to providing boat insurance, and
therefore is an expert with all aspects of marine insurance. A Marine
Insurance Specialist understands the needs and concerns of the boater and is
the best choice because of their knowledge and experience. Besides insurance
for Private Pleasure vessels, a Marine Insurance Specialist may offer
coverage for Charter vessels, Charterers Legal Liability, Boat Dealers,
Marina Operators, Passengers and Fishing vessels.
- Understand your POLICY:
The most important policy feature is AGREED VALUE. "Agreed Value" means that
if there is a total loss, then the full agreed hull value is paid without
any depreciation. On partial losses, the company will replace old with new
and some equipment may be subject to depreciation. Another important aspect
of yacht policies are the exclusions. Some typical exclusions include wear
and tear, osmosis, delamination, corrosion, electrolysis, mold, and rot.
There are others that you should review so that you completely understand
the limitations of your individual policy.
- Review your NAVIGATIONAL LIMITS and ENDORSEMENTS:
Verify that your navigational limits are correct so that you receive the
proper rating. It is important to confirm that your policy coincides with
your intended use of the boat. Endorsements to the standard yacht policy are
required for special conditions such as extended navigation, chartering, and
crewed vessels. If you are planning an extended trip, make certain it is
endorsed to your policy. A call to your agent will confirm and guarantee
coverage.
- Make sure your carrier is "A" RATED:
Independent rating services evaluate the financial stability of the
insurance companies. The financial stability of your carrier may affect
their ability to pay claims and remain in business. Research your company’s
rating or have your agent do it for you. A good independent agent will have
company ratings on file.
- Evaluate your DEDUCTIBLE:
Discounts are available up to fifteen percent of the hull premium for higher
deductible limits. Review your deductible so that it is suitable to your
approach to risk.
- Apply for DISCOUNTS:
You may be eligible for premium credits if you have a safe driving record,
safety equipment on board, a loss free history of boating, or if you have
completed a Coast Guard or Power Squadron boating course.
- Distinguish between VALUE and price:
When shopping for a policy make certain you consider all the variables. Not
all policies are alike. If you find a significantly lower price there may be
a reason. Have your agent describe the differences between policies and
review them so that you understand your policy limitations.
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