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 vessels, a Marine Insurance Specialist may offer coverage for Charter vessels, 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.

  
  

• 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.