Select an INDEPENDENT INSURANCE BROKER:
An Independent Insurance broker represents many companies and is not confined to any one carrier. Therefore, an independent broker understands the insurance market and can recommend a policy that provides you with 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 is an expert in 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, P&I Liability, Boat Dealers, Marina Operators, Fishing Resorts and Course of Construction.
Understand your POLICY:
The most important policy feature is AGREED VALUE. “Agreed Value” means that in the event of a total loss, 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, mould, and rot. There are others that you should review in order to 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 broker 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 broker do it for you. A good independent will have company ratings on file.
Evaluate your DEDUCTIBLE:
Discounts are sometimes available for higher deductible limits. Review your deductible so that it is manageable to you in the event of a claim.
Apply for DISCOUNTS:
You may be eligible for premium credits if you have safety equipment on board, a loss-free history of boating, automatic suppression systems installed, Yacht Club membership, or if you have obtained Certified Marine Qualifications or completed Power Squadron boating courses.
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 broker describe the differences between policies and review them, in order to understand your policy limitations.